Javed Inam Ellahie's Answers

Can I still be liable for any debts from an LLC of which I was a member of even after it has been discharged in my BK?

Assuming the LLC was set up properly and was not a sham, you are not liable for the LLC debts. To the extent you may owe the LLC anything, you should list the LLC as a creditor. You may also want to consider listing any of the LLC's creditors on your bankruptcy schedules as contingent, disputed debts. Incidentally there is an interesting tax issue i.e. Cancellation of Debt Income. While bankrutpcy in all likelihood prevents you from incurring cancellation of debt income, to the extent...

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Can we use a line of credit for living expenses, gas, food, utilities while filing bankruptcy. We have no income.

From your question it appears that you want to use the line to survive but intend to pay it. Under 11 USC 523 "consumer debts owed to a single creditor and aggregating more than $500 for luxury goods or services incurred by an individual debtor on or within 90 days before the order for relief under this title are presumed to be nondischargeable" so look at the debts you accured within the 90 day period prior to filing and expect to pay them back. As to the debts incurred after the filing (...

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Am I responsible for real estate taxes on a mortgage that was discharged in a chapter 7 bankruptcy that will be foreclosed on?

Property taxes go with the property. They are even ahead of the lenders, so whoever picks up the property at the foreclosure sale will take it subject to the property taxes. Now what you do want to know more about is the Income tax aspect of a foreclosure sale. These generally fall in the category of Forgiveness of Debt Income and Capital Gain Income. Talk to your CPA.

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I settled with the credit card company. The stipulated agreement refers to abstract of judgment. Does this affect bankruptcy?

Just make sure that you do file the bk before the judgment is entered. The stipulation you sign should provide for them giving you notice in case you miss a payment. I also recommend you add language in the stipulation that requires them to give you a ten day notice allowing you to catch up on any payment they allege you missed so that they dont apply for the Judgment just because a payment you may have sent was lost at the post office. Also recommend that the first time you think you will...

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Can filing bankruptcy stop the lawsuits and collections?

Bankruptcy will stop the creditor and their lawsuits. Of course all your assets become 'property of the estate' which the trustee can take unless the law allows you to keep them ("exemption laws"). These exemption statutes vary from state to state so you need to consult with an attorney. There is also a requirement that your income meet the Means test. Again any attorney who specializes in bankruptcy should be able to help. Many Bankruptcy attorneys offer free consultation and they can advise...

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Can anyone tell me where to find the best discounts on Bestcase bankruptcy software?

I have been using New Hope Software's bankruptcy program for years and recommend it. It is cheaper and complete. Those who developed it are there to guide you if you have any questions. You may want to consider it.

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Can I make a deposit of $3200 in my bank account after bankruptcy discharge?

Yes

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Chapter 13 - 7 combo - husband and wife to strip 2nd

Your wife can file with you still on the property. The lien would be stripped in her chapter 13 and the discharge in a Chapter 13 will protect community assets. To the extent you have separate property or separate debts they will not be effected by the bankruptcy.

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Does filing personal bankruptcy effect my husband's small business?

Your husband does not need to file bk with you. If the business is only in his name, you still have a community property interest in the business and need to list that as an Asset. Depending on the type of business it is, it may have value over and above what is on the books, You need to get a valuation of the business. For a one man business your accountant may be able to help and the balance sheet value may be enough. If the business is more involved then you may need to obtain a better value....

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Will my new married last name affect the bankruptcy that is between my ex husband and me?

The purpose of the Bankruptcy laws is to give you a fresh start, sounds like you are off to a new one. Congratulations. You may want to wait before you apply for credit as the credit bureau will pick up your new name and merge the old information to it. When that happens make sure your husband checks his credit profile also to make sure that your bk is not spilling over to his report.

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