I filed chapter 7 two years ago but now my house is still under water with 2nd and 3rd liens. I want to get rid of those liens and they said only chapter 13 can do it. Will it be ok for me to file chapter 13 now?
If the property is in South Gate, then your Chapter 13 would be in the LA division of the Bankruptcy court for the Central District of California. In this division, there are 4 Chapter 13 judges. Three of them allow a "Chapter 20" lien strip (Chapter 7, followed by Chapter 13 with lien strip). The fourth does not. If you get the wrong judge, you won't be able to do it. If you wait until it has been 4 years since the date that your Chapter 7 case was filed, then you would be eligible for a discharge in Chapter 13, which means you could potentially strip off the second and third liens. But if the property has gone up in value by then, this might not work (property needs to be worth less than the amount of the first mortgage). This is a complex area of law. You should hire an experienced Chapter 13 attorney.See question
I want to file ch 7 bankruptcy. I met with a attorney who said i was eligible, but i have dome some research and am not sure is his advice is correct. I have about 30,000 in credit card debt and make about 1400 a month. But a couple of years ago i...
As I see it, you have three options:
1. Transfer the property, disclose the transfer, and explain that you transferred "bare legal title" to your daughter, but that you did not have a beneficial interest in the property. This could be risky, for the reasons stated by other attorneys. The trustee could disagree with your characterization (after all, if was your credit that allowed your daughter to qualify for the loan, there is a presumption that the title owner of a property is the legal owner, etc.) The trustee could try to sell the property, which could put your daughter in a bad position.
2. Don't transfer the property, but disclose that you presently own "bare legal title." Again, the Trustee could disagree with this characterization, so this approach could be risky.
3. File Chapter 13 and pay back a small percentage of your debt, based upon your ability to repay. A Chapter 13 trustee could also take the position you are the owner of the property, but the consequences are not as bad in Chapter 13 as in Chapter 7. In Chapter 7, if the trustee disagrees with your characterization, they will avoid the transfer (if the property has been transferred) and seek a court order allowing them to sell the property to pay off your creditors. In Chapter 13, if the Trustee disagrees with your characterization, they would either force you to pay more to your creditors, or seek dismissal of your case, but they would NOT try to sell the property.
You should definitely speak with an attorney.See question
Probate was filled May 30, 2012 estate property was sold June 6, 2014 by stepfather The estate is my mothers separate property from first marriage. My sister & I were her only children she had. My stepfather filed bankruptcy as Debter my mother jo...
Sounds like your stepfather and mother filed a joint bankruptcy case while your mother was alive. It also sounds like they listed your mother's property as an asset. Assuming that is the case, and assuming their case proceeded to a discharge, the bankruptcy would no longer be relevant. Your real issue seems to be with the sale of the property through the probate. Were you notified of the probate proceeding? If not, you may have a basis for taking your stepfather to court. But if you were notified, and chose not to contest the probate, or the sale of the property, then you may have waived your rights. You should consult with a probate attorney in order to fully explain the situation and obtain advice regarding your situation.See question
I used a credit counseling agency that doesn't provide that service. They didn't refer me to any other agency to develop a repayment plan. I ask because the guide from bankruptcy court reads: "2. To be filed along with the petition, but as sepa...
Only if a plan was prepared.
I agree with the other attorneys who have stated that you should at least meet with a bankruptcy attorney to identify issues with your case.See question
My house went into foreclosure 8 years ago and the second loan taken out from Wells Fargo is still remaining. How do I petition this to be removed. Is there a standard form letter to submit? This still effects our credit score.
When was the foreclosure sale completed? If it has been more than 7 years since the foreclosure and the bank never filed a lawsuit against you, you may be able to get this removed from your credit report.See question
I was involved in bankruptcy in 2008 due to my business closing. My house was included in the bankruptcy and therefore does not report on my credit report. I would like to know (since I did not reaffirm the mortgage), what affect, if any, a ...
Your personal liability was discharged in your bankruptcy case. Therefore, there should be no effect on your credit if you elect to surrender the property.See question
I recently obtained a $150,000 wrongful eviction judgment against my former landlord. There is no insurance and the landlord's home, and two four-unit buildings (that jointly have over $150,000 equity) are in a family trust. The landlord has appea...
The judgment might be enforceable against the assets of the trust (not enough information given). Also, it is not clear if the judgment debtor might have other assets available to satisfy all, or a portion, of the judgment. Judgment debtors often threaten bankruptcy, but may not actually file if they have nonexempt assets. Trustee will probably try to negotiate a deal with the judgment debtor.
Probably not a good idea to file Chapter 7 right now, unless (1) you can claim the full wildcard exemption of $25,000 to protect a portion of the judgment; and (2) you don't believe you will recover more than $75,000 from the landlord. Value of a discharge = amount of debt discharged ($50,000, if all the tax debt is dischargeable), plus value of assets retained (up to$25,000 if full wildcard is available to protect this asset). Do you think you can recover more than $75,000 from this judgment debtor? If so, I wouldn't file right now. If judgment debtor does go through with his own bankruptcy, then your judgment probably becomes uncollectible and a Ch 7 might make more sense.See question
I have been accused of internet libel against an individual, who has threatened a lawsuit. While research seems to suggest that libel/slander cases are rarely pursued and/or successfully proved by plaintiff and that truth in the statement is an ab...
Section 523(a)(6) of the bankruptcy code makes debts nondischargeable if they arise from "willful and malicious injury by the debtor to another entity or to the property of another entity." However, Section 523(c) of the bankruptcy code specifies that such debts will be discharged unless the creditor files a timely complaint within the bankruptcy case in order to prove that the alleged injury arose from the willful and malicious conduct of the debtor. It can cost tens of thousands of dollars to litigate a nondischargeability complaint pursuant to Section 523(a)(6) and, by definition, the defendant is bankrupt. Therefore, the most likely outcome would be that the debt would be discharged.See question
or continue paying and contract will stay enforced?
Reaffirmation not required in Chapter 13 in Central District of California. You need to decide whether to pay the car payments directly or through the plan. You also have the option to surrender the car if you don't want it.See question
I am not sure if there is a time requirement for a house to qualify as a primary. I want to exempt the equity but I do not know if I can use the exemptions. Also I have been living there for several months. Will it qualify?
There is no minimum "holding period" in order to claim the homestead exemption. There could be an exception, though, if you moved into California less than two years ago.See question