Ronald Jay Drescher’s Answers

Ronald Jay Drescher

Baltimore Bankruptcy Attorney.

Contributor Level 12
  1. What Bankruptcy Chapter can i file to get rid of my second mortgage to my house?? Chapter 7 or Chapter 13 please help me!

    Answered over 2 years ago.

    1. Ruben Fuentes
    2. Ronald Jay Drescher
    3. Michael Salanick
    3 lawyer answers

    A chapter 13 can help you strip off a completely unsecured second mortgage. I just uploaded a video on this subject today, I've attached a link to the video below. If the video answers your questions please "like" it on YouTube.

    4 lawyers agreed with this answer

  2. Can I file Chapter 7 Bankruptcy based on these facts?

    Answered over 2 years ago.

    1. Gary Alan Armstrong
    2. Ronald Jay Drescher
    3. Allan M. Darish
    4. Dorothy G Bunce
    5. Susanne M. Robicsek
    5 lawyer answers

    I would think long and hard about filing a Chapter 7 bankruptcy. Not sure where you are located, so your exemptions are not known, but if you are getting $25,000 in tax returns over the next three months it is likely that a Chapter 7 trustee will want those for your creditors. Your cars are paid off, so those assets are also exposed. It is unlikely that I would ever rush into filing a Chapter 7 case for a client in your situation.

    4 lawyers agreed with this answer

  3. How will the BK trustee verify the debotrs income?

    Answered over 2 years ago.

    1. Glen Edward Ashman
    2. Ronald Jay Drescher
    3. Derek R. Caldwell
    3 lawyer answers

    Trustees generally look at paystubs and three to six months' bank statements to verify income. If you are concerned that this debtor has intentionally failed to disclose income you should contact an attorney to communicate with the trustee. Whether we like it or not, chapter 7 trustees are more receptive to communications from attorneys than from individual creditors, so you have a better chance of being heard through a lawyer. Also, act fast. The deadline for objecting to discharge/...

    4 lawyers agreed with this answer

  4. If a small business owner wants to file bankruptcy does he need to do a chapter 11 or can he do a chapter 7? He was sued by a

    Answered over 2 years ago.

    1. Dorothy G Bunce
    2. Curtis Lamar Harrington Jr
    3. Ronald Jay Drescher
    4. Michael James Duffy
    4 lawyer answers

    I generally dislike filing chapter 7 cases for corporations, and a chapter 11 is really intended for a company that wants to reorganize, or liquidate its assets under its own control. Any decisions involving a company and chapter choice really need to be made after consulting with a competent attorney who has all the facts.

    4 lawyers agreed with this answer

  5. If I appeal my IRS Levy will it buy me time while I decide on my bankruptcy options?

    Answered over 2 years ago.

    1. Michael Hal Schwartz
    2. Ronald Joseph Kim
    3. Ronald Jay Drescher
    4. Dana Whitney Atchley
    5. Walter C Oney Jr
    5 lawyer answers

    The problem with the IRS Levy is that it freezes your assets immediately. Filing a Chapter 11 or Chapter 13 bankruptcy will free those assets up much quicker. I can't imagine a faster solution than that.

    4 lawyers agreed with this answer

  6. Question about small severance and withdrawal of 401k during a Chap 13...

    Answered over 2 years ago.

    1. Sheila Dawn Norman
    2. Ronald Jay Drescher
    3. Michael A. Goldstein
    3 lawyer answers

    This is a very complicated question. Instead of invading your 401k to make trustee payments I would consider asking the court for an early discharge due to hardship (i.e., your back problem). At the end of your question I was concerned about your question "do we have to let anyone know?" Honesty and full disclosure is at the heart of the bankruptcy process. Many chapter 13 confirmation orders require annual disclosure of tax returns to the trustee (at least they do in Maryland). I have created...

    4 lawyers agreed with this answer

  7. What chapter 7 bankruptcy form do I list a property sale in previous 2 years?

    Answered over 2 years ago.

    1. Andrew Joseph Miofsky
    2. Ronald Jay Drescher
    3. Alan D. Walton
    4. James Portman Webster
    4 lawyer answers

    A sale of a home is not considered ordinary course of business or financial affairs, and it should go in question 10 of the Statement of Financial Affairs. You should also be prepared to present the trustee with copies of the HUD-1 financing statement in connection with that sale.

    4 lawyers agreed with this answer

  8. What should I do if I'm at fault in a car accident with $750,000

    Answered over 2 years ago.

    1. Mark William Oakley
    2. Ronald Jay Drescher
    3. John Michael Phillips
    4. Edwin David Hoskins
    5. S. David Rosenthal Esquire
    6. ···
    6 lawyer answers

    You should also make an appointment for a free consultation with a bankruptcy lawyer. This may give you some peace of mind about possible consequences if you are faced with a judgment in excess of your insurance protection. Personal injury lawsuits for simple negligence are dischargeable in bankruptcy, as long as there was no drugs or alcohol involved. My firm offers free consultations, as do many other excellent firms who participate in Avvo.com.

    2 lawyers agreed with this answer

  9. My motgage is under water. no one will refi. what can I do. im current

    Answered over 2 years ago.

    1. Ronald Jay Drescher
    2. Frank Wei-Hong Chen
    3. Scott Richard Kaufman
    3 lawyer answers

    My first question is, how do you know that house is worth $265,000? And are you sure that you owe only $243,000 on the 1st? If the first by itself was worth more than the value of the house, you could strip off the second in a chapter 13 bankruptcy. I would spend some more time (and maybe money) really investigating these values. Almost all of my clients have been pursuing loan modifications. I have seen a few (but only a few) get some relief from these programs. The programs are frustrating,...

    2 lawyers agreed with this answer

  10. I did not do avoided of lien (I did pro se) before my discharge of chapter 7 debts

    Answered over 2 years ago.

    1. Ronald Jay Drescher
    2. James Portman Webster
    3. Walter C Oney Jr
    3 lawyer answers

    If the lien was filed before you filed your bankruptcy case, you can and should move to reopen your case and have the lien set aside. If the lien was filed afterwards, you could file an action in the court that granted the lien to show that there was a violation of the automatic stay or the discharge injunction. Don't wait to take care of this. Many bankruptcy courts find that creditors rely on the debtor's inaction and if enough time passes will refuse to reopen the bankruptcy case. Good...

    2 lawyers agreed with this answer