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Sidney Joseph Diamond

Sidney Diamond’s Answers

160 total


  • I have a judgement against myself and my parents (they cosigned) for a $14,000 private student loan.

    My parents are retired, my dad works part-time and have a reverse mortgage on their home. I still owe thousands on my car, my parents cars are paid off. I'm more worried about my parents retirements , social security, etc. although I am a single m...

    Sidney’s Answer

    You can always, if justified, file bankruptcy yourself as far as your car is concerned. I would not to worried about your parents property except the ssi which can be garnished up to 20%, however watch out because they often do not plan by the rules. There is no way to get ride of the debt except by paying it. Depending on your other debts, including the deficency on the car you could file a 100% chapter plan, which would bring the c0-debtor stay into effect and they would stop bothering your parents.

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  • What must be considered as part of a Gross Receipt?

    If most of the contribution to a nonprofit organization comes from the founder itself, will his contribution play part the gross receipt? Are bank statements need to be submitted with the IRS too as a supporting document of the Financial data?

    Sidney’s Answer

    As Mr. Deason pointed out you have not supplied sufficient information to answer the question. Just because a corporation is establshed as a non-profit corporation does not mean that you qualify with the IRS.

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  • Can one person on a house deed file for bankruptcy? How will it affect the other party?

    My ex and I purchased a home 2 years ago. For the past 6 months he hid communication, notices and certified letters from me that came from our lender. He is now in jail and I found out that the house is now in foreclosure (due to be sold on June 5...

    Sidney’s Answer

    One of you is probably going to have to file a chapter 13 in order to keep the house. Whether or not he can file may present a problem inasmuch as he can not attend the first meeting of creditors and he has no income to fund a chapter 13 plan. Some courts will dismiss a case for the first reason and the second reason really kills things. You can file by yourself. I suggest that you contact a bankruptcy attorney now. If you wait any longer the attorney is going to ask for a larger up front retainer.

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  • Home Equity Line of Credit included in bankruptcy and is in default. 1st mortgage is current. Will the HELOC try to foreclose?

    The 1st and 2nd lien holder is the same company. I know the lender in 2nd position can't typically do much but does this change since it's the same company? The 1st mortgage is $280,000 and the HELOC is $70,000. My house is currently worth about ...

    Sidney’s Answer

    If you did not reaffirm the debt there is no personal liability but the lien remains in place. Why they have not foreclosed could be for a number of reasons, one of which is that in order to foreclose they would have to pay the first off. I feel a little different in terms of when this should be addressed. My experience is the long you wait the worse it gets.

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  • Do the IRS take out of your settlements, do they know about them?

    Probably a silly question, but I'll ask anyway. Before you get your settlement there are fees and things, the IRS is included in these fees correct?

    Sidney’s Answer

    You don't say what kind of settlement, and that makes a big difference. If you are settling a damage claim (personal injury for example) there are no taxes due. If I knew the type settlement you were talking about I could give you a better anwer.

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  • How long does a bank have to claim bad debt?

    I was in the military and had a credit card issued by BofA for travel purposes only. When I was discharged it had a balance, I did not pay. It disappeared from my 2001 credit report as charged-off and I NEVER heard from them. They claim in 2009 th...

    Sidney’s Answer

    Yes you have several grounds to fight provided that you tax return can be amended. You can claim that the debt was beyond the statute of limitation is one defense but probably the primary defense is, if you demonstrate it, is that you were insolvent at the time.

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  • Can chapter 7 or chapter 13 be cleared out after 7 years?

    My friend told me bankruptcy either chapter 7 or chapter 13 will remain permanently in records, is it true? If it is true, how can one need it to be removed?

    Sidney’s Answer

    It is my understanding that all bankruptcy cases remain on your credit report for 7 years.

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  • How can i get out of the chapter 13 and file chapter 7

    My spouse lost his job and will be drawing unemployment. I have a kid in college and I have to pay some of his tuition and my bills here at home. There is no way I can pay a chapter 13 payment plan out of my check and pay household bills and tuition.

    Sidney’s Answer

    Talk to your lawyer about converting your case to one under chapter 7. The foregoing is the easiest way to accomplish what you want. There maybe other factors and he/she may want to dismiss the chapter 13 and refile under chapter 7.

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  • How difficult will it be to start a business after bankruptcy?

    I've had a dream of starting my own business for some time, and am now in the process of writing a business plan. I also went through a bankruptcy two years ago, and am still rebuilding my credit. Is there any chance at all that I will be able to ...

    Sidney’s Answer

    I would say it is not going to be easy and you are going to be subject to a lot more review than most people starting a business. Whether or not you will get a loan will depend on the type of loan you are asking for and the credit extender you are dealing with. I doubt that you will have to wait 8 years to start a business but you are certainly going to have to show stability and an abiliity to repay it.

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  • Individual bankruptcy and signing over or quit claiming on a mobilehome loan

    My husband and I are divorcing. Went to a bankruptcy attorney today and she said that in order to file jointly, we would have to still be living together and that this would take approximatley 6 months. We have a mobilehome loan (consumer) in b...

    Sidney’s Answer

    You must have not heard the lawyer correctly because there is no requirement that you be living together to file a joint petition for relief. As far as the mobile home that is a very simple situation that can be taken careof in the bankruptcy.
    I would go back to the lawyer or see another lawyer and get the process started.

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