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Sandra Margaret Emerson
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Sandra Emerson’s Answers

153 total


  • My husband is making bankruptcy. We officially married. My question is: it will not affect me?

    I start my own business and I don't know it will make me problem. We don't have joint account. And my business I opened only for my name.

    Sandra’s Answer

    I realize it seems odd because your income is considered along with your husband's for the purposes of the means test, but under the facts that you described your credit would not be affected.

    Be aware that if you have jointly owned property (a bank account, for example), that portion of the property that represents your ownership interest is protected from bankruptcy. But the remaining portion, if not protected through exemptions, is subject to administration by the trustee. Before your husband goes forward, be sure you speak with an attorney to determine how your property interests will be affected.

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  • Real Estate Lian

    Hello guys I have a question for you. Could you please tell me approximately , how long does it take for lets say bank, or any other institution to put a lien on my property. If i own money to bank for credit cards , how long it will take for th...

    Sandra’s Answer

    I agree with the previous answers.

    I'd like to add that, if you have been sued in the Chicago area and a judgment has already been entered, the creditor's attorney can have a memorandum of judgment signed by the judge immediately. When I was collecting debts, I waited 30 days, but it was only a formality, in case the debtor filed a motion to vacate the judgment.

    A creditor's attorney doesn't have to wait. Once the memorandum of judgment is signed, the creditor's attorney can record it at the Recorder of Deeds' office, at which time it would become a judgment lien against all property that you own in the county in which the memorandum of judgment was recorded. If you have an apartment, as opposed to a condominium (and no other property), the memorandum obviously would not be a lien on real property. You should still be mindful of the fact that, once that creditor has a judgment, the creditor can attach your wages, bank accounts, etc. in order to satisfy that judgment. If you are concerned about that scenario, it's best to consult with an attorney about your options.

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  • Determine value of car in Kelly Blue Book by? (Chapter 7 Bankruptcy)

    Is the value of your car on Kelly Blue Book determined by selling to a dealer or private party for Chapter 7 Bankruptcy? Also, can you take a homestead exemption for your car if you do not have a homestead of real estate? In other words, if the...

    Sandra’s Answer

    If you are using KBB, you are better off using the private party value. Homestead exemption: no. Wild card: yes. I agree that most trustees will not bother selling the car if it is $1,000 more, but this is not a guarantee. Be sure that you have the proper value before you file. I recommend using a bankruptcy attorney for your filing. It's not advisable to file pro se.

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  • We have been in foreclosure for 4 years & they will not work with us

    We filed for Bankruptcy & also included the home loan. The bank still has not foreclosed & will not work with us to keep the house. We are in a much better place financially & would like to try to keep the house but they won't work with us & say w...

    Sandra’s Answer

    You should consult with a qualified foreclosure/loss mitigation/real estate attorney in your area to see if they can help identify your options. Your situation involves a number of complicated and individualized factors (LTV ratio for your home, your income, etc.) and it simply wouldn't be possible to address your issues in an online forum, or, in my opinion, even in a telephone consultation. Research your potential attorney(s) very carefully and make an appointment with someone who will really sit down and talk to you and look at your numbers.

    Another idea is to see a HUD-certified housing counselor in your area as well.

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  • Can I argue in my defense I never defaulted on a foreclosure?

    I was inherited a home from my mother that still had a mortgage left due. I got behind a month and received my 30 day letter to come current and which I did but the bank decided to accelerate the loan and demand it in full. I continued to pay and ...

    Sandra’s Answer

    I agree with the other posters. It certainly can't hurt to sit down with a qualified foreclosure lawyer. Many will go outside of their immediate county, as long as you are not too far from their office. Bankruptcy may also be an option, but talk to a foreclosure attorney (preferably one who also knows bankruptcy) before you pull that particular trigger.

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  • I owe a significantly amount of money and I am having a hard time making my payments I see my self robbing petter to pay paul.

    I was able to enter a program and pay back credit card debt. As much as I try to pay what I owe , I cant seem to keep up. There is a personal loan that I was paying responsibly for over 4 yrs. . O still owe over 11,000 and most of it being intere...

    Sandra’s Answer

    Try calling a couple of lawyers to get an idea how much they would charge. It may be more affordable than you think. The bankruptcy law actually prohibits you from paying your creditors more than a minimal amount in the 90 days prior to bankruptcy. Many people stop paying their credit cards and have enough money to pay the lawyer -- you might be able to do this as well. You may also want to try a legal aid organization in Massachusetts. http://www.masslegalservices.org/findlegalaid.

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  • I need affordable bankruptcy lawyer.i am a seasonal worker.do i need bankruptcy attn.,???

    i had a kidney stone that needed to be lazzered,which left me a outstanding bill of 25.000.and 14 years ago my father in law wrecked a vehical i had .they took it back and told me they would sell it and I would pay the remainder.well several year...

    Sandra’s Answer

    It does sound as if you could benefit from the services of a bankruptcy attorney. If you are having trouble finding affordable counsel, you may want to try a local legal services organization in your area.

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  • How do my foreclosed condo just sell for less than what was owed?

    I just got a hand typed letter basically saying they are new owners of my condo and I need to vacate. I didnt believe it because everything I read was saying at these auctions, the bank opens the bidding with the amount that is owed. So I assum...

    Sandra’s Answer

    I agree with the previous answers, and wanted to add a couple of thoughts. Sometimes it is possible to work something out with the new owner so that you can rent the property for a bit. I've even seen new owners do contracts for deed with the previous owners. It's certainly worth talking to the new owner about these options.

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  • I received a package where Wells Fargo is seeking a sale. What do I do ??

    Wells Fargo has tricked me into 4 forbidance programs and 0 happen

    Sandra’s Answer

    Unfortunately, it's not clear from your question if you are in foreclosure. Either way, you should hire a foreclosure attorney ASAP.

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  • Can a mortgage company cancel my escrow? they said it was a business decision, i never heard nothing like this. is this legal

    my mortgage is up to date i have late fees of $200

    Sandra’s Answer

    Not a common occurrence, but it does happen. If I understand your statement correctly, you previously had an escrow and now the loan servicer has determined that you can pay the insurance and taxes on your own. If that's really the case, consider yourself lucky because you can set up your own bank account for this purpose. You will no longer be at the mercy of the loan servicer (many of which make escrow errors), will no longer be required to maintain an artificial cushion in the escrow account, and can earn interest on the money that you set aside.

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