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Robert N Braverman
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Robert Braverman’s Answers

106 total


  • Will the Trustee sell my home when I file for Chapter 7 Bankruptcy?

    I'm behind in my mortgage for about 5 years and I like to file Chapter 7 Bankruptcy since I owe about $400,000 and the current value of the home is about $220,000. If I don't re-affirm the mortgage, will the Trustee attempt to sell my home or will...

    Robert’s Answer

    The Chapter 7 will actually slow down the foreclosure since it cannot proceed while the bankruptcy stay is in effect. A creditor would need to ask court for permission to continue or wait for end of case. Trustee will generally not try and sell since there is no equity. Trustee job is to sell asset if sale will result in payment to creditors, which would not happen here.

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  • My childs father, filed for bankruptcy. They sent me paperwork to file a claim, and I'm wondering how it will affect the support

    Do I have to fill out the claim and how will his bankruptcy affect my child support

    Robert’s Answer

    The debtor cannot eliminate his obligation to pay child support by filing bankruptcy and in fact is obligated to continue to pay. If he is behind with his payments filing a claim for the arrears will give you a priority claim that must be paid in full during the chapter 13

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  • How can I file personal bankruptcy without impacting business?

    When I started my business I used personal credit but the business pretty much failed but I figured out to pursue something with a better prospect. My business is a corporation. My business is now making some money but I'm still not able to pay...

    Robert’s Answer

    As a general rule, a personal bankruptcy can be filed and your business can continue, but there are various factors to consider. Your shares of stock in your corporation and therefore your business must be valued. In other words, in a personal bankruptcy the court must consider various matters such as disposable income and the value of your assets. One of those assets is your shares of stock. Other factors to consider include whether there are any joint liabilities with the business. Your personal bankruptcy will not eliminate your corporation's obligation on joint debts. I suggest you immediately contact an experience bankruptcy attorney.

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  • Am I responsible for a doctors bill debt that I incurred after I filed bankruptcy, but amended my petition to include the bill?

    I received a discharge for my chapter 7 case, but the company that did lab work is still sending me a bill even though I amended my petition to include them and sent them all the paper work proving I did so and received a discharge. I incurred the...

    Robert’s Answer

    Even though you filed amendment the post bankruptcy debt is still owed. You can only include debts that occurred prepetition

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  • Disposable Income - Debt Repayment

    How is disposable income determined for repayment of debt? Does it matter what type of debt it is? Debt is income taxes as well as medical bill. Is repayment a percentage of disposable income? If so, how much of a percentage? I have substant...

    Robert’s Answer

    The amount to be repaid, if anything, is determined by a number of factors such as disposable income, nonexempt equity in assets, type of debt, etc. I would suggest you meet with experienced bankruptcy attorney to thoroughly analyze your circumstances and provide your options

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  • Surrendering rental property in a Chapter 13 Bankruptcy Plan

    The property is underwater. Will the mortgage company still come after us for deficiency or does Chapter 13 prevent them from seeking a judgment. There is no second mortgage on the house. Thank you

    Robert’s Answer

    As a general rule, you can avoid liability on a deficiency judgment through a bankruptcy. However, various factors which are considered in all bankruptcies, not just those involving deficiency judgments, like nonexempt equity in assets and income compared to expenses, could impact whether you would need to pay anything in your particular case. I would suggest you consult with an experience bankruptcy attorney

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  • What happens to my variable rate HELOC when I file for bankruptcy?

    My house is worth approximately $300,000, and the balance of my first mortgage is $200,000. I have a variable rate HELOC that has a balance of $130,000. It is my understanding that after I file for Chapter 7, I should continue making payments on...

    Robert’s Answer

    As a general rule, if you wish to retain your home in a bankruptcy you must make your mortgage payments. In certain circumstances, such as where the amount owed on the first mortgage exceeds the value of the home so there is zero equity after the first, you can treat second mortgage as unsecured. That is not your circumstance

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  • If I sign personally on a business lease and the business does not make it can I claim bankrupsey and keep my home ?

    i live in New Jersey and the business is in PA

    Robert’s Answer

    Various factors are considered relating to keeping your home in a bankruptcy including the amount of equity in your home. Other factors in a bankruptcy include disposable income, equity in other assets, etc. You should consult with experienced bankruptcy lawyer to determine bankruptcy options.

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  • If a married couple file chpt 13,house paid for. Have equity loan(2nd) mtgt Can our home be taken away. 2nd mtgt not included ?

    T

    Robert’s Answer

    Various factors come into play such as the value of your home and the amount owed on the equity line, income, expenses etc. even if there is some equity in your home beyond what you can protect with exemptions, chapter 13 is still an option. In a chapter 13 you can pay to creditors an amount equal to the equity, so you may be able to reduce debt

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  • Need help on Civil Action Summons for credit card debt received.

    I have just received a Civil Action Summons for credit card debt that was sold on. The letter was sent from the lawyer on behalf of the company that bought the debt and says that I have 35 days to respond or my property may be seized. The debt is ...

    Robert’s Answer

    As suggested by the others, there are various ways to address the claim. Defending the lawsuit, settling or bankruptcy are all possibilities. I would suggest you immediately schedule meeting with attorney that can address each of your options and do so promptly before time to Answer suit ecpires

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