Mark Steven Buckley CFP's Answers

What can i do when i get sued by a lawyer for a credit card debt ( Please Help )

The debt originally was a matter of contract law. Even thought the debt started out as $ 1,500, depending on time, interest, penalties and collection costs, it is not unusual to see the debt skyrocket to $ 5,000. If the lawyer has a judgment against you for $ 5,000, he can ultimately try to enforce the judgment by doing a levy on your bank account, or attempt a wage attachment. Unless you object, he will be permitted to attach all wages that exceed 30 hours time the minimum wage. One...

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I want to use a bankruptcy lawyer from MA but live in RI.

You must file in the jurisdiction where you have been a resident for the greater part of the last 180 days. If you presently live in RI, and have lived here for the last 91 days, more likely than not, Rhode Island will be the place where you file your bankruptcy.

I have been discharged now for 2 years in a chapter 7 bankruptcy recently i noticed on a voluntary payment to a loan company

Until you pay the car note in full and have the title in hand, you are in danger of losing the car to repossession if you miss a payment. You would not be liable for any deficiency if you listed the creditor in your bankruptcy petition and did not sign a reaffirmation agreement. Contact the loan company if you disagree with the purported balance remaining on the loan.

Chapter 7 bankruptcy in rhode island can i collect rent money while filing

Yes you can collect the rents, but you will have to show the rents received as part of your monthly income. This may, in turn, spike your income and make it more challenging to say that your monthly living expenses exceed your income. Also, I would assume that you are using the rental income to pay your mortgage, taxes and insurance on said property. There may be more information you would need to share with your attorney to get the best advice, but this is my general response for the...

Seizure of auto that is main means or transportation

Only if the creditor has a security interest in the car can they repossess it. The fact that the car is your "main means of transportation" is irrelevant. Cars get repossessed all the time from debtors who have no other means of transportation. You will need to consult a lawyer to provide more particular details.

Can i get the legal help i need to protect myself from my credit problems

Are the debts yours personally, or the businesses? It may make a difference if you operated the business as a sole proprietor or a corporation. Assuming you are personally liable for the debt, and you have not filed a Chapter 7 bankruptcy in the past 8 years, you can file a Chapter 7 bankruptcy to wipe out the debts in question. You should start gathering your records, bank statements, etc to be prepared to show how the business failed and whether there are any remaining assets (inventory,...

Can I file bankruptcy if my house is on the market?

First, you need to consult a bankruptcy attorney in VA. Having said that, I have done over 3,000 bankruptcies in the northeast and here is what I would advise if you lived in my area. Determine the property's market value (get an appraisel, or use Zillow.com for an estimate). If you have alot of equity, it may be easier to protect the house than it would be to protect the profits from a sale. So the safe answer is to file bankruptcy first and use the bankrutpcy exemption laws to protect the...

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My ex-wife charged 12 grand as an authorized user on my credit card after the divorce was final. Anything I can do?

Unfortunately, you made her an authorized user. Until you revoked her rights, by contacting the credit card company, she still was able to use the card legally. Your best bet is to go back into family court and hold her in violation of the divorce decree. If she files bankruptcy, you will be left holding the bag to pay the creditor. Even if you prevail in family court, its not very comforting if your ex-wife is destitute. Be sure to call your family court lawyer for additional advice.

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Should I go bankrupt

Go visit a counselor at Money Management International (non-profit credit counselor). If they can negotiate a reasonable settlement with all accounts and pay off the debt in 2 years or less, try to avoid bankruptcy. On the other hand, if your income is minimal, and its unlikely that you'll be able to pay back $ 13,000 in debt, bankruptcy may be your best option. If you ignore the situation, wage attachments will soon be ordered. Right now your credit is already severely damaged. Bankruptcy...

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If i lost my job and need to file for bankruptcy and i own a boat outright will they take it to repay debt

Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship.