Bill N Jacob’s Answers

Bill N Jacob

North Andover Bankruptcy Attorney.

Contributor Level 6
  1. Business loan and personal bankruptcy quaestion

    Answered over 1 year ago.

    1. Michael T Millar
    2. Peter Joseph Lamont
    3. Herbert Weinberg
    4. Bill N Jacob
    5. Dmitry Lev
    5 lawyer answers

    Section 541(c) provides that an interest of the debtor in property becomes "property of the estate," meaning that the debtor does not lose the property or contract right, despite a provision in an agreement that is conditioned on the insolvency or financial condition of the debtor, on the commencement of a case to effect a forfeiture, modification, or termination of the debtor’s interest in property. Section 365(e)(1), governs ipso facto clauses in executory contracts and provides that...

    4 lawyers agreed with this answer

  2. Does execution against real estate property get wiped out in bankruptcy?

    Answered almost 3 years ago.

    1. Bill N Jacob
    2. Herbert Weinberg
    3. Daniel S Gindes
    3 lawyer answers

    If you file bankruptcy within 90 days of the Execution being recorded it can be voided as a preferential transfer. If it is over 90 days, then it may be voidable under section 522(f) if it impairs your exemption.

  3. I have medical insurance but my husband does not. If something were to happen would i be held financially responsible?

    Answered about 3 years ago.

    1. Bill N Jacob
    2. Randy William Ferguson
    3. Michele G Pearson
    3 lawyer answers

    You should check the law of your state since married couples may sometimes be liable for the "necessities" of the other. Once you are divorced, however, you should not be liable. I would also include in any Divorce Agreement or Judgment that your husband will indemnify you for any medical debts (disclosed and undisclosed) contracted prior to the divorce becoming final.

  4. My sister racked up an electric bill in my name and never paid. when ive lived elsewhere for the past 2 years

    Answered about 3 years ago.

    1. Bill N Jacob
    1 lawyer answer

    You can dispute liability for this account with National Grid and with the credit reporting agencies. I don't know what your likelihood of success is without knowing whether you resided at the service address during the time electric service was provided, and if you opened the account but then vacated the premises without terminating the account. You also have a claim against your sister for indemnification.

  5. I had a secured loan with household finance corp that I tought it was discharged in my 2004 bankruptcy case but later on found

    Answered about 3 years ago.

    1. Bill N Jacob
    2. Mark Markus
    2 lawyer answers

    If your wife is not obligated on the loan (didn't sign the Promissory Note or Guaranty), then they cannot obtain a judgment against her, however, if you filed a prior bankruptcy you would have discharged personal liability for the loan but unless the lien was removed in the bankruptcy, the mortgagee retained that lien on the real property and you would need to pay the loan to avoid foreclosure. It may be possible to either reopen your bankruptcy case to remove the lien or, attempt to do so in...

  6. When I file bankrupcty, is there a chance that my vehicles that are paid off could be taken?

    Answered almost 3 years ago.

    1. Theodore Lyons Araujo
    2. Malcolm Wallace Ruthven
    3. Vikrant Chaudhry
    4. Mitchell Paul Goldstein
    5. Bill N Jacob
    6. ···
    6 lawyer answers

    you are entitled to exemptions either under Federal Bankruptcy law, or under State law. As long as there is no exposed equity in the vehicles (they are not worth more than any secured debt and exemption amount), the vehicles will be safe. Also, Trustees have a rule of thumb. If exposed equity in assets are under a certain amount then it may not make economic sense to sell the vehicles. Additionally, if there is exposed equity in some assets you may be able to purchase that equity back...

  7. Deemed no asset case...can that be changed when trustee had all information and made that determination?

    Answered almost 3 years ago.

    1. David Prelle Eron
    2. Bill N Jacob
    3. Stephen Clark Harkess
    3 lawyer answers

    A trustee can reopen the case to administer assets, or, can make the decision that it is economically impractical to administer any asset. The Trustee can also move to revoke your discharge if it can be proven the discharge was obtained by fraud.

  8. Can judgment creditor garnish money from social security benefits?

    Answered about 3 years ago.

    1. David Prelle Eron
    2. Bill N Jacob
    3. Eric Charles Lewis
    4. Robert Steven Bernstein
    4 lawyer answers

    Once you deposit money into a joint bank account the presumption is that all the funds belong to either account holder. Also, while social security may not be attachable, once the funds are deposited into your account, they are subject to being attached.

  9. How do I collect my money?

    Answered about 3 years ago.

    1. Bill N Jacob
    2. Robert Steven Bernstein
    2 lawyer answers

    The first issue is whether the debt is owed by an individual or a corporation. If the debt is owed by the corporation and you obtained a judgment against that corporation, you can try to take collection action as is available under your State law, such as attaching real or personal property, including bank accounts, or, having a receiver appointed if the business is still operating. If the business has terminated operations and there are no assets available to satisfy the judgment, it is...

  10. SS info on the papers served to my employer for wage garnishmnet are incorrect, is there a way for me to avoid the wage garn?

    Answered about 3 years ago.

    1. Joshua P Friedman
    2. Bill N Jacob
    2 lawyer answers

    You should naturally check the laws of your state, however, generally speaking a Judgment is good for a certain number of years (example, 20 years in MA), and can be renewed. Once a creditor has a Judgment against you, they will need to obtain an Execution from the Court (or the equivalent document in your State). Once they have the Execution, they can take collection action, such as recording it against real property, trustee process on your bank account (subject to your State exemption amount)...