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Scott R. Schneider
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Scott Schneider’s Answers

26 total

  • Who exactly is listed on the Creditor Mailing List?

    If my credit card debt is now being handled (voluntarily, not sent to collections) through a Debt Management Agency do I list the credit card company, the agency or both on the Creditor Mailing List?

    Scott’s Answer

    It is best to list the credit card at its address and any collection agency it may be using. This way it stops any future bills and collection letters and decreases the possibility that the credit card company doesn't get notice. But you are asking about a debt management agency. I assume you hired the debt management agency to help you with your debts. It that is the case, they represent you not the credit card company. However, you still may want to list them if you owe them money.

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  • If i go bankrupt on my business am I personally liable for an debts?

    I owe money on my business credit cards and a few businesses directly.

    Scott’s Answer

    Most likely when your business obtained the debt, you also personally guaranteed the payment. That means if the business does not pay it, they will come after you. You need to see what business debt you are personally liable for. With that information you can decide whether you need to personally file for bankruptcy. You should speak with an attorney.

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  • If my husband's small business files bankruptcy, do we risk losing our home if his name is on the house deed?

    My husband owns a small business where he supplies produce to restaurants. Everyone keeps asking for credit that my husband cannot afford to give, he has over $50k on the streets that are owed to him, and owes maybe double triple that to his vend...

    Scott’s Answer

    If your husband personally guaranteed the debt, then he might need to file for bankruptcy. Depending upon the amount of equity in your home will determine whether it is at risk. I strongly suggest you contact a bankruptcy attorney to discuss this.

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  • If debtor can ONLY PAY the installments of the secured property of the creditors BUT debtor is not able to pay credit cards??

    Hello Sir/Madam, If any debtor is able to pay the creditors of the debtor for the properties against which loan is raised BUT the debtor has not enough earning money to pay for the CREDIT CARDS, then what happened in such cases under CHAPTER 13...

    Scott’s Answer

    In most Chapter 13 cases, there is enough income to pay the arrears on the secured debt but not enough to pay the unsecured credit card debt. If that is the case, the unsecured credit cards will share whatever income is left over. In other word, the unsecured credit card debt might get 10 cents on the dollar under the plan. But there are other factors to determine how much to pay back the unsecured credit card debt. This can be complicated and I suggest you contact an attorney.

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  • If anyone file bankruptcy by representing himself under CHAPTER 13 in NY then whether he can amend the forms later in court ??

    Hello Sir/Madam, If someone files bankruptcy under CHAPTER 13 without representing any lawyer, then he/she can amend the forms (pleadings) during the pendency of the case in New York. If the answer is "YES", then within how much time he/she ca...

    Scott’s Answer

    You can amend your schedules and statements any time before the case is closed. You need to give proper notice. I know you are not an attorney, but you should look at Bankruptcy Rule 1009 for guidance.

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  • Filed chapter 7 and surrendered my house (property). I received the discharge letter.

    Does that mean I am no longer obligated to payback the loan? Now I received letter from bank to start foreclosure process again. going to contact them to see if I can do deed in liue, rent the property or do cash for keys if available. Do I need a...

    Scott’s Answer

    Because you received your discharge, you are no longer liable on the loan. But they can not take your house until they complete the foreclosure proceeding. In NY that can take some time. A deed in lieu of foreclosure means that you are giving the bank the property now to avoid a lengthy foreclosure. There are pros and cons to a deed in lieu and it might not be the best option. I suggest you contact an attorney.

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  • Private Student Loan Default due to unemployment. Currently without any assets.

    I have close to 50k in private student loans and I've been unemployed for three months. I have no cosigner to the loan and I have no assets. What can these private student loan agencies do to me other than ruining my credit score? As I mentioned, ...

    Scott’s Answer

    I agree with Matthew. While now you have no income or assets, hopefully in the future that will change. It is at that time the student loans will seize your assets, garnish your salary and freeze your bank accounts.

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  • How long after selling a mobile home do I have to wait to claim Bankruptcy? as I didn't make enough momey to pay my bills.

    I'm a handicap widow living on a fixed income I tried to pay some of them but I still owe more...Thank you for any help you can give me..

    Scott’s Answer

    It is usually better to file for bankruptcy first and then sell your mobile home. If you already sold your mobile home, it depends on how much you received from the sale and your expenses to determine when is the right time to file. You should contact a bankruptcy attorney to further discuss your situation

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  • Filing for bankruptcy / immigrant going back

    I'm an immigrant who got married to a US citizen and is on process of greencard. During the time here I have got a good amount of credit card debt. Now, I'm in an abusive relationship and want to divorce and go back to my home country. My question...

    Scott’s Answer

    Bankruptcy is an option for you. You need to contact an attorney to go over your case in detail.

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  • Can I use my credit cards prior to filing bankruptcy?

    Can I use my credit cards for food.I am not late with any of my credit cards but have large amount of debt.I most likely will file for bankruptcy in a month.

    Scott’s Answer

    If you are going to be filing for bankruptcy, you should not be using your credit cards. If you use your credit cards prior to filing, the credit card companies can object to having that debt discharged. The question is whether the charge is enough to make the credit card company file an adversary proceeding to object. Some credit card companies are more aggressive than others. It is best to talk to an experienced bankruptcy attorney.

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