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Min Gyu Kim

Min Kim’s Answers

367 total

  • How safe is it to enter into a structure bankruptcy litigation

    I am behind on my mortgage, I am trying to avoid foreclosure

    Min’s Answer

    Good afternoon

    If you are facing foreclosure of your home, you can file a chp 13 bankruptcy to stop the foreclosure as long as you file prior to the date of the foreclosure sale.

    A chp 13 bankruptcy will give you the oppertunity to get current on your mortgage arrears (behind payment) through bankruptcy process.

    However, to that extent, you also need to show that you have sufficient income to propose a feasible plan to pay not only for the monthly payments but for your monthly expenses going towards your living expenses.

    More facts are required to give a more precise answer.

    It may be beneficial for you to speak to a bankruptcy attorney in your area for assistance

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  • If I file bankruptcy will I be able to keep my vehicle ?

    I have recently been a part of the oilfield layoff, my recent employer has declined my right to receive benefit's because he stated it raises his unemployment payment up to high. I had purchased a newer vehicle to use while employed with his compa...

    Min’s Answer

    Good afternoon

    I agree with the attorneys regarding unemployment. (Of course if you are fearful of burning bridges for future jobs, that would be something to consider also, realistically speaking)

    Nonetheless, depending on the amount of "unsecured debts" you may have, ie credit cards, personal loans, medical, etc., then you can consider filing a chapter 7 on the condition that you either surrender the car back to the car creditor in the bankrutpcy (they cannot pursue you for the deficiency in the bankruptcy) or if you believe you are able to afford the ongoing payments, then reaffirm the car note and keep continuing making the payments.

    Also, you can consider a chp 13. it is a 3-5 year repayment plan, that may potentially reduce your monthly payment and interest rate on the car while eliminating your unsecured debts. However, you will need to show you have some type of income coming in that will allow you to make the monthly payments and your reasonable and necessary monthly expenses.

    Contact a local bankruptcy attorney to assist you!

    I wish you the best of luck

    Min (Peter) Kim
    Houston Bankruptcy Attorney

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  • Should I file bankruptcy

    Took out car title loan behind four months car repossessed lender wants full amount to get car back borrow $20,000 this was with a repayment for 24 months the amount I have to pay to get my car back $46,180

    Min’s Answer

    Good afternoon

    If you are attempting to get your car that has been repossessed or are preventing your car from repossession, then you can file a Chapter 13 bankruptcy to stop the repossession process and recover your car back.

    The Chapter 13 will modify your monthly payments owed to the creditor by reducing your interest rate to prime + 1-3 % (typically 5.25%) and also depending how much you owe, we may lower your monthly payments.

    Contact a bankruptcy attorney in Houston assist you further.

    Hope this helps!

    Peter Kim
    Houston Bankruptcy Attorney

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    Min’s Answer

    Good evening

    To file a 2nd Chapter 7 Bankruptcy after receiving the discharge of the 1st bankruptcy, you do need to wait 8 years from the date of filing the 1st case.

    To that extend you can file a Chapter 13 bankruptcy now and still receive a discharge because the rule only require you to wait 4 years from the date of your 1st bankruptcy case.

    In a Chapter 13 bankruptcy, it does not necessarily mean that you will have to pay anything back to your unsecured creditors. Rather, you will need to to undergo something called the "means test" to determine what your "disposable income" is. Means test is a mechanical formula provided by the bankruptcy code to determine whether or not you will have to pay anything to your unsecured creditors. The means test will look at 3 distinct factors, 1st your household income, 2nd your household size and Lastly, your income has to be less then what is provided under the USDJ. If your income is less then the threshold amount, then that means that you can propose 0% to your unsecured creditors. If you make more then the threshold then you will need to proceed to see what your "disposable income" maybe. Additionally, you will need to determine whether or not you have any "non-exempted" property and whether or not you would like to keep it because for non-exempt property, you will need to pay the value to your unsecured creditors.

    This is a very rough explanation and seeking an attorney in your area may clarify the extent of what the bankruptcy chapter 13 may provide to you and your family.

    I wish this helps and I wish you the best of luck

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  • Is Chapter 7 possible with High Income? If not, what is better Chapter 13 or Debt settlement with creditors?

    Situation: Married, 2 kids, combined gross income $140K. $24K directly on credit cards, $30K total between 2 unsecured credit loans from Discover, $56K car loans with negative equity, House has only about $10K equity, and finally $5K in medical b...

    Min’s Answer

    In a Chapter 13 you are paying only what you owe unless you were proposing to get out of the bankruptcy in 3 years where you will have to pay interest on your unsecured debts. With that said, even in a Chapter 13 bankruptcy your creditors will have to file something called a Proof of Claim where they will have to prove that you owe them the money. If they fail or file it after the deadline, the claim may be disallowed.

    Beyond that, to file a Chapter 7 bankruptcy you do have to undergo something called a "means test" that will look, roughly at 3 factors, 1st your household size, 2nd your household income and 3rd your gross income has to be less then the amount proscribed by the USDJ. Their is a 2nd level of the means test that will look at your "Net Income" (some deductions are not allowed) minus your reasonable and necessary mohthly household expenses to see if you have "disposable income".

    The means test is mechanical that may or may not reflect an accurate depiction of your current financial situation. The gross income threashold is approximately $73k for a family of 4. You will have to do the 2nd level of the means test to see if your disposable income is below a certain amount based on the totality of your debts.

    It wouldn't hurt to consult again to figure out where you stand on your disposable income so that you can figure out if you still qualify for a chp 7 or how much a month you will be paying in the chapter 13.

    hope this helps and I wish you the best of luck

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  • What do I need when I see the bankruptcy lawyer?

    I know the lawyer will tell me everything I need to bring, but I'm just double checking. Should I take the debtor's course before or after I see the lawyer?

    Min’s Answer

    • Selected as best answer

    Good afternoon

    Typically, what the attorney would ask for would be your paystubs, bank statements and your tax returns. In regards to the credit counseling class, I usually recommend that it be taken on the date of filing or at least when the date of filing is set because the certificate is only good for 6 months and if for whatever reason, your attorney recommends you to wait, you will have to retake the class.

    Nonetheless, for the 1st consultation, it is just that, a consultation where you are able to tell your story to your attorney and for your attorney to advise and inform you of what will be needed based on that information.

    Hope this helps and I wish you the best of luck!

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  • I have a default judgment, accounts frozen,money taken. there's a balance, what actions can be taken

    The default judgment was $5,947 plus 5% annum over 2yrs court cost and receiver attorney fees 25% added to total up @ $10,284.. $6,411 was taken from frozen accounts leaving a balance of $3,878 on judgment. Can this be negotiated or settled for ...

    Min’s Answer

    It never hurts to negotiate with your judgment creditor, but whether or not they would accept such offer is always up to them.

    Additionally, depending on when the money was taken from your bank account (and depending on the totality of debt you may have) you may be able to recover that money taken if you file your bankruptcy within a certain time period.

    Lastly, whenever you consider settlement offers, the IRC requires on certain forgiven/reduced debts, that such debts forgiven for more then $600.00 becomes subject to a 1099-C cancellation of debt that will become a taxable income to you.

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  • Should I hire a bankruptcy attorney?

    I am an Optometrist and have been suffering from an anxiety disorder, hand tremors, and recently panic attacks. My practice is marketable, I currently have only a verbal offer and promise to expedite purchase in 90 days. However, since I don't h...

    Min’s Answer

    Good Evening

    Im sorry to hear about the financial and personal difficulties that you are facing at this time.

    Based on the facts provided, whether or not the bankruptcy will or will not help you achieve your goals will be dependent on what you would like to do with your business itself. For example, if you cannot necessarily work and have to hire a "fill in" doc at a weekly rate that would not be profitable for you, then whether or not filing a Chp 11 bankruptcy to reorganize your business may not be beneficial for you as well as most likely the case being either dismissed or converted to a chp 7 liquidation bankruptcy. If your goal is to protect your IRA account and shut the business down or sell the business, then depending on the amount of business debts (as well as debts you may have personally guaranteed) may factor in to whether or not you should file a bankruptcy at all or a personal bankruptcy to eliminate all your personal liabilities.

    It would be recommended that you speak to a bankruptcy attorney to discuss your options because you do have different options within the bankruptcy code to file different types of bankruptcies that will get you different results based on what your goals are.

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  • I recd a order granting substitution of counsel


    Min’s Answer

    Please clarify the summary of your question.

    The Order should either reference a specific docket entry/motion. That motion, if the order is not more specific than merely stating the motion is granted, should identify which counsel has and is allowed to sub in your case.

    Sorry for the vague answer, but more information is needed.

    Min Gyu Kim (Peter)

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  • I am trying to get my child from a grand parent, I have the original court order but the texas constable says i need a

    I need a writ of attachment in order for them to go get my child, is this something i can do on my own filling out a form and submitting it or do i have to have a court hearing

    Min’s Answer

    More facts need to be clarified. First, if there is a court order defining the child custody order, why does the grandparents have the child? Is there any other order or CPS involvment that involuntarily place the child with the grandparents and away from you? Is the grandparents in custody due to court order and/or due to your ex-spouse allowing the child to stay with the grandparents?

    Based on solely your fact pattern that you havea court order that awards you cusotdy of teh child and the grandparent is holding the children in violation of that court order, you will need to file a habeus corpus in the family court.

    Due to the lack of clarity and necessity of more facts, I cannot answer your question specifically.

    Consult a local family law attorney to assist you.

    Good luck and wish you success

    Min Gyu Kim (Peter)
    Houston Family Law and Bankruptcy Law Firm

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