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Bill N Jacob

Bill Jacob’s Answers

32 total

  • Business eviction/bankruptcy?

    My business received a letter from an attorney representing the landlord. It stated "We are writing respecting Tenant's default under the Lease and Guarantors' defaults under the Guaranty and to demand that Tenant immediately vacate the premises. ...

    Bill’s Answer

    The question is whether the lease has been terminated under State law. If it has not been terminated, then a bankruptcy filing before termination would give you the option of assuming the lease in bankruptcy by bringing the rent current. if the lease has already terminated then there would be no lease to assume in bankruptcy. You should speak with a good landlord/tenant attorney in your State to see whether the landlord has done things properly to terminate your lease. Unfortunately, commercial tenants have far less protections than residential tenants.

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  • Is there a statutory of limitations for filing an adversarial proceeding in bankruptcy court?

    File for bankruptcy protection ch 7 four months ago Pro Se.Recently got a discharge two weeks ago..however I still want to sue creditor for violations while bankruptcy was pending. The discharge came before I could get fully educated on what I nee...

    Bill’s Answer

    Creditors have 90 days from the date of filing to institute an Adversary Proceeding against you to bar your discharge based upon fraud or intent in incurring the debt. If no creditors object, you will be discharged. Separate from that, the Trustee has whatever reasonable amount of time needed to administer the case. If your case is a "no-asset" case, the Trustee will file a no-asset report and the case will be closed by the court. If a creditor has done something wrong during the bankruptcy, such as knowingly violating the automatic stay by taking collection action, and your case is not yet closed, you can bring an action for damages. Whether you have a good case or suffered damages is another question.

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  • Car dealer requesting letter of reason for bankruptcy

    My husband purchased a truck on Tuesday and got a call Thursday from the dealer saying he forgot to ask for a letter stating why he filed bankruptcy over 10 years ago. Can the dealer/bank who gave him the loan legally do this and if he doesn't g...

    Bill’s Answer

    I assume by "purchased a truck on Tuesday" you mean that your husband signed all documents and has received the Title and the truck from the dealer,. If the dealer didn't obtain all the underwriting documentation at the "closing" and is now requesting you provide something further, I would first look at the sale and loan documents your husband signed to see if there is an obligation on his part to cooperate with the lender and supply additional documents requested or correct any errors. In order to repo the truck, there would need to be a default under the loan documents, and your loan documents should also provide for notice and an opportunity to cure the default prior to any repo under your State's laws.

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  • I was told my student loans were deferred, but FedLoan shows no record of me calling and are issuing late payments. What do I do

    I'm a student with student loans. I deferred these loans in November, 2014, as I am unemployed. I checked my credit score, and saw it plummet, as I am late on payments to my loan, which was supposedly deferred. FedLoan now says that I did not defe...

    Bill’s Answer

    Did you receive anything in writing evidencing the initial deferment? If so, then you can try to pursue this. Without any evidence of the deferment it will be difficult to prove.

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  • Can a collection agency do that after all those years without showing me the dept

    I had a surgery back in 2007 and was sure I'd settled my dept but I just looked at my credit report and last year a collection agency supposedly picked it up but the hospital has since gone out of business. What do I do?

    Bill’s Answer

    Each State has a statute of limitations for bringing suit on a debt. If the statute has expired you cannot be sued, assuming no Judgment was entered. The Hospital may have sold the obligation before they went out of business so the purchaser can pursue you, assuming you received proper notice of the transfer of the claim.

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  • Credit card debt

    this of credit card debt, does it always got to a debt collection attorney office and how common does that happen? if and when it does will you get a chance before a lawsuit? if it reaches the debt collection attorney office, is it always result i...

    Bill’s Answer

    Usually credit card companies refer delinquent accounts to a collection agency for collection. They may call you or send you demand letters. Not all accounts end up in a law suit. Depending upon the amount involved and your ability to pay (or assets from which to collect) a suit may be instituted. If so, the account is then referred to a collection law firm. You can either try to settle for a lump sum at less than 100%, or, enter into a voluntary repayment agreement, or, file bankruptcy to discharge the debt.

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  • I co signed a student loan for my ex mother in law in 1998 she has still not paid it off is there anything legally i can do

    the servicing agent has changed 3 times and the only time i signed a paper was in 1998...just seems strange that i've never had to sign anything else

    Bill’s Answer

    If you did, in fact, co-sign the loan, then you are liable and the creditor will most likely not release you for no consideration. Whether you can work out something with the creditor, or, discharge the loan in bankruptcy (very hard, but not impossible), depends upon your particular financial situation.

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  • I have a letter from our local bankruptcy trustee that our home was surrendered to B of A in 2012. Why is prop still in my name?

    This was a chapter 13 bankruptcy. Bank of America has been harassing us for four years. Short Sale, Home Loan Mod, Foreclose. I have lots of corrospondance. I hope they can't get way with doing this. Our credit is ruined and we have to wait foreve...

    Bill’s Answer

    Although you may have indicated your intent to surrender the property in your bankruptcy case, unless the mortgagee foreclosed and sold the property, or, agreed to take a Deed in Lieu from you. Title remains in Your name.

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  • Credit Card Debt Creditors hurting while working abroad?

    I posted about this earlier, but one possibility I hadn't mentioned does arise. My brother, an Afghan citizen, needed surgery while in gradschool, and put it on his credit cards. He still owes a huge amount. Now he has to move back to Afghanistan ...

    Bill’s Answer

    Since this is a consumer debt, in Massachusetts they would need to sue him where he lives, in Afghanistan. There is a 6 year Statute of Limitations on a contractual debt, so they can wait until he returns to the U.S., however, you should check the Statute of Limitations in New York.

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  • Is there anything that can be done to prevent foreclosure?

    I will start by saying that this posting is for a family friend and not for myself. A year ago he bought a fixer upper in the atlanta area, and he has been living in and slowly renovating the property. It is only in his name and was bought with ...

    Bill’s Answer

    Generally, there are three ways to stop a foreclosure, (i) negotiate with the lender, (ii) bring a State Court action and get an injunction based upon some wrongdoing of the foreclosing mortgagee in the making, administration or foreclosure of the loan, and (iii) file a bankruptcy proceeding (chapter 13 if you want to try to retain the property.

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