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Gerald McNally Jr

Gerald McNally’s Answers

3 total

  • What happens to fines and tickets after you die?

    My husband died owing court fines for a misdemeanor and also had a couple of parking tickets. Do I become responsible for paying them now?

    Gerald’s Answer

    If you had assets when you died, your estate would be responsible for payment of fines and traffic tickets. If your estate didn't have enough assets, however, only the assets (usually cash) would go to their payment. Without a review of your husband's estate, I can't advise you further.

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  • I have a S-Corp which I am 50% partner, and a LLC which is just me. If the S-Corp goes bankrupt how will it effect my LLC?

    I may have a personal guaranty on some of the loans. My partner has already gone personally bankrupt. The S-corp owes the bank 290,000.00 we have assets of about 130,000.00

    Gerald’s Answer

    If you have a personal guarantee on the bank loan (it's in the agreement you signed, if at all), bankrupting the S-corp will not relieve you of the debt. The LLC is your asset, and many of your assets can be attached by your creditors. However, you'll need to check with a MI lawyer to find out whether or not your LLC interest can be attached. If your LLC has no assets or debts but is just a conduit for your business income, it might be better to file chapter 7 individually and list all the corporate debt.

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  • What if I can not afford to file a chapter 13 but am not eligble for chapter 7?

    I filed a chapter 7 in April 2004 due to a buisness venture that left me unprotected. I am currently in a very difficult situtation in that I am currently unemployed, lost my FT job but do work at a PT job. I have explored a chapter 13 option, but...

    Gerald’s Answer

    Many bankruptcy lawyers will accept their fees through a Chapter 13 plan. But that assumes you have enough income to fund a plan with some credible payment sufficent to give your creditors some payment, while paying your attorney and Chapter 13 Trustee fees. If your income is too low for that, you may be close to judgment proof. You should contact an attorney in your state for more details. Most local bar associations have low-cost interviews with their members available.

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