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Richard E Weltman
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Richard Weltman’s Answers

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  • If you file bankruptcy is it final? Other than your credit being ruined, it doesnt come back to haunt you later on?

    If I file bankruptcy in 2016 will I be responsible for any payment later on in life. I was told by attorney who I told I was filing bankruptcy that at some point I will be responsible for payment. I believe it was to scare me but im just making sure

    Richard’s Answer

    Some people seek creditor relief through bankruptcy as a last resort. Assuming you are considering chapter 7 liquidation, most pre-petition debts such as credit cards and medical bills are discharged upon the order of the bankruptcy court after the trustee fully investigates and administers the case. The order is final unless overturned on appeal. Some recent tax debt, most student loans, certain intentional and fraudulent debt, and secured debts like mortgages typically pass through bankruptcy. Your lawyer can explain the process better in person in light of your own individual circumstances. Of course, you will also be responsible for any new credit extended after the date your bankruptcy petition is filed.Best of luck to you in getting a fresh start in 2016.

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  • Under bankruptcy law, does money deposited in a City Court under CPLR 5519 belong to the bankruptcy estate?

    We deposited money in the City Civil Court in the amount of a judgment against us, to secure against enforcement pending appeal. The appeal court affirmed that judgment and we have sought leave to appeal.

    Richard’s Answer

    The answer is that it depends. What is the source of the funds? When were they deposited? What are the prospects and timing of the appeal? A bankruptcy trustee can be expected to argue that the deposit money is indeed property of the estate and could seek the turnover of the funds to distribute among your creditors. Bottom line is that this is too important a question for guessing or speculation. You need to engage experienced bankruptcy litigation counsel right away and review the facts and circumstances with him or her in detail. Good luck to you.

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  • Would a motion to re-argue or for reconsideration go back to old judge or to new judge?

    Divorce done. Unfair ridiculous decision with facts all wrong. Want to do motion to reargue. Judge left for different judgeship in same county. New judge assigned for post trial motions. Would a motion to re-argue or for reconsideration go back...

    Richard’s Answer

    Generally motions to reconsider or re-argue go to judge originally deciding the matter. Appeals go to new court and panel. Suggest you meet with an experienced trial attorney in confidence about your best alternatives under the facts and circumstances presented. Your question appears to be highly fact-sensitive and for this reason alone is unlikely to be resolved through this type of public forum. Good luck to you.

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  • Trustee extended 3 months after the meeting 341

    After the 60 days from the meeting the trustee did not give a discharge but extended it to another 3 months what is that mean? I was told the creditor due date for objection expire so now it is down to the trustee and the debtor? any info.I was to...

    Richard’s Answer

    It appears that it is now between you and the trustee who continues to investigate the property and affairs of the debtor, and has extended the trustee's right to file an objection. The only way to know for sure is to ask the trustee for a copy of the order or engage an attorney to do so on your behalf. In any case, if there is an objection filed of record you will benefit from having an experienced bankruptcy lawyer represent your interests rather than represent yourself pro se.

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  • What steps should be taken to pursue funds garnished from my paycheck during the automatic stay of my chapter 7 bankruptcy

    A creditor violated the automatic stay and continued to garnish my wages. I have been trying to recover the funds and I am being given the run around. I filed pro se and I am wondering what is my next step. I have already attended my 341 hearing b...

    Richard’s Answer

    I would notice the creditor by certified mail RRR. Include a copy of the court's certificate of filing or section 341 notice and request that any wages taken since the filing should be restored immediately as a stay violation. Copy the trustee and your payroll administrator.

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  • How long it takes to file for bankruptcy?

    I am having financial difficulties. I had a company and I had to shut it down and I can't afford my bills. I started working with an attorney, he took my information back in November and he's still haven't submitted the filling application. Is t...

    Richard’s Answer

    Speak to the lawyer directly about your concerns. Coincidentally, the official bankruptcy forms in use nationwide changed as of December 1, 2015, but that fact alone should not be the cause of any delay.

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  • Is there any quick way to collect or get paid from him?

    I loaned a client $200k who already owed us $70k in A/R in good faith. He gave me a SIGNED BLANK check to deposit later on. I had a signed & notarized doc that shows that if he didn't pay in 2wks, I can take "any & all legal action including my l...

    Richard’s Answer

    The advice given to you is sound. If you have a signed promissory note you could have your attorney commence an expedited summary judgment action on the written documents. Of course, unless you are able to provide fraud your client may be able to discharge the debt in bankruptcy. Confer in confidence with an experienced New York creditor's rights attorney so that you know what to expect and how best to proceed..

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  • If my Proof of Claim is denied during a Chapter 11 bankruptcy filing, can I still sue?

    If my Proof of Claim is denied during a Chapter 11 bankruptcy filing, am I still able to sue the company after it emerges from Chapter 11?

    Richard’s Answer

    A proof of claim in a chapter 11 bankruptcy typically relates to the debtor's pre-petition debt activity. In most cases such claims must be filed prior to a noticed claims bar date. If the claim is denied by the debtor and so ordered by the bankruptcy court, you would have the opportunity to appeal. Failing this, once the debtor emerges from bankruptcy as a reorganized entity, there is little or chance that your disallowed pre-petition claim would survive. Speak with a skilled bankruptcy attorney in a confidential office setting concerning the particular facts and circumstances of your claim and how best to present it.

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  • Doesn't their reply increase the likelihood that there are disputed facts and increase my chance of the case going to trial?

    I am an objectant in a will contest. The defendant of the new will filed a motion for a summary judgement. I submitted objections to the motion. The defendant is now submitting a reply to my summary judgement objections.

    Richard’s Answer

    The reply will not per se increase the likelihood that the court will find material contested facts that require a trial. Indeed, the most significant facts may not be in dispute at all and the contest may be over questions of law only. On the other hand, if the issues are of the authenticity of the new will, introducing expert testimony may be indicated. You would do well to review the particular facts and circumstances (and your questions concerning the motion for summary judgment) with an experienced New York trial lawyer in a confidential office setting.I have changed the category to Probate so specialized trust and estate litigators might also provide their perspectives. Good luck.

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  • Investing bootstrap capital in to C-corp without dilution, debt or valuation issues.

    I have a Delaware C-corp, am the majority share holder and the company structure was established a while back - essentially it's a very early stage startup. I want to commit additional personal funds to the company to get up and running but don't ...

    Richard’s Answer

    There may be a way to set up a second class of shares but much more needs to be known. Regarding dilution, you might offer anti-dilution or tag-along rights to existing shareholders. These and many other issues would likely be addressed in the shareholder's agreement or even in the formation documents such as the by-laws and certificate of incorporation. Review these documents with an experienced business transactional attorney in light of the law of the charter state. Be sure to also discuss your ideas with a CPA (your own or the company's) because there are likely to be tax consequences to be considered.

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