Jeffrey Erich Foster's Answers

What happens if i came into some money after a bankruptcy has been filed and the debts discharged?

The bankruptcy court retains jurisdiction over inheritances that "vest" within 6 months after you file your Chapter 7 case. You are required to disclose the inheritance to the trustee of your bankruptcy case if someone dies within 6 months of your Chapter 7 filing and the person's death results in you receiving money through an inheritance. In other words, its not the receipt of the inheritance but rather a person's death that gives rise to your right to receive the inheritance. If you fail...

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In a real estate short sale, If the lender issues a 1099 for debt forgiven does that preclude them from pursuing a deficiency?

I have come across many individuals who find themselves in a similar predicament. The answer to this question depends on whether the total amount of the deficiency was claimed on the 1099. If so, then it is unlikely the debt has been sold to a collection agency or attorney for further collection.

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Should I go bankrupt while my sole proprietor business is still open? or wait till it's closed?

The answer depends on what you want to do with the business. If you want to keep the business then I recommend you consult with a bankruptcy attorney as soon as possible to learn more about how to protect the business assets since the business is a sole-proprietorship. If you do not wish to keep the business, you may file the bankruptcy at any time, assuming you qualify. However, I would again recommend you speak to a bankruptcy attorney to learn more about protecting any business inventory...

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How does bankruptcy affect a business lease?

The answer to this question depends on a number of factors. First, who filed bankruptcy: an individual or a business entity such as a limited liability company or corporation? Also, is the tenant listed in the lease a business entity or is the lease in the name of the individual who filed bankruptcy ("debtor")? Is there a personal guarantee signed by the debtor? Second, was the lease assumed or rejected in the bankruptcy case? If the individual or business debtor filing the bankruptcy was...

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After notice of default how long can I stay in my property

The answer to your question depends on how quickly your lender takes action. The first required notice under Washington law in a non-judicial foreclosure is the notice of default. This notice gives you 30 days to bring your arrears current. If you do not do so, a second notice called a notice of sale is required. The notice of sale provides you with an additional 90 days to bring the arrears current. There are steps you can take (such as a bankruptcy filing or the filing of a temporary...

Can a Landlord send you to collections without notice

There are certain requirements that a landlord must undertake within a certain number of days under Washington law following your move-out date. I recommend you consult with a lawyer who handles landlord/tenant issues to learn more about your legal rights related to this issue. You may also want to send a certified letter to the collection agency disputing the debt as soon as possible. Best of luck. NOTE: This answer is made available by the lawyer for educational purposes only. By...

Should I file bankruptcy or try debt consolidation??

Bankruptcy may be an excellent option to explore. If you have a deficiency judgment from the San Antonio foreclosure along with the credit card and collection debt referenced in your question, a Chapter 7 or Chapter 13 bankruptcy is, in my opinion, the best way to either eliminate or restructure your unsecured debt. Whether you should file a Chapter 7 or Chapter 13 depends on a number of factors such as your income, assets, as well as your financial dealings with relatives over the past year....

How do I get out of a lease for a 12 month apartment contract that I have lived in for 5 months?

I understand your question to be whether the landlord can assess rent against you after you move out and before the lease is over. If this is the case, then the landlord may in fact have the right to continue to collect the rent from you until a new tenant is secured. With this said, the landlord has a duty to show your apartment and actively market it to prospective tenants. Rather than relying on your landlord to find a new tenant, you may want to look into sub-letting your apartment....

Do I need a real estate lawyer to file a quit claim on estate real estate?

Given the various legal issues presented in the transfer of real property, I recommend you retain an attorney to draft, file and record the quitclaim deed. If the deed is not drafted or recorded properly, serious consequences can arise. There are also other issues that an attorney can discuss with you such as a due on sale clause in the mortgage. A due on sale clause is a provision in a promissory note whereby the lender requires the loan to be paid in full if title is transferred....

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If a business goes bankrupt can they sell your contract to another business without my consent?

I recommend you request a copy of your contract from the gym that is currently collecting on the account. If there is an assignment clause in the contract, then the gym can most likely transfer the contract to another party for collection. Be careful about not paying this account since the new gym may transfer the account to a collection firm which will damage your credit. If you have questions regarding whether the contract is assignable or on state collection laws, I recommend you contact...

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