On the probate files there are lawyers names who was over this estate. Since the personal representative is no being cooperative, can I obtain information about the estate and trust if Im listed as one of the heirs? Im listed on the probate file...
You can go to the Probate Clerk and review the file. Among other papers in the court file, there will be an inventory that lists the assets that were part of the probate estate. There will be another paper that lists the persons who were heirs at law, or were devisees under the will. This will give you some answers to what happened to assets that were part of the probate estate.
With regard to the trust, it may have been administered without court supervision, so there may be no court file. You may check with the court to determine if it was supervised or not. The trust may also have been un-funded, or very minimally funded.
In addition to the probate estate and the trust, there are other ways assets can be transferred upon, or in anticipation of, death. Assets can be given away as gifts, can be held in joint names, or can have death beneficiaries named to receive them upon death. In the event of these types of transfers, the probate estate and the trust have no control or jurisdiction over them.
Collect as much information as you can, and be prepared to provide an attorney with facts regarding assets owned upon death. Research the real estate records for both property in the name of your father, as well as property titled in the name of his trust. Your preparation in advance will make any consultation with an attorney much more productive for you.See question
Have got in contact with the lawyers who are suing me and they will not take any sort of payments. They just say if i don't have the full amount then it will go through courts. What do i do now?
The answer to your question depends on the total amount of the medical debts, the total amount of other debts you may have, the source and amount of your household income, and the value of all the assets you have.
If you have no means of paying the bills, because you are unemployed and your income isn't sufficient to make payments on the bills, I don't understand why you wouldn't be looking into filing Chapter 7 Bankruptcy. Your situation is the type of circumstances that Bankruptcy is intended to provide relief from.See question
foreclosure because I had renters that were paying the bill and now thay are gone and I cant afford to pay the bill. My credit card debt is huge and I am seeking help for that from a debt solution organization.My question is it I let this house g...
First, there are other options besides letting the house go into foreclosure. You might be able to give a deed in lieu of foreclosure, for one.
Whether there will be a suit for deficiency depends on how they conduct the foreclosure. It is common for lenders in Michigan to foreclose on the entire balance of the loan, in a foreclosure by advertisement. In that case, the lender loses the opportunity to seek a deficiency judgment against you. If the lender bids less than the balance, they may seek to pursue a deficiency against you, in a civil lawsuit after the foreclosure.
The other method of foreclosure is judicial foreclosure and would in most cases result in a deficiency judgment against you.
You are covering a lot of ground with your questions, but in short, your accounts and income can't be garnished without a lawsuit and judgment first. You must receive notice before a lawsuit.
If you plan to engage in asset protection to avoid or delay your creditors, I would advise you to do so with the advise and planning by an attorney. Doing it without professional advise is foolhardy, and will not be satisfactory to you in the end.
Also, don't assume you cannot file bankruptcy and keep all your assets. Without a complete consultation, you will not know whether you can keep assets or not, in a Chapter 7 Bankruptcy.See question
I live in Michigan!
Affecting you is a very broad term. Her bankruptcy will not appear on your credit report, except possibly in a notation that a co-debtor has filed, if you have joint debt.
If you have joint assets the value of which exceed the exemptions in her case, the trustee could sell the asset, give you your half of the value, and use the rest to pay her debts. This is likely to be spotted by her attorney before the case is filed, so that alternatives can be explored.
If you have joint debts, you will remain liable for them.See question
When the loan was drafted, I was under the impression that my niece would be listed 1st on the auto loan not me. She is listed as the cosiger and drives the car. The car is in her possession. The insurance is in my name only because she failed ...
Well, yes if you file bankruptcy it will remove your obligation on this loan. However, this alone wouldn't be a reason to file at this time.
If she is in jeopardy of repossession, you should discuss the situation with her, and persuade her to put the car in your possession. Make the payments to avoid the repo, and put the car up for sale. Even if you can't sell it for enough to pay the loan in full, it will be more than if it is sold after repo.
