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Clifford Sculley Bordeaux's Answers
Contributor Level 10
- 71 Legal Answers
- 1 Legal Guide
1
Attorney answers:
I have personal judgements against me can they levy my business bank account or just my personal accounts(california)?
Ultimately, the judgment creditor can levy any of your assets which are not exempt from collection. If your business is a sole propietorship or partnership and the account is under your social security number, then the creditor can likely levy the account fairly easily. If it is a corporate or LLC account then the creditor would most likely need a charging order before they could collect the assets in the account but they could eventually reach the corporate or LLC assets.
9 people marked this answer as helpful
4
Attorney answers:
Can you borrow money after the 341 but before chapter 7 discharge?
I agree with the other answers, with one qualification. You should not take out a loan secured by your property (such as a home equity line of credit or auto title loan) until your case is closed. Technically, your assets are part of your "bankruptcy estate" until your case has been fully administered, so taking out a loan secured by your assets should not be done without a court order.
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1
Attorney answers:
Are Heloc purchase money loans protected by California Anti-Deficiency laws? The Heloc loan was used to close escrow on a 80/20.
You are probably fully protected by California Code of Civil Procedure 580b, which prohibits deficiency judgments on "purchase money" loans (ie: loans used to fund the purchase of a property). I don't know of any cases in California specifically on point regarding HELOC loans, but generally lenders who advance funds for acquisition of 1-4 unit residential buildings can not sue for deficiency judgments.
5 people marked this answer as helpful
4
Attorney answers:
I sold my house on a short sale, my 1st mortgage waived the deficiency and cancelled the debt. My 2nd mortgage they did not???
If you have not filed a bankruptcy and the lender did not waive its right to pursue a lawsuit against you, then it is quite possible that you could be sued on this debt. You should check with an attorney in Michigan regarding the applicable statute of limitations. You may need to contact the creditor to see if the debt can be settled so that you can avoid a lawsuit and to avoid continuous marks on your credit report.
4 lawyers agreed with this answer
4
Attorney answers:
Spouse filing Chapter 7; can I file for divorce before the bankruptcy or must I wait until it is resolved?
Can you file for divorce first? Yes. Should you file for divorce first? Depends. Sometimes it makes sense to complete the bankruptcy first. Clearing the debt first may facilitate an easier division of assets. Other times it makes sense to complete the divorce first in order to make clear which assets are separate property and which assets are community property. Finally, a divorce or permanent separation may be required in order to establish eligibility for Chapter 7 relief without a "...
1 lawyer agreed with this answer
4
Attorney answers:
Adding a unsecure creditor in the 9th inning!
You should file the debtor education certificate right away. If you don't the case could be dismissed without a discharge and it would cost $260 to reopen. Don't worry about the timing on adding the creditor--just add them ASAP.
1 lawyer agreed with this answer
2
Attorney answers:
Am I entitled to verification in writing from debt collector, after agreeing by phone for a "9mo. Loan Rehabilitation Plan" ?
Verification of a settlement agreement (as opposed to verification of a debt) is not required under my reading of the Fair Debt Collections Practices Act. However, I would suggest that you obtain a mailing address for the debt collector, then send a certified letter (be sure to keep a copy and keep the certified mail receipt) confirming the terms of the settlement. If the debt collector later violates the terms of the rehabilitation plan, you could sue them for violating Section 807 of the...
1 lawyer agreed with this answer
4
Attorney answers:
We filed for bankruptcy (chapter 7) and have a small S-Corp. What happens to the debt incurred by the S-Corp?
Your personal liability for any corporate debts (ie: debts that are co-signed or guaranteed by you as an individual) will be discharged. However, the corporation will still have liability. You can file bankruptcy on behalf of the corporation, or just let the corporation die of natural causes. California will not allow a corporation to formally dissolve unless either all of the debt is paid prior to dissolution, or someone agrees to assume liability for the debt of the corporation....
1 lawyer agreed with this answer
1
Attorney answers:
If I allow foreclosure of my home in CA, will it affect my property in AZ?
If they lender chooses non-judicial foreclosure (which most lenders do), then it is likely that you will be protected by Californias anti-deficiency statute. This means that the lender can only take back their collateral (the house)--they can not sue you for a deficiency.
2 people marked this answer as helpful
2
Attorney answers:
After chapter 13 was dismissed - non payment can it still be "CONVERTED" to a 7 or do I have to start over to file a 7?
It is too late to convert, which means that you are stuck paying the Chapter 7 filing fee ($299). The attorneys' fees are negotiable and you may want to see if your attorney will give you a break on the Chapter 7 fees under the circumstances.
1 person marked this answer as helpful