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Spencer Dion Parr
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Spencer Parr’s Answers

6 total

  • When applying for SSD what do you do when you have valuable insured jewelry that you can't sell due to family sentiment?

    I am writing in to help a friend so this is what I know. My friend is severally disabled - she has multiple health problems and most certainly can not work. She needs to apply for disability, however she is concerned due to the fact that she has...

    Spencer’s Answer

    Depending on her work history, personal property values may not matter. What your friend should do is find a social security law firm in the area and call them to determine what remedy is appropriate for her. The person she speaks with would be able to tell her if personal property values even come into play.

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  • Will a postnuptual protect me from my spouse's creditors & debts?

    My wife has a debt she incurred before we were married. Now that we are, the company is seeking to garnish my wages to pay for the debt. I've been told that we live in a Communal Property State. And I've been advised by family to enter into bankru...

    Spencer’s Answer

    My colleague is correct- any agreement you have with your spouse will not affect your creditor's disposition toward you. You should meet with a local and experienced Bankruptcy Attorney to determine the most cost effective solution to this problem.

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  • What happens when a savings account is garnished? Is there a limit to what can be taken, or will the account be reduced to zero?

    I just received a garnishment on my savings account. I've heard that they can only take 25% in wage garnishments, but I don't know if there is a limit on bank accounts. Will my account be drained to zero until the garnishment is paid in full?

    Spencer’s Answer

    While I agree with my colleagues, I'll add that 100% of the bank account can be garnished to satisfy the writ. Now, they can't take any more money than the writ calls for , but many times the writ calls for more funds than are in the account. This, combined with pending transactions, can many times lead to a negative balance and compounding NSF fees. You should give serious thought to calling a local, experienced bankruptcy firm for a free consultation to see what your options are.

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  • I paid cash for a brand new motorcycle in 1999 and in 2000 I used the motorcycle as collateral on a loan.

    I used my motorcycle for operating expenses when I bought a Semi-truck and became an owner-operator with a trucking company here in Seattle. I got the loan thru Citi-financial, after making the payments for several years and continuously asked f...

    Spencer’s Answer

    I have a feeling you clicked a button before finishing your question. If that's the case, and you want to reach out to me with your question, I'd be happy to help.

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  • What website to assess home value for bankruptcy filing

    Is there a website that bankruptcy trustees use to determine the value of a property? How do they get an accurate value to determine whether a property is within or over the homestead exemption?

    Spencer’s Answer

    Zillow, eppraisal, and tax assessed value are the three most common resources I've seen attorneys use to get a quick valuation for a home. If these resources cause you to question whether your homestead will be exempt, you should call a local and experienced bankruptcy attorney to get another perspective.

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  • Should I get a legal separation before filing a bankruptcy?

    I live in Washington State, a community property state. I will be filing a chapter 7 bankruptcy. I have filed a petition for a legal separation, but should I get my separation before filing my chapter 7? I just want to make sure I can stop my e...

    Spencer’s Answer

    I agree with my colleagues. Generally, the best bet is to file a joint petition before filing for divorce. However, many factors can come into play when determining the timing. Most often it ends up being a spouse that is against filing bankruptcy. You should call a local, experienced bankruptcy firm for a free consultation to go over the fact pattern and determine the road you should take.

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