Michael Scott Martin's Answers

Chapter 7 Schedule C Property claimed as exempt. I only have one exemption, my car whose blue book value is $3000. What do I

While the preparation of your bankruptcy petition is best completed by an attorney or reviewed by an attorney, to answer your question generally you would do as follows. Under Description of property (Column 1) you should put the Year, Make, Model, and location of the vehicle (ie "Debtor's Residence). Under the Section Column, what you put is dependent upon which exemption you claim. In California you are entitled to choose either the state or federal exemptions. For example, if you chose...

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When is a case considered "closed" in a Chapter 7 bankruptcy? Is it right after getting the discharge?

The case is typically closed soon after discharge, however this is not always the case. The most common delay in closing of case after discharge if the trustee is still examining the case or the assets of the debtor. This is most often done when there is unexempt property or a determination is yet to be made as to the ability of a debtor to exempt property. Your attorney should be able to inform you of such or you may check via the federal court online access of case information called PACER....

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Can I file chapter 7 and retain my home mortgage?

Not necessarily. Real property can often be kept through bankruptcy although it can be dependent upon the equity you have in the home. In addition, many states have homestead rights that allow you to keep up to a certain amount of equity in your primary residence. The answer to your question is greatly dependent upon the amount of equity you have, whether it is your primary residence, and what exemptions are available to you. You should consult an attorney for a full consultation as to your...

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(Chapter 7) Motion For Relief From The Automatic Stay (Hearing)

It may be a good idea to see if the court has already ruled on the motion. This can be done by looking at the tentative ruling (if there is one). You may contact the court. If a ruling has not been made, it may be possible to appear at the hearing. Even if the judge is inclined to grant the motion, he/she may allow additional time and/or be willing to give you the extra 10 days under 4004. I do not practice in your district so I am not aware what the local procedures are. You could also...

How homestead or other exemption protect my real property?

There are essentially two different choices as to exemptions under the California Civil Code. They are often referred to as 703 and 704 exemptions. These exemptions are exclusive. This means if you use 703 exemptions, you may not use ANY 704 exemptions, and vice-versa. You will most likely have 75,000 or more in protections using one of the two types of exemptions. If you utilize the homestead exemption, the other exemptions are fairly limited. I would highly recommend contacting an...

Is there an exemption I can take for my rental property in California?

I would agree with my colleague. Remember though an exemption is necessary for something your have an interest in (IE equity). If you do not have equity (because the loan is equal to or greater than the value of the home), you need not exempt it.

How much should a personal chapter 7 with no assets cost including attorney fees

Most attorneys charge a set rate to file your chapter 7 bankruptcy. This amount can vary based upon your area you reside, the quality of the attorney you hire, and amount of time involved. However, there is no set amount by law. Many attorneys charge a flat rate fee to handle the filing of the bankruptcy. This typically includes the preparation, handling of calls of your creditors, and appearing with you at the hearing (called a 341 hearing). So long as the bankruptcy is not disputed by...

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What are the most common reasons creditors file for adversary hearings?

An adversary proceeding from a creditor would most likely be for an objection to discharge as to the debt you owe them or an objection to discharge (in the entire case). There are different reasons this can be done as my colleagues indicated above. Typically, charge ups before filing or something the creditor perceives as fraud. If this has occurred in your case, you should immediately consult an attorney. An adversary proceeding is similar to a lawsuit because you only have a set amount...

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How can I find out if my mortgage was executed legally? In Mar '11 my Chapter 7 was discharged and I never reaffirmed.

First, let me tell you I am not an attorney in Maryland, rather in California, so any advice given would that which I would give to a client in California as to your question. You should always consult with a local attorney. As to not reaffirming that has legal significance. What it means is you are no longer personally liable for the loan. This means even if your state is a recourse loan state, you cannot be sued for the deficiency. Additionally, this loan should report on your credit...

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Does a debtor need to personally appear at a meeting of creditors?

Attendance is almost always mandatory of the attorney and debtor, unless the trustee allows some alternative way to fulfill Section 341 of the bankruptcy code which requires every debtor be examined under oath. As mentioned by my colleagues there are various ways to do this when the situation warrants. An example I have experienced is when the debtor is imprisoned. ------------------------------------- Michael S. Martin, Esq. LAW OFFICES OF MICHAEL S. MARTIN, A Professional Law...