I am a small service provider/broker in the waste/recycling industry. My LLC is being sued by a former subcontractor over account disputes. I am thinking about filing business bankruptcy however I want to keep my current clients and subcontractors.
You would want to go through a business attorney to do this the proper way and make sure the paperwork is done the right way.
You need to be very careful because Successor Liability could expose the new business to the old business' liability. You need to make sure you go through all the proper steps to wind down the business, liquidate, and shut down the business or file for bankruptcy. If any assets transfer from the old to the new, then you run a very real risk of successor liability.See question
I am in a lot of debt but I'm married. Checking my credit score and realized I'm in debt for $103,000. This is more than I thought I was in. Need to find a way to help improve this issue.
You do have the option of filing as a married person filing individually. Some slight special attention needs to be paid to preparing the petition to make sure your spouse is listed in the right places and NOT listed in the wrong spots or the clerk will unfortunately make them an unwilling participant.
However, yes, you can file individually. How this would play out is unknown as to whether you would have to file Chapter 13 or Chapter 7, as you would have to use the income of the entire household to determine eligibility for a Chapter 7 bankruptcy.See question
i just got a garnishment notice that beginning next month 15% of my SSA-disability monthly income will be taken out for student loan debt i shouldn't owe.i was born mentally/cognitive disabled but had neglectful parents.the community college i tri...
The other attorneys are both correct. You can get a 100% disability discharge of the student loans but this is sometimes very difficult to get. If your income is totally SSI then it shouldn't be garnished.
The last option is to file for Chapter 13 and pay through the plan, this can lower the payment amount below the 15% total to whatever your budget and median expenses come out to be. Hypothetically you could spend the rest of your life in Chapter 13 paying off the loans but under the protection of the automatic stay and with the ability to request special expenses if they ever come up.See question
Need to file bankruptcy and how much it would cost.
Attorney fees depend on how good of an attorney you hire. Like anything there are some who are less and some more, so it depends on who you feel comfortable with and how risky you want your bankruptcy to be as you move forward.See question
The step daughter is emailing and texting occasionally, she is asking how I will repay the money to her step mom and sometimes not in a very nice way. I just want this harassment to stop. What action can I take? Is this legal for her to do this?
Once your step daughter, or any creditor, receives notice of a bankruptcy filing and the automatic stay is in effect, they must stop contacting you or attempting to collect on the debt. If the debt is discharged, they cannot continue to seek repayment. If your step-daughter continues she could face severe penalties in court.See question
My family dentist turned me into collections. The last time I was seen was over 4 months ago, and I paid my portion up front of what my insurance wouldn't cover. We received absolutely no notification that we owed anything at all, no statements we...
A business or collector is not required to notify you that they have hired another company for billing, collections, or accounts receivable. The only time they need to notify you is when a lawsuit or collection action has been filed which gives you the right to respond and/or claim exemptions.See question
On my schedules, do I need to disclose the fact that I'm filing a Federal litigation case, even if there is no monetary award I'm expecting/seeking? Thanks.
You need to disclose all judicial actions or potential judicial actions. In some cases a trustee might even hire an attorney if the potential value is enough to warrant pursuing the asset. For a chapter 13 I fully agree, you NEED to hire an attorney for a 13, no question. They are (can be) very specific and very challenging even for experienced attorneys. A lot goes into getting a Chapter 13 plan approved.See question
I am filing for Chapter 7 bankruptcy but have a start up that currently has no value as its just starting. Do I have to include that start up in the bankruptcy petition and if so could you point me to the statute that says so? Thank you.
As the other attorney mentioned any interest in a business must be disclosed. If you own a solo business that is not incorporated, you can include the assets of the business and use that as the value. If you do have an entity (LLC or INC for example) then it needs to be listed on the statement of financial affairs. In my district that is entry 18, as well as schedule B and C disclosing the entity as an asset, You can usually use the value of the assets as the value of the LLC if you have few or no clients, plus anything in your bank accounts. You can then cover the value as an asset in Schedule C.See question
I'm trying to settle homeowner fees with an debt collector, the assessment he sent in the law suit paper work differs from what he is sending through email (added interest, and attorney fees) In the the law suit it states "The association seeks a ...
You will legally have to pay either (1) the judgment amount; or (2) at this point you would have to agree to a negotiated amount. Finally (3) alternative is to file for bankruptcy and discharge the back HOA fees, but you would still be responsible for future HOA fees from the date of filing forward.
I highly recommend speaking with an attorney. The attorney can walk you through the above three options, and help you negotiate a settlement and payoff outside bankruptcy if you choose to go that route. If the assessment is massive and not negotiable on the opposing side, then a Chapter 7 or Chapter 13 can help you wipe out entirely, or pay off, some/all of the HOA fees.See question
I attempted to set up a plan with the hospital but they would not accept the amount I could offer. It went to collections. I have read I can negotiate payments or a lump sum pay out but it also sounded like I needed to negotiate how it is written...
Usually the fastest way to deal with any debt issue is going to be a debt settlement or negotiation, or a bankruptcy. The viability of both options needs to be discussed with an attorney, so that you can be fully educated on your options of Chapter 7 and Chapter 13 (based on whether you qualify for one or the other), and whether you have the funds or will soon have the funds necessary to do a debt settlement or negotiation in the near future, which could save you from a bankruptcy.See question