Bradley David Mccormack’s Answers

Bradley David Mccormack

Kansas City Bankruptcy Attorney.

Contributor Level 7
  1. Back taxes on a house. How can foreclosure be avoided, and why wasn't I notified long before this point?

    Answered 10 days ago.

    1. Bradley David Mccormack
    2. Andrew Hahn
    3. Carissa Gail Lape
    3 lawyer answers

    You can avoid foreclosure and resolve the tax debt through a Chapter 13 Bankruptcy. In Chapter 13 you can restructure the debt and pay it back over a period of five years. Taxes can be paid back during that time and the government cannot foreclose while you are in an active Chapter 13. You can also relieve yourself of any other debt you owe in the Chapter 13 as well. After 5 years you will be discharged from all of your debt, including the tax liability.

    3 lawyers agreed with this answer

  2. Is there anything that I can do about getting out of a lease?

    Answered 10 days ago.

    1. Paul Andrew Burnett
    2. Bradley David Mccormack
    3. Andrew Hahn
    3 lawyer answers

    You have the option to reject your lease if you file for Chapter 7 or 13 Bankruptcy. Also you would not be liable for any remaining financial obligations due under the lease. If you lost your job this may be a good option as you can address all debt you may be facing as well as the Lease.

  3. My house was bought by the lender at foreclosure -leaving a deficit. Am I financially responsible for that amount?

    Answered 10 days ago.

    1. Bradley David Mccormack
    1 lawyer answer

    You are liable for all fees due and owing after a foreclosure sale. Any asset you own is subject to garnishment or execution once they get a financial judgment against you. Bankruptcy would eliminate your liability on this debt and stop Wells Fargo from pursuing any collection activities. You have the option of filing a Chapter 7 liquidation or a Chapter 13 reorganization.

    1 lawyer agreed with this answer

  4. Foreclosure Dismissal without prejdice

    Answered almost 4 years ago.

    1. Bradley David Mccormack
    2. Michael James Wang
    2 lawyer answers

    Yes a dismissal ends the current pending foreclosure case. Dismissal without prejudice means that the case can be re-filed. A dismissal with prejudice means that it can never be re-filed. The Plaintiff will have to file a new case to proceed with a foreclosure action.

    1 lawyer agreed with this answer

  5. We are over a year behind in our mortgage. Mentally tired. Can we still save our situation? How much will a lawyer cost?

    Answered 2 days ago.

    1. Bradley David Mccormack
    1 lawyer answer

    You can file a Chapter 13 Bankruptcy to save your home. The Chapter 13 is a reorganization which can give you up to 5 years to become current on your mortgage. It will also allow you to discharge unsecured debt. If the house is no longer financially viable you could file a Chapter 7 Bankruptcy and walk away from the home. The Chapter 7 would give you relief from the entire mortgage and allow you to discharge all unsecured debt as well.

  6. Bank is refusing to apply late/partial payment to mortgage

    Answered 2 days ago.

    1. Bradley David Mccormack
    1 lawyer answer

    Many loan documents are written that if a payment goes into default the lender has the right to accelerate the loan. If the company accelerates the loan the entire balance is due. You can pursue modification options with them but there is no guarantee the company will approve a modification. You can also file a Chapter 13 Bankruptcy which will undue the acceleration and allow you to repay your loan and become current on the loan.

  7. Want to stop my wage garnishment

    Answered 10 days ago.

    1. Bradley David Mccormack
    1 lawyer answer

    Filing a Chapter 7 or Chapter 13 Bankruptcy immediately stops all wage garnishments. Once you get your discharge the entire judgment will be wiped out and you will not be liable for the lease any longer.

  8. How do I list a leased car in my chapter 7 bankruptcy petition. Think I list in sched G. But is it an assett? secured creditor?

    Answered almost 4 years ago.

    1. Vikrant Chaudhry
    2. Dorothy G Bunce
    3. Bradley David Mccormack
    4. Nathan Steven Graham
    4 lawyer answers

    A leased car is an executory contract under Schedule G. You will list the lease there and you also have to fill out the Statement of Intention to signify if you will assume or reject the Lease. You do not own any interest in the car so there would be no place for it on Schedule B or Schedule C. You would be allowed a car deduction on the Means Test for your payment.

  9. How is value of a member's interest in LLC determined in a Chapter 13 filing?

    Answered almost 4 years ago.

    1. Bradley David Mccormack
    2. Dorothy G Bunce
    3. Theodore Lyons Araujo
    3 lawyer answers

    You want to evaluate the assets of the company over the liabilities of the company. As for assets - does the company own any equipment? Does it have outstanding accounts receivable? Are there pending contracts or ongoing contracts for services? All these are assets which add to the value of the company. Along with that, you need to see if the company has any outstanding debt like a small business loan or tax debt. If the liabiltiy outweighs the assets, the LLC has no value. Your best...

  10. I'm going to be filing chapter 7 bankruptcy because of a foreclosure,but it won't be for several months.

    Answered almost 4 years ago.

    1. Lysbeth Goodman
    2. Chirnese Lashaunda Liverpool
    3. Bradley David Mccormack
    4. Dorothy G Bunce
    4 lawyer answers

    In the Chapter 7 you will be discharged from all credit card debt and any car loan that you surrender. However, stopping payment on these bills can make for an uncomfortable few months while you prepare to file. You have no protection from creditors so you could be exposed to phone calls, letters and possible lawsuits. If a creditor receives a judgment on you for a credit card before you file, they are free to enforce the judgment through garnishments of pay checks or bank accounts. If you...

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