If you have other reasons to file bankruptcy, then it may make sense for you to do so.See question
My mom has a mortgage and credit card debt. Her, my brothers and sister and myself are on deed. Mortgage is in her name only. Does the credit card debt go away after her debt, I know the mortgage doesn't. At this time the mortgage is more than...
All debts are enforcable under the written contract or agreement signed by the person who owes the money. If mom was the only signer on the card, then she was the only one liable for it. If there was a probate estate opened, then the card debt could be a claim against the probate estate. If no assets or property went to probate, then there is nowhere for that creditor (bank, card) to make a claim. They can't make a claim against assets you received outside of probate, by operation of law or beneficiary designation in life insurance or retirement benefit, etc. Assets in a grantor trust may be liable for her debts however.
If you don't have title to the house, and there is equity in the house, it will have to be administered in probate. This will expose the equity to the claim for the card.
You haven't given enough information for a definitive answer, but the alternatives discussed above may cover your situation.See question
I am being sued for a debt of $7,600 from Capital One. The original debt last year was about $4,000. I have sold my car and have $4,000. I would like to try to settle this debt. They have offered $5,000 as settlement. What is the best way to ...
You don't state where in the process of the lawsuit the case is. Have you just been served, has there been a default?
You should continue the contact and negotiation with the firm representing Capital One. Try to get an written agreement that they will set aside any judgment and dismiss the case when you satisfy the settlement agreement.
As long as you have a written agreement with the law firm, even if it is an email from them, it will be difficult for them to avoid honoring it.See question
ex got house in settlement. he hasn't refi'd, cant afford house. Im getting ready to close on a home in a week. I've been fully discharged in a ch 7. can my new home be in jeopardy because of the foreclosure?
If the house was built in site condo development, there may be an issue with condominium dues. Otherwise as far as the mortgages, you must check there was no reaffirmation. This is primarily a concern with the second mortgage. Absent unique circumstances, the first mortgage shouldn't be an issue for you either way.
Have you reviewed your credit report since your discharge to confirm all debts discharged are being reported correctly? This is the most common post-discharge issue.See question
I am planning on filling for bankruptcy and I would like to know what is the exact difference between these two?
Compared to Chapter 7, a Chapter 13 will involve three to five more years under the jurisdiction of the court, two thousand dollars in aditional attorney fees, and thousands (perhaps tens of thousands) of dollars paid to creditors.See question
What is 1041 form and Form 982. Are these required to be filed by the joint individuals in chapter 7 no asset case?
Answers to your question will be much more informative and useful to you, as well as other readers, if you state the facts of your situation. Why are you asking about a 1041? Did you read somewhere that one was required in bankruptcy? Who advised you that a Form 982 was necessary?
I assume that in addition to your chapter 7 discharge, you also had a foreclosure, short sale, or deed in lieu of foreclosure in 2010. As a result of the resolution of your home mortage, whatever the case was, the mortgage company sent you a 1099 and you do your own taxes or your tax preparer doesn't know how to handle it.
The general rule under the Federal Tax Code and Federal Bankruptcy Code, regarding the discharge of debt in bankruptcy, is this: Discharge of debt is bankruptcy is not treated as income due to foregiveness of debt. No special form is required in the ordinary course of a consumer debtor/taxpayer on their tax return after filing bankruptcy.
In the event you receive a 1099, whether from a creditor whose debt was discharged in bankruptcy, or whose debt was reduced, settled, or forgiven, at or around the time of your bankruptcy, the treatment for taxes has the same result. The forgiven debt is not taxable income. However, since you received a 1099, you must file form 982, to create a written record and verification from you that either 1) the debt was discharged in bankruptcy, or 2) you were insolvent at the time the debt was forgiven. Either way, it is not taxable income.
Form 1041 would not be a concern of the debtor in a bankruptcy. That is the form the Trustee would use to report income earned in a bankruptcy estate during the pendecy of the case. It isn't filed by the debtor, and the vast majority of consumer chapter 7 bankruptcy estates earn no income, and don't involve a tax return anyway.
Consult with a qualified CPA, registered agent, experienced tax preparer, tax attorney, and/or bankruptcy attorney.See question