May have to do bankruptcy in FL need advice?: I am single mom with an 8 year old dependant who is majority custody with the father. I make around 70 thousand working 40 hours a week. I have focused on paying down long term medical debt still 60k for the past 9 years which is affecting my ability to pay bills, mortgage on 210k home about halfway paid off. Car I bought for 11k mostly paid off. Plus built up a small amount of credit card debt less than 9k currently. Is chapter 7 or 13 better. No savings. money is in possessions, home equity, and auto. Getting legal threats from medical, auto, and card company. not sure how serious this is. Based off details what do you think. I know it is still possible to live and be happy even in bankruptcy. I know this sounds bad. maim concern is house
Magda’s answer: My advice to you is to hire an experienced knowledgeable bankruptcy attorney. Legal decisions should be made after full analysis of your particular facts to determine whether bankruptcy is right for you.
Chapter 7 bankruptcy if I'm 50% joint tenant with rights to survivorship?:
I have no other assets to my name that aren't exempt. I don't live there currently. I cannot afford my basic necessities right now and my debt is drowning me.
It is my mom's house and she is the living tenant. She is 69 in good health, has lived there for over fifteen years and the place is homesteaded every year. I didn't realize she'd put me on the condo which is worth 184K and is paid off - it says specifically my sister and I are 50/50 joint tenants in common with rights to survivorship. I'm 38.
I'm really not sure what to do now because I cannot afford Chapter 13 because my income is less then 20K after I pay my necessities. I have about 14K in credit card debt.
Magda’s answer: Legal advice can only be provided after a review of all pertinent documents and information. Bankruptcy is complex and this is not the proper forum for determining whether it is right for you . I highly recommend that you speak to an experienced bankruptcy attorney.
En:
I transferred an Ira cd from one bank to another. The
sending
bank coded it as a withdrawal which prompted
a 1099-R. The check was made payable to the bank, for the benefit of me. The bank is refusing to correct the
Papeserwork. I did sign a withdrhawauil form, not even
Realizing that she was using the wrongj paperwork. How do I get this this fixed?
Magda’s answer: It should not be an issue tax wise if you report it correctly. All distributions from an IRA trigger the issuance of a 1099-R. Since the IRS is provided with the 1099, the system will be looking for the reporting of the distribution on your tax return. On your tax return report it as a distribution from an IRA and then report it as a non-taxable rollover. That will result in no tax, or penalty for early distribution if applicable