hi I received a trust fund a month ago on my 25th birthday I am filing bankruptcy now I have no accounts a bank I am unemployed and plan to start a business this summer so I just got my mn business license will this come up and will I be asked any...
You have to disclose the Trust account funds that you received a month ago as the funds are an asset of your bankruptcy estate. If you fail to disclose the funds then you are committing bankruptcy fraud, which is punishable by up to five (5) years in Federal prison and/or a $500,000.00 fine. You should talk to a bankruptcy attorney about how much money you can "exempt" or keep when you file bankruptcy. The Trustee almost always asks if you have had any money put in trust in the past 10 years. You have to list all of your cash on hand when you complete your bankruptcy schedules with your lawyer. It doesn't matter that the funds are not in a bank account.See question
I thought that was supposed to be a separate proceeding before that happends, that will bring my livable income to not livable basically. is there anyway to stop it or work with creditors through a lawyer or another way or extend, no way I can pa...
A Bankruptcy filing would stop any wage garnishment. Before you consider that option, you should review the exemptions list that was provided to you to determine if you are exempt from garnishment. For example, if you have received any form of public assitance, Food Stamps, M.A., etc., then you cannot be garnished for six (6) months from the date you last received public assistance. You have to complete the exemption form and serve it on the Creditor and provide your public assistance case number so the attorney for the creditor can check to make sure you have received beneifts.See question
Legally Speaking: Who Gets the Engagement Ring and wedding ring if the spouse filed a divorce?
That depends! Case law goes both ways on this issue if one party demands return of an engagement ring if the marriage is not followed through. If married, generally the spouse that was given the engagement ring and wedding ring would keep them but the value of the rings may be assessed against the spouse keeping the rings. However, if the value of the rings is so great that it would be unfair for one spouse to keep them, a Judge could in theory force a sale. I've never seen it happen, but if the parties don't decide division of property, then a Judge will be forced to. Most divorce cases are settled rather than going to trial. Good luck.See question
Just wondering if it's smarter to file a bankruptcy prior to or after filing a divorce? My husband and I are in the process of divorce and the last portion is debt, which we have an abundance of. We are also going through foreclosure and we both a...
In your circumstances it may make sense to file before since you agree that bankruptcy is beneficial for both of you. Oftentimes, one or other spouse does not agree and assets that could be protected in bankruptcy (401(k) or IRA's for instance) are spent fighting the divorce or continuting to pay on a mortgage that is no longer practicable on one income. Filing before gives you less to fight about in a divorce, which is an advantage in any divorce. You should call a local attorney for a free consultation to see if bankruptcy is appropriate. Good luck.See question
Both my husband and I Iost our jobs , and were unemployed for 3 years, we lost our home due to foreclosure in 2010. Is there anything we can do to get out from under this second mortgage. All of the money we have paid to them for the last 3 years...
Remember if you "settle" your debt with the 2nd Mortgage company you will owe income taxes on the balance of the debt that is forgiven. You need to calcualte what your tax liability will be given the lump sum settlement amount you are offering to pay. If you file a Chapter 7 or Chapter 13 Bankruptcy you will not owe any income tax. It's important that you know all the facts before you proceed. Good luck.See question
I tried to get a loan but I already have one and the bank said I do not make enough money to get the extra 50k to pay the judgement of.
No, but you may be able to file a Chapter 13 Bankruptcy if this is a mortgage loan. A Chapter 13 Bankruptcy is a payment plan where you can get caught up on your mortgage payments. If you can't afford the payments then you need to consider selling your home if you have equity in your home. You have to file the Chapter 13 BEFORE a Sherrif's foreclosure sale, so call an attorney immediately.See question
I am inquiring
No, not your own credit card as this would be fraudulent to use a credit card that you intend to discharge in your Chapter 7 Bankruptcy. You can use someone else's credit card to pay your fees.See question
My income has been the same in those 25 years as it was when I did receive refunds.
You could have refunds due you for the past three (3) years, but if you had refunds for the other 22 years you would not receive them as they only allow you to file tax returns and receive unclaimed refunds going 3 years back. Yes, you could get in trouble for knowingly not filing tax returns; however, in most cases the tax authorities are just happy that you are now in compliance with the tax code by filing your returns. You will probably only have to file the back 7 years of tax returns rather than the entire 25 years as there is a statue of liminitations. I am a Bankruptcy attorney, not a tax attorney and I am answering your question based on 23 years experience with clients that have had unfiled tax returns. It would be helpful for you to talk to a tax attorney and/or a CPA that files back tax returns for people.See question
Due to a recent divorce, I am not able to pay my monthly bills and I am looking at options for bankruptcy. My ex-wife and I had filed a Chapter 7 in 2009. Am I able to file a Chapter 7 for my own legal debt now that I would be filing by myself o...
No, you cannot file another chapter 7 case until 8 years has passed from the date of filing of your last chapter 7 case in 2009. You can however file a chapter 13 case 4 years after you filed the chapter 7 case to receive a discharge in the chapter 13 case. If it hasn't been 4 years, you may still file a chapter 13 case, but you would not be eligible for a discharge.See question
Would he become responsible for my student loans also? Would it affect his credit rating?
No, your debts are your debts unless he assumes the debt or re-finances the debt with you. And No, his credit rating is not affected by your student loans.See question