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Bruce Richard Epstein
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Bruce Epstein’s Answers

24 total

  • How do I figure out my Chapter 13 payments if I am under the median family income level?

    The form 22C says that if my income is below the median family income level, do not fill out the means test. If I don't fill it out, how will I know what I will be responsible for paying?

    Bruce’s Answer

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    There may be many good reasons to file a Chapter 13 even if you qualify for Chapter 7 under the means test. The calculation of the plan payment requires consideration of multiple issues which include: your actual budget income and expenses, the classifications of your debts (as different types of debt require different payment treatment), the nonexempt value of assets... It will usually be advisable to seek competent bankruptcy counsel for a Chapter 13.

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  • Chapter 13 payment amount

    If I have around 40,000 in debt, and I am over the median income for my state, what would my ballpark monthly payment in a chapter 13 be? I was quoted about $1300.00 a month, however that seems extremely high on 40,000 to me for 60 months.

    Bruce’s Answer

    In addition to the issues raised by my colleagues , remember that the treatment of some debts in Chapter 13 may include interest, which can be high if cosigners are being protected, for example. More information than the total debt amount is needed in order to do the actual calculation of the payment plan in a Chapter 13.

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  • I'm planning to file for bankruptcy but I used my car as collateral for personal loan.

    I'm planning to file for bankruptcy but I used my car as collateral for personal loan ($3400) two months ago. I want to keep my car (10year old already paid off). What should I do? What will be the problem?

    Bruce’s Answer

    Are you certain that the lender recorded a lien on the car title? If not, then the loan is unsecured and the lender has no claim for the vehicle. If that is the case, the question then becomes whether you can fully exempt your equity to protect the car from the Trustee (probably yes given the age of the vehicle, if it is your only vehicle). The Trustee may also be interested in what you used the loan proceeds for, possible preference payments? Make sure you discuss this with your attorney as it may impact on the timing of filing.

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  • Can I avoid a second mortgage in a chapter 7 bankruptcy if my house is worth less than what I owe on my first mortgage?

    Or do I have to file a Chapter 13?

    Bruce’s Answer

    Although there has been some allowance of mortgage avoidance in Chapter 7, it has not been permitted in the 6th Circuit, which includes Ohio. You may do so in a Chapter 13. Some courts allow the avoidance by Motion, others require an adversary proceeding.

    Bruce Epstein

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  • I filed for chapter 7 bankruptcy - discharged in 3/06. Capital one filed a judgement in '09 for same debt - am I still liable?

    There was a judgement against me in 2009 and it shows up on credit report. Am I responsible to pay this debt even though it was included in a chapter 7 bankruptcy in 2006?

    Bruce’s Answer

    Be sure to contact your Attorney. If this was an action to collect after the debt was discharged, you may be entitled t damages against the creditor, including your attorney fees for addressing the claim. There are facts that are not in your post which are important in analyzing this information.

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  • Can I declare bankruptcy by myself even though I am married? All debts are in my name only & all I own is a 10 year old car.

    My husband owns the condo we live in-my name is not on the deed. I am unemployed & disabled. I've been denied for SSDI & have requested a hearing. TY!

    Bruce’s Answer

    You can file bankruptcy without your spouse filing. However, be aware that your Husband's income is considered in determining your eligibility under the means test. Good bankruptcy counsel can determine the impact of his income.

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  • Can my husband be held responsible for a debt I incurred and he knew nothing about

    I opened an am ex card when I was working now due to poor health I have no income except a small allowance (from a friend). I am being sued for the money owed and I want to know if my husband can be found responsible even if he never knew about th...

    Bruce’s Answer

    • Selected as best answer

    Liability of your Husband to Amex could only be based on his contractual relationship with them. Since it appears from your comments that he never signed for the account and did not use it, he has no contract with Amex and thus no liability or responsibility to pay. I hope this answers your concerns. It also appears that you are not exposed to successful collection at this time.
    You may want to consult with an attorney who can determine if there are any missing important facts in your question.

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  • Filed Banruptcy Chapter 7 in 07, now the city wants back taxes from 2005

    have garnisheement

    Bruce’s Answer

    The 2005 income tax was not old enough in 2007 to have been discharged in your Chapter 7. Accordingly the debt was not eliminated and you may be best served by trying to set a payment plan.

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  • Hello i filed chapter 7 in 2010. i just got audit from the rita tax service it came from brecksville where i work i

    never piad tax where i have lived (yes this is in rita citys). i was audited from 2008-2010 can i add this to my 2010 chapter 7 and how much would you charge.

    Bruce’s Answer

    The 2008 through 2010 income taxes would not have been dischargeable in 2010, so adding them now would serve no purpose unless the trustee is still administering assets for distribution to creditors.

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  • If i win a civil lawsuit will the portion my attorney gets be considered preferential payment in a chapter 7 bankruptcy

    I have a pending civil lawsuit and the attorney representing me will be getting 1/3 of my winnings if any. I also need to file bankruptcy and read about preferential payments and was wondering if my civil lawsuit attorney's fees would be considere...

    Bruce’s Answer

    • Selected as best answer

    A contemporaneous exchange (payment) for value received, as well as payment in the ordinary course of business are exceptions to preference actions which would protect your attorney's receipt of his contingency fee during the 90 day preference period prior to the bankruptcy filing.
    If the lawsuit is not settled before the bankruptcy is filed, there are other considerations as the trustee may take control of the case (depending on value of your claim and your exemptions).

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