Stuart Alan Young's Answers

Medical bill dispute. options?

You have no protection if you make $100 monthly payments unless the collection agency is willing to accept that. They have every right to sue you and you have every right to discharge the debt in bankruptcy. Obviously, cooler heads can prevail though. Perhaps you can work out an amicable repayment arrangement but your collection company is not making things easy. IF they file suit against you, then you will meet with a court mediator which will try to talk some sense into that agency and you...

1 person marked this answer as helpful

Am I too far along in process for a attorney to help me?

You can certainly file for bankruptcy protection at any time before the actual sale date of the home. Of course, if your intent is to save your home from foreclosure then as each month goes by, the amount of money that you owe in terms of back payments (arrearages) increases making it more difficult to catch up on your payments. Chapter 13 would be a good option to explore because it would give you up to 5 years to catch up on the accumulated back payments on the mortgages and the attorney...

1 person marked this answer as helpful

Can debtors pursue us if we close the s-corporation down.

If there are no personal guarantees then no individual would have to file bankruptcy BUT, in my experience, there are always personal guarantees for a small companies principals. I assume that your comapny is not IBM or AMEX so I think that, in the future, you will have to personally seek bankruptcy protection when they come after you.

1 person marked this answer as helpful

Bankruptcy and Debt

You are correct! Your military retirement, VA Disability payments and IRA's are all completely protected. Actually your IRA will be protected up to one million dollars in value only. Unfortunately you pledged your home as a second mortgage to the SBA. If you don't pay that loan then your home would be in jeopardy of foreclosure but if you filed chapter 13 then your second mortgage which may be totally unsecured, can be stripped off as a mortgage on your home, treated as an unsecured debt...

1 person marked this answer as helpful

How bankruptcy affects my life? What happen to me after 7 years?

Bankruptcy will remain on your credit report for 10 years, however the actual effects don't have to last that long. You will find that after your discharge (approximately 4 months after filing in chapter 7, longer in chapter 13) you will be easily able to get secured credit cards from such companies as Orchard bank and Capital One, among others. Put a deposit into these banks and charge no more than one third of the limit. Pay the balance in full every month and after 1 year they will...

Selected as best answer

If I stop paying my credit cards, can they take money from my Social Security or my Retirement Pension?

You should be relieved to know that your social security payments and pension money are all fully protected under Florida law. However, your savings account is not. Still, in Florida, creditors (people to whom you owe money) must sue you first and get a judgment before they can take your money. Creditors can however call you daily, write to you and eventually sue you. If you have a bank account where you also owe money, (i.e. you may keep your money in Chase bank and also have a Chase mortgage,...

Bankruptcy and law school/Bar

Yes, you can be a member of the Fl Bar after filing for bankruptcy protection. Bankruptcy is a constitutional right, guaranteed under federal law. As a matter of fact, I recently had a client that had so much debt (because she didn't file bankruptcy that she had a greater problem with the Florida Bar.) I am not going to tell you that the Bar won't inquire as to the nature and circumstances of your debt and the causes thereof but you will ultimately be admitted if everything else is in order....

What action can I take to collect on a loan that is past due under FL debt collection laws

You are in a tough, tough situation. You could certainly sue your Dad (you have 5 years from the time that he stopped paying to do so). This is the only to ensure that you get paid. Your Dad could also voluntarily give you a mortgage on his property such as his home or he could give you a lien on his car but he would have to be willing to do this. Money that is loaned to relatives is best looked on as a gift when given because your options of recovery are so narrow and so fraught with problems.

How can I collect back-wages from a recently bankrupted company?

In order to collect unpaid wages from a debtor (employer) who has filed Chapter 11, or even Chapter 7 for that matter, you must file a written claim within the allowed time period. You should carefully review the Notice to Creditors that you, as a creditor should have received (generally about two weeks after the case has been filed). If you didn't get a notice then call the bankruptcy clerk's office, ask them to review the file and even if you were not listed as a creditor then you can still...

2 people marked this answer as helpful

Can the debt collectors still put a court dismissed debt my credit report as an outstanding debt?

The good news is that after 7 years the debt will be removed from your credit report, unless they re-age the debt by getting you to make a small payment (so don't send them even one penny). If the report is not accurate then you should write to three major credit bureaus and request that the notation (debt) be removed. You can get a free credit report at www.annualcreditreport.com. Check it out and correct any inaccuracies. If the case was dismissed by the courts then send a copy of the...

1 person marked this answer as helpful