Is my understanding correct about exemption for chapter 7?: I am 63 and married. I will file chapter 7 alone in CA. My wife and I owe a condo as joint tenancy in CA with $36000 equity (we are living in it). We have a new car with $3000 equity. We keep tpayment and want to retain them. 1. I want to file 704 homestead exemption for the Condo. I can claim $50000(half of $100000) because no other member has a homestead (if only one spouse files, may exempt one-half of amount if home held as community property), right? 2. Or I can claim $75000? But I am not single and disabled. 3. Is 704 exemption also covering for the car? to $2,725? 4. I have $1000 in cash and bank accounts, $1500 in Household goods, $800 in Wearing apparel, $900 in life Insurance surrender, $500 in office equipments, is 704 exemption coverd? 5.Is my IRA the estate of bankruptcy?
Vincent's answer: You should consult a bankruptcy attorney in your area for a free consultation to discuss all of the facts of your particular situation. That being said, as a general matter, under Section 704.730 you can claim $175,000 if you are over 55 years of age and have limited income, are a senior, or disabled. Otherwise, your homestead exemption will be limited to $100,000. Under Section 704.010 motor vehicles are covered to $2,725. Your retirement account is exempt. Disclaimer: The materials provided herein are for informational purposes and neither constitute legal advice nor should they be relied upon as legal advice. Every situation is fact sensitive, and it is impossible to evaluate a legal problem without a comprehensive consultation and a review of all facts and documents at issue. This answer does not create an attorney-client relationship.
What is a fair price for a Chapter 11 bankruptcy?: My single purpurpose corporatioin owns real estate and is having a problem with the mortgagee in that I am a bit behind. I want to make a plan and include the arrearage and not be forced to sell the property. Propery is worth 1.8 million and has a couple hundred thousand of equity in it. What a fair price to pay a lawyer for the Chapter 11?
Vincent's answer: Most attorneys in the greater Los Angeles area charge a $20,000 to $25,000 retainer for single asset real estate cases.
Is this Legal? These people (Legal recovery Law Offices of mark Walsh) sent me, what looks like a court doc, trying to sue me.: I printed my credit report because I found out I have a judgment on my credit report from 06 for $ 8,696.00...I never got served nor did they ever send me any letters. Now this firm is sending me what looks like a court order with no court date trying to sue me for the amount of $9, 727.00...and this court order that they send me now has the same case number as it appears on the credit report for the judgment of 8,696 which is from 06. I did owe a card (discover) but that was in 2000 - 2001 for 7,500. Also the name of the collection agency is different from the one on my report. Is it legal what they are doing?
Vincent's answer: Ms. Koslyn is correct. You need to promptly move to set aside the judgment. Many attorneys handling these types of cases offer free consultations. Disclaimer: The materials provided herein are for informational purposes and neither constitute legal advice nor should they be relied upon as legal advice. Every situation is fact sensitive, and it is impossible to evaluate a legal problem without a comprehensive consultation and a review of all facts and documents at issue. This answer does not create an attorney-client relationship.