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Michael Hal Schwartz
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Michael Schwartz’s Answers

1,084 total


  • Chapter 7 Bankruptcy

    I want to file for bankruptcy, my debts include credit cards, 2 personal loans and some medical bills. total debt is less than $75,000. I have no assets, car, property, mortgage or own a house. my spouse has no assets. I would like a quote for th...

    Michael’s Answer

    In all respect, you are 75k in debt and want the cheapest lawyer you can find? Really. Best wishes to you.

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  • Can advanced sick leave be discharged in a chapter 7 bankruptcy ?

    I have been very ill this year and have exhausted my sick leave at work and my employer has advanced me over 200 hours of sick leave and it currently just goes down as I accrue 4 hrs each biweekly pay period. If I was to leave my job or get fired ...

    Michael’s Answer

    Yes you can file bankruptcy, $10,0000.00 in debt is not necessarily too small an amount to file, no the government can not fire you for filing bankruptcy, but yes, it is possible that the employer will find some other reason to let you go,

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  • Should I lease a car if I plan my n filing bankruptcy soon I do intent to pay and keep car

    I'm coming out of a divorce I will need to file bankruptcy my ex gave me back out car which has 9 months left on lease I am looking to lease a new car so I can secure a car for the next 3 years.

    Michael’s Answer

    Yes, it will be easier to get a car lease before than after you file.

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  • Creditor withdraw proof of claim

    Hi I had a chapter 7 dismissed and I noticed on pacer a creditor withdraw a proof of claims what does that mean?? I was going to contact them this week and work out a payment agreement cause I have been paying my debt down and they are only 800 do...

    Michael’s Answer

    Dismissal is not a good thing for a Chapter 7 case. It means you did not discharge your debts and are exactly where you were before it was filed, throwing good money after bad.

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  • Can we file for bankruptcy? Should I contact the other lawyer myself and explain that we have nothing for them to collect?

    We are possibly being sued for a negligence case for our business. It's under a DBA, and they are demanding $100,000.00, which we do not have. We make about $35,000. a year, and support 6 people. We rent a home, own one everyday driver car (2010 T...

    Michael’s Answer

    Contacting the other lawyer will get you no where.

    If you have insurance for this claim contact your ins co immediately. If you do not have insurance, contact a local bankruptcy expert immediately.

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  • Will shortsale showup on my credit after bankruptcy discharge.

    My father , mother , sister and I are on my mortgage( 4 people). My parents filed Bankruptcy in 2012. The mortgage was discharged. The mortgage only showed on my parents and my sisters credit report, it shows as discharged on my Fathers and it sh...

    Michael’s Answer

    Most likely your credit will remain no better after a short sale because it is not the sale but the amount not paid that causes the credit score hit.

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  • My Verizon pension was sold to Prudential as annuity contract. In Chapter 7 bankruptcy is my pension exempt under 522(d)(10)(e)

    I am a 66 year old Verizon Retiree from New York State. I live on my Verizon pension of $17,000 annually and my social security with net combined sum of $36,000 per year. In 2013 my Verizon pension was sold to Prudential as an annuity contract. I...

    Michael’s Answer

    Pensions are pensions regardless of whether they are in annuities or stock or bonds or cash, so it is ll exempt.

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  • Should I file for bankruptcy?

    Hi. I'm 39 and have no retirement savings. I have $20,000 in credit card debt and $35,00 in student loan debt. My student loans are in deferment and most of my income is going to my credit card debt ($650 per month). I have no assets. My income ...

    Michael’s Answer

    You are in a pretty good financial position. If you cannot pay off in full with the original creditors all of your credit card bills, then you can file for bankruptcy and save the money you are paying in bills to fund your retirement.

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  • If my spouse declares bankruptcy for an SSDI overpayment, will the debt transfer to me and/or will I have to declare too?

    Fiance and I are getting married soon. He collects SSDI because of a permanent illness. Several years ago (before I knew him,) he exceeded the threshold of work allowed, and SSDI claims that he owes over 40K. He is waiting on a hearing with an ALJ...

    Michael’s Answer

    You ask a good and very popular question.

    Your spouse to be's debts will never transfer over to you.

    If you are married, your income will be used to determine if he qualifies for bankruptcy.

    It is better to file BEFORE you get a decision on the over payment. You do not want an opinion that says your soon to be spouse's over payment was a willful or criminal act or other class of non dischargeable debt,.

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  • When can I try for a chapter 7 bankruptcy? Or chapter 13?

    I had a chapter 7 bankruptcy discharged November 2011. House was included, it is in process of foreclosure and am willing to sign it over. But I have credit card debt, car debt. My job continues to medically suspend me , (nyc bus driver mta ) but ...

    Michael’s Answer

    As of 2005, you must wait 8 years to file chapter 7 AFTER your last case was filed. not discharged. You can however file Ch 13, poss do a loan workout with the lender and discharge most of your other debts. You must speak with a conveniently located bankruptcy attorney,. I am sure you can fins one on AVVO.

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