Kevin D Heupel's Answers

My bankruptcy was discharged on9/7/11...I just got a letter from the trustee that we have to send her copies of our 2011 tax

She cannot take the portion of the tax refund that is attributable to the child tax credit or earned income credit. However, she has a right to request and review your 2011 tax return even though your discharge order was entered. Be sure to comply or the trustee can revoke your discharge. Our trustees are ethical people and you don't have to fear that she will try to take something that she is not entitled to pursue.

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I wanted to know can my pad day loans be included when I file bankruptcy?

You can file either Chapter 7 or 13 to get rid of pay day loans, which chapter you file will depend on your income and filing size. Bankruptcy will also get rid of all debts except recent taxes, student loans, child support, alimony, and restitution. You'll be able to rebuild your credit too. Call an attorney now to start rebuilding your future.

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House foreclosed on five years ago, satisfied first mortgage but not the second mortgage. Is the second still "secured"?

The secured mortgage is now an unsecured debt. Even though you no longer own the home, you are still financially responsible for repaying the second mortgage. Sometimes the bank for the second mortgage will settle between $3-5,000 in return for forgiving the debt. Keep in mind though that you'll need to pay taxes on the dollar amount that was settled. If you have other debts, then look at bankruptcy as your first option in order to avoid taxes, but if not, then debt settlement might be the...

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Can I ask thee trustee to let me keep my refund?

You can certainly ask the trustee, but the trustee is going to keep the portion of the tax refund that belongs to the bankruptcy estate. Fortunately for you, the trustee cannot take all of refund. He cannot take any refund generated by the child tax credit and earned income credit. He also can only take a portion of the remaining refund based on the date you filed. If you filed in September, then you'll get about 25 percent of the non-exempt refund returned to you. While it's not fun...

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Can I take out a 401k loan before I file Chapter 7 in Florida?

The money taken out is not a protected asset. You can purchase a car with a 401k loan; however, make sure you do not buy "too much" car. In Florida, you are allowed to keep a vehicle up to $1,000, and it increases to $5,000 if you do not own a home. Thus, do not spend more than the exemption or you'll lose the car.

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How can I avoid filing for bankruptcy if I am one of two parties involved in an outstanding debt of $120,000?

Given the math, you probably can't avoid bankruptcy. The creditor has the right to pursue you because you signed the lease and it doesn't matter if the other person has more money than you. Your income is too low to repay the debt. Regarding the stockes, you could move them into a retirement account and file bankruptcy without losing them. Otherwise, you'll need to see if you can settle with the creditor if you don't want to file bankruptcy.

My bankruptcy was discharged earlyer this month. I did not reaffim my car loan. What happens now??

The lender will not send statements as they do not want to violate the FDCPA. However, as long as you make your payments, you can keep your car.

How long is a lien on my home valid in colorado

The lien stays on the home until you sell or transfer the property.

Do I have to acknowledge this pattern interrogatory?

Absolutely. The failure to answer would be contempt of court and you could serve jail time. It is a serious issue and better to address it than hide from it.

I filed ch 7 last year & reaffirmed my mortgage. If I choose foreclosure now, will I still ne liable?

Yes, that is a consequence of reaffirming a mortgage after filing Chapter 7. You would be better to short sale the property than let it go into foreclosure.