I have a first and a second mortgage on my primary home, the first alone is more than the value of the house. would filing chapter 13 help to reduce payments or amount of debt owed? thank you
Mr. Lampert is correct. You really need to speak to an attorney about the specific facts of your case.
In a chapter 13, you can have your 2nd mortgage reclassified as unsecured debt and essentially strip it off the home. This is done through an adversary complaint, which is like a law suit inside the bankruptcy. When a loan is reclassified as general unsecured debt, it is basically treated like all of the other unsecured debt in your bankruptcy.
To strip off a second mortgage, the value of the home must be less than what is owed on the 1st mortgage. This means that there is no equity for the 2nd mortgage to attach to.
This is not something you would want to attempt with out the assistance of an attorney.See question
My debts are years old and due to loss of income i am unable to get caught up.
The answer to your question is "it depends." Unsecured creditors are entitled to the non-exempt equity in your vehicle. Assuming you are single, you would be able to exempt $5,000 of equity in your vehicle from the creditors. If you are married, you can exempt $10,000 of equity (5k each).
The remaining non-exempt equity would then be paid to creditors. In a chapter 7, you could propose a cash payment to the trustee or the trustee could sell your vehicle and return the non-exempt equity to you. In a chapter 13, you would pay the non-exempt equity in monthly payments over a 5 year period.
You really should speak to a bankruptcy attorney to discuss the specific facts of your case. Proper planning may allow you to convert non-exempt assets to exempt assets before filing your case.See question
I would like to know if it’s possible to hire a lawyer on a limited scope basis to occasionally coach but mostly to communicate with the other parent that lives in another state. There is no current open petition or mediation but usually is at lea...
Many attorneys offer limited scope representation. Try calling around. I believe Tarascio & Del Vecchio in Mesa offer limited scope representation.See question
how to compose a formal letter to a lawyer asking them to represent you for an annullment case?
Ms. Smits is correct. Schedule a meeting with an attorney. Many offer free consultations so you should shop around to find one you are comfortable with. You don't need a letter. The attorney will draft a fee agreement once you decide to hire him or her.
If you have difficulty finding an attorney in your area, just contact the state bar for a referral. There may also be a legal aid office near your that might take your case.See question
my ex was court ordered to pay $10,000 one half on the $20,000 we owed to the irs. well he kept teeling me he wasn't going to & that he did not care. I had to pay all the $20,000 now i want him to reimburse me. do not have any money so i will do i...
It is not too late to enforce the decree. The fact that you have paid the debt strengthens you case in that you now have actual damages. You should now be able to seek a judgment against your husband for the costs you incurred in paying off his portion of the debt.
Your local court may have the forms you need on their website. You could also see if your local legal aid society can assist you.
You should speak to an attorney about the specific facts of your case. Many firms offer free consultations.See question
I was recently served with a summons in Canton, OH. I dont have any property or a vehicle for them to put a lien on and i dont have any wages to garnish. Im waiting till i go in the Marines in december to pay off my debt. If i dont answer the s...
If you ignore the suit, you risk getting a default judgment against you. The judgment will follow you around and accrue interest.
You should speak to a bankruptcy attorney about your options. It may be best to discharge your obligation before entering the Marines. You also need to talk to your recruiter about how a bankruptcy might affect the timing of your entering the Marines. Many firms offer free consultations.
Thank you for your willingness to serve. Best of luck to you.See question
We have filed chapter 7 and have had our 341 meeting. We are currently about 80 days late on our mortgage but have been making a mortgage payment every month. The bank has asked for a reaffirmation of the loan. If we bring our loan current befo...
If you are in default on your mortgage, the lender can foreclose on your home. The lender can motion the court for relief from the automatic stay and proceed with the foreclosure during the bankruptcy (assuming the motion is granted) or wait till your bankruptcy is closed.See question
they are going to garnish 15 % of my wages beginning the next pay period. I already pay federal student loans back every month and live paycheck to paycheck and simply cannot afford to pay anymore. Can this collection agency actually garnish my ...
Yes you can be garnished for student loans that are in default.
You should speak to an attorney about a Chapter 13 bankruptcy. Although your student loans are non-dischargeable, a Chapter 13 can put the payments on hold and can discharge other types of debt. This may give you the breathing room you need to get back on your feet. You will need to discuss the specific facts of your case with a bankruptcy attorney to determine if you will benefit from a Chapter 13.See question
Will my x be able to come back on me for more money if the divorce was finalized over a year and a half ago.Property was sold .No kids involved.Paid her alimony for 1 year.Now after all this time she wants more.We are both remarried now.Everything...
Probably not. In many states, spousal support or alimony is typically non-modifiable after the divorce. Generally speaking, it is very difficult to modify spousal support once a divorce is final.
You should speak to a local attorney about the specific facts of your case. Many law firms offer free consultations.See question
MY MOTHER LEFT IT TO ME ONLY HER ONLY SON
Probably not. Generally speaking, property acquired by inheritance is considered the separate property of that spouse. The issue would be if you somehow commingled the funds to such an extent that the IRA lost its character as separate property.
You should speak to a local attorney about the specific facts of your case. Many attorneys offer free consultations.See question