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Mitchell Reed Sussman's Answers (599)

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I'm coverting to 7 due to wife unable to get job will i be able to keep my vechicles they are about $4800 together in equity.

Mitchell's answer | Answered on March 14, 2010

Typically vehicles can be kept by debtor's so long as they agree to reaffirm the debt. The only exception is if the vehicles has a lot of equity,...

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Is it legal for me to rent out a room after just filing for a Chapter 7?

Mitchell's answer | Answered on February 06, 2010

Yes, it is legal....provided you inform the tenant of your situation. As the former owner, you will only get a 3 day notice to pay or...

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I need to file bankruptcy but have not reported my income on tax returns correctly?

Mitchell's answer | Answered on February 06, 2010

It might fall through the cracks and not be discovered, but the better practice is to amend your return so that it is consistent with your BK.

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My husband and I live in California, a community property state. If I file bankruptcy Chapter 7 how will it affect his credit?

Mitchell's answer | Answered on February 06, 2010

More than likely, yes. Typically, married couples carry companion card. In this instance a BK by one of the couples will affect the credit of...

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Divorcing absent husband, no known address. Should I also file for bankruptcy to stop collectors going after me for his debts?

Mitchell's answer | Answered on February 06, 2010

BK will certainly protect your assets...BUT since you can't get blood from a stone. If you have no assets and just get by, there is no need to...

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Filing for Chapter 7 bankruptcy when you are not current on 2nd mortgage?

Mitchell's answer | Answered on February 06, 2010

Contrary to a prior posting, there is No lien stripping in chp 7...only in chp 13 A direct answer to your questions is , yes . But....if you...

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I am a licenced contractor and had been working at a job for an hourly rate, do I have any lien rights?

Mitchell's answer | Answered on July 21, 2009

Licensed contractors do have lien rights. The fact that you did not prelim the job, however, will likely preclude you from exercising those...

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I had a refinanced to 40 fixed at 6.5%, in Aug 2008 , I have lived here for 12 yr

Mitchell's answer | Answered on July 21, 2009

You should ask for a modification of the existing loan based upon your financial hardship. There are a number of programs and options available...

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I live in a condo in ca. the property value currently around 200 thousand but I owed 356 thousands.husband income is net 3300 mo

Mitchell's answer | Answered on July 21, 2009

The answer to your question depends upon who forecloses. If it is the first, you will likely owe the principal balance to the 2nd. If the 2nd...

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Seekin attorney in oakland, Ca to assist in Deed-in-lieu or foreclosure of my rental property. please help!

Mitchell's answer | Answered on July 21, 2009

The tax question is secondary and the answer depends upon whether or not you are insolvent. If you are insolvent, no tax. You should be more...