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Ronald Jay Drescher
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Ronald Drescher’s Answers

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  • What happens if I reaffirm my mortgage loan within a few days of the 60 days after my 341 meeting, which is a deadline to file?

    Ideally, i would NOT want to reaffirm my mortgage loan with BOA. According to Rule 4008 (a), a person who filed for Chapter 7 bankruptcy has 60 days from the date of the 341 meeting to reaffirm the loan. What happens if I signed the reaffirmation ...

    Ronald’s Answer

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    Your question is really asking 2 questions: 1. How late can I file a reaffirmation agreement and 2. Should I reaffirm?

    Reaffirmation of real estate mortgage loans is not required by the bankruptcy code (unlike, say, car loans). In many mortgage documents the filing of a bankruptcy case is an event of default, but it depends on the law of the individual state whether that default alone is grounds to foreclose. You should consult a local attorney to find out the answer to that question.

    As far as the other question, if a reaffirmation agreement is filed after the court grants a discharge it will have no effect. Since courts tend to grant administrative discharges promptly after expiration of the 60 days you should expect that failing to file the reaffirmation agreement within the 60 days will also have no effect, and you would not have reaffirmed your mortgage.

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  • Car Repo and Chapter 13

    I am filing a chapter 13 next week and found out today that we have ten days to pay our car payments in full or they will repossess. They actually said we should turn in the car. There is no way for us to pay the car payments. I lose the car I ...

    Ronald’s Answer

    You may not have to lose your car. I would consider rolling the remaining balance of the car's value into your Chapter 13 plan payment, that way you could get the best of both worlds: you get to keep your car, you may pay less than you owe and your unsecured creditors pay for the car. This of course all presumes that the value of the car is less than what you owe, that you've had the car for more than 910 days and that you have sufficient net disposable income so that the car payment can be rolled into your chapter 13 plan payment.

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  • What happens to my patients if my clinic goes bankrupt?

    I am an orthodontist and I have not been able to keep up my financials to pay my loans and expenses. I am behind in payments to my landlord and received a warning recently. I am about to file bankruptcy protection. I have approximately 200 patient...

    Ronald’s Answer

    What happens to your patients depends in large part on what you decide to do with your practice. Are you going to file Chapter 11? If so, your patients will remain with you and you will continue to treat them. Are you going to close your practice and look for a job with an established practice? If so, your patients may choose to come with you and your new practice will likely make accommodations for you to continue treating. Are you going to retire or move? Then of course you will need to make transition arrangements for the patients.

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  • How should I proceed with a warrant in debt in VA where the statute of limitations are not up. What defense can I stand on?

    Last payment made was 06/2010. Should I try and broker a deal with LVNV?

    Ronald’s Answer

    The real questions are (1) what proof does the plaintiff have that you owe the money and (2) do you owe the money? If you don't believe you owe, or don't remember, or need verification, you are entitled to assert a defense. Sometimes the creditor doesn't come to court with sufficient proof and the debtor wins. You should see a lawyer.

    I uploaded a YouTube video about affidavit judgments in court. Let me know if you find it helpful, good luck!

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  • If I changed from a bankruptcy 13 to a chapter 7 and I can no longer make my mortgage payment do I need to include my mortgage

    I was in a 13 paid for a year on a 3 year plan I became ill and had no income or support coming in so I changed to a chapter 7. I had an attorney but he withdrew because I couldnt pay him more, now Im broke and cant pay my mortgage, Do I need to f...

    Ronald’s Answer

    You should have included the name, address and account number for your mortgage in your original bankruptcy case so that the mortgage company received notice. As a result the mortgage is automatically included in your bankruptcy. If you have never sent notice to your mortgage company of the bankruptcy you should do that immediately.

    Debtors cannot pick and choose which creditors are to receive notice: the bankruptcy laws require notice to go to all parties in interest. Once receiving notice, parties may file claims, oppose discharge, object to exemptions and ask questions at the meeting of creditors. Intentionally omitting creditors is also grounds for denying a discharge.

    I created a YouTube video about picking and choosing which creditors to include in your bankruptcy, I hope you find it helpful.

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  • I paid the full amount to my bankrupt attorney nothing has been done yet . Can I get my money back for a different lawyer ?

    the bankruptcy was for my husband and I but he passed away from cancer over a year ago .I am not liking what I am seeing from Michele L. Payer

    Ronald’s Answer

    Under the Maryland rules of professional responsibility lawyers may charge a reasonable fee for services rendered. If your bankruptcy lawyer has rendered services such as intake of Financial information, answering telephone calls, reviewing tax returns and other documents, etc. the lawyer will be entitled to be compensated for that. However, under Maryland law prepaid fees are not earned upon receipt and therefore you would be entitled to at least a partial refund and perhaps a significant refund.

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  • I own a small business in which i am the owner/president and my husband is vp. Our business is incorporated and we are separatin

    I would like to file bankruptcy on the business and get rid of it all together how would this decision inpact our personal credit score and would it allow me to get rid of all dept pertaining to the business??

    Ronald’s Answer

    I agree with Dan Press, liquidating businesses in Chapter 7 usually creates more trouble than it's worth because these cases do not result in the company receiving a discharge. Besides, appointing a chapter 7 trustee will usually create many headaches in production of financial documents that would otherwise remain private.

    To be sure to get rid of the business debt you will have to analyze all of the creditors of the business and be sure there are no personal guaranties or other theories to allow the creditors to pierce the corporate veil. On the other hand, dispensing with the business debt should not negatively affect your personal credit.

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  • Can my uncle sell his house to his brother to avoid a lien by debt collectors?

    My uncle is currently in the hospital and we're worried that debt collectors could go after his house if he cannot pay all the bills. Can he sell his house (for $5.00) to his brother to avoid a lien - or- can they go after his brother also?

    Ronald’s Answer

    I agree with my other answering colleagues, but this question is more complicated than it first seems. If your uncle wants to transfer the property and then file bankruptcy to discharge the debts, that would be a big mistake, because such transfers within a year before the bankruptcy case will cost your uncle his discharge in bankruptcy. If he files bankruptcy within three years

    On the other hand, if the plan is for your uncle to settle the claims of the most aggressive creditors and hold off filing for bankruptcy after the statute of limitations runs, they may be waiting a long time because Virginia has no set time limit for bringing such suits, although the time may be 3 or 4 years in most other states.

    This questions involves some tricky questions of planning that should be discussed with an attorney. I've attached two video I uploaded involving some elements of fraudulent conveyances that you may find helpful.

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  • How do I collect a debt from a lawsuit?

    approximately 15 years ago I won a suit against another party. The other party has since been placed in a nursing home with the state of P.A. taking guardianship.How do I go about getting my settlement

    Ronald’s Answer

    You'll need to first make sure that your judgment is still valid and hasn't lapsed. Then you should serve interrogatories upon the guardian to identify any property that your judgment debtor may have. This may end up being a difficult collection due to the lapse of time and your debtor's difficult circumstances.

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  • Collecting a debt from ex-wife's inheritance and need help

    Ex-wife's father dies, naming her personal rep and leaving her 1/3 of the estate. I have a judgment against ex-wife. I filed a lien on the estate property. 2 months later ex-wife files "Irrevocable Disclaimer of Property Interest" in an attempt ...

    Ronald’s Answer

    I think the question here will revolve around whether the disclaimer constitutes a transfer of an interest in property that could be subject to recovery by a judgment creditor. Depending upon the amount in controversy, there may be value in exploring this issue with a creditor's rights attorney.

    I've attached a link to a video I uploaded attempting to define what a transfer is. I hope you find it helpful.

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