Ellen Lorraine Patton's Answers

Chapter 7 Bankruptcy Exemptions?

It is good advice to get some legal help doing this. That being said, generally those amounts are "per debtor" so you should be able to stack them (one for you, one for him) unless the exemption is specific to the contrary. A good resource you might want to review is www. exemptionexpress.com. If you need to research and have a better chance at finding a dedicated bankruptcy attorney in your area, check out NACBA's website and use their lawyer locator option there. Good luck!

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What happens if you decide to back out of a chapter 13 bankruptcy?

I agree with the other two answers. In my jurisdiction, we cannot skip payments if we haven't been confirmed yet. If that is your case, then you should get a majority of the payments made back, but you will be way in the hole with your mortgage lender with no protection from the court and a big red bullseye on your backs. Going into a Chapter 13 is a big deal and you have to be prepared for it budget and emergency fund-wise or things like what you have now start happening. Reasons for your...

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What are the problems with filing chapter 13 bankruptcy after the short-sale of your home?

Generally with short sales the lenders are forgiving the difference between the sale price and the loan balance, which will result in the issuance of a 1099, since forgiven debt is considered taxable income under the internal revenue code. Those 1099's are being ignored by the IRS if they resulted from the sale of a primary residence and the funds were used for the purchase or improvement of the home. A lot of people's second mortgages, or Home Equity Lines of Credit, were used for other...

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If I file a chapter 7 BK should I get rid of two LLC's I have, both of which are just shells as of yet (no assets in either)?

The LLC's should not be an issue and should not be impacted by the bankruptcy since they have their own FEIN numbers. There is a specific place for them to be listed on the Statement of Financial Affairs and you should disclose them there since the trustee could easily ask the Secretary of State to run your name and they would pop up.. then you'd have non-disclosure issues which you don't need. To the extent the LLC's have any value (checking accounts) they will have to be listed as assets of...

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Can I make repairs to my rental house before filing Chapter 7 bankruptcy?

Be very careful and take this question to an experienced and established bankruptcy attorney in Tampa. I am in Orlando and caution you only because trustees in our district (Tampa and Orlando are in the same district) have been taking the rent from rental properties! I don't want to scare you, but I do want you to make sure that the property is going to be worth keeping before you put any cash into fixing it.

My ex huband and his wife have filed chapter 7 bankruptcy. I was going to file child support modification. What do I need to do?

Go for it! Nothing is stopping you from doing what you started. You got a letter from the Chapter 7 Trustee in his case informing you of the bankruptcy because the new law we got in 2005 requires them to send it to you. You will get one again once the case is closed. Don't worry about a thing and you go get what you and your child(ren) deserve!

In a jointly owned house, if one person on the loan chapter 7 bankruptcy can the other party live in the house and make payment

Absolutely! The issue you are going to have is working out the arrearage with the bank. In Florida the chapter 7 filing has no impact on the mortgage terms, those stay with the house. By filing the bankruptcy, she has left you alone to work with the bank, which actually improves your chances of getting them to work with you. Be prepared to bring some cash to the table. I agree with the previous answer to avoid the law offices and companies that you pay to negotiate a HAMP modification...

Owed $100K on a HELOC loan on my Fl.home opened in 2004. & An additional $90K added to the same loan in 2007,now comes a CH 7.

You need to go review everything with an attorney who specializes in an area of bankruptcy law called "creditor's rights" to have them assess where you stand, the validity of your agreements, etc. If you are in Deltona, there is a very good firm in Orlando that would give you reliable and very good guidance called Wolf, Hill, McFarlin & Herron. Their phone number is 407 648 0058. They will charge for the consult, but it will be well worth it for you to get that direction you need. Good luck!

I am making payments to a debt collector for a Capital One bill. The collectors took us to court. Can we bankrupt them?

Absolutely! We do it all the time.

Chapter 13

I agree with the other answer. Call the firm that did your 13 and ask them to help with these issues. If they do not, find someone else to get it done for you sooner rather than later. The Court charges reopen fees to open closed cases. The work that it sounds like needs to be done is fairly easy and routine and shouldn't cost that much, so it shouldn't be a horrible amount to pay someone to tidy up those loose ends for you.