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Ted A Troutman
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Ted Troutman’s Answers

208 total


  • Can I receive a cash gift while in Ch. 13 bankruptcy?

    I am in my 4th year of bankruptcy in Philadelphia PA. I believe my end date is in September '15. My parents recently sold their business and want to gift me $14000. How will this affect my bankruptcy? Can I receive it w/o reporting it? Will ...

    Ted’s Answer

    You need to talk to your attorney. In Oregon unless you have a 60 month plan you would only be required to report it during the first 36 months. It sound like your case is less than 60 months. You should talk to your attorney . If you would be required to turn it over you could always request that your parents wait to give you the gift until after the case is closed.

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  • Would 401K holdings go under schedule C in a Chapter 7 Bankruptcy?

    I assumed it would go under both Schedule B and C. Thanks for your help.

    Ted’s Answer

    I agree that you need to see an attorney so you claim the correct exemptions on schedule C. You are right that you will need to list it on schedule B as an asset and then exempt it on schedule C.

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  • We retained a lawyer 7 mos ago. We were told that there would be a 90 day wait for any contest against the estate. Now he is te

    lling us we have to wait another r90 days. Why? We have already paid him.

    Ted’s Answer

    Was there an extension of the time to object to discharge ? More information is needed.

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  • I make about 63000 a year can I file for chapter 7

    I have over $40,000 in debt that include includes my car and credit card just filed divorce and I'm paying too much for Health insurance car payment of child support and rent I can't do this anymore I'm I qualify for chapter 7 although I don't kn...

    Ted’s Answer

    You need to meet with a bankruptcy attorney and have them run the means test. You may qualify if you are paying support, a car payment and high medical. You need to meet with an attorney to find out.

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  • Case dismissed in a Chapter 11

    I received notice of dismissal for a couple of claims in a bankruptcy case. What options do I have. Can I sue the person/LLC or foreclose the property I have mortgage notes on? Thank you

    Ted’s Answer

    As long as the case is dismissed you can take any action available to collect the debt. The fact they were previously in a bankruptcy will make no difference.

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  • I was just subpoenaed for a 6 year old debt. I have no income as I stay home with my children. Can they make me pay the debt?

    The loan was in my maiden name, I am remarried. I have no assets in my name, just a bank account jointly with my husband.

    Ted’s Answer

    At least in my State if they get a judgment and garnish the joint account your husband will have to prove all the money is his to fight it. It could tie up the account for quite a while. He might want to open another account in just his name and leave the majority of the money in the new account.

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  • If I owe an out of state judgement for a residential eviction and I do not file a USPS forwarding address,

    will I have any issues with a chapter 7 BK with this landlord based upon issues of bad faith or delay, or otherwise?

    Ted’s Answer

    As long as the debt to the landlord was not incurred through fraud , and as long as you list the landlord as a creditor you should not have a problem.

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  • If I want to convert my Ch 7 to a ch 13 which form do I complete? Do I have to refile all new docs?

    We filed and court came back that we have to wait a year..so we can convert to a 13,but need to know what forms are needed to submit to courts....

    Ted’s Answer

    You need to hire a bankruptcy attorney. Chapter 13 is too difficult to attempt on your own.

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  • I received a 1099c .... What's next??

    My husband and I just filed for bankruptcy that was discharged in Nov. As a precaution we included our home on the petition because although we are not on the Mtg, we do by law own the house via quick claim deed. About a week ago we received a 1...

    Ted’s Answer

    Maybe you signed the note but not the trust deed? As long as you are current on the loan they should not have sent you a 1099c as the property remains as security for the debt. Did you ask why you were issued a 1099? Something is not adding up. You need to talk to a local attorney.

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  • Can employees be asked to move assets to shelter from creditors?

    Company I work for is going to declare bankruptcy (rumor, yet to be confirmed). Management has instructed employees to pull back all of our equipment from all outside entities (companies we owe or will be owing money to) but not tell them anything...

    Ted’s Answer

    Bringing the equipment back to the main location would not be a problem. If equipment is transferred to a new company that would have to be disclosed in the Statement of Financial Affairs that is filed with the schedules. If the consideration for the transfer is not adequate the trustee will try to recover the equipment from the new company. Because the companies are related the transfer will be be scrutinized
    even more.

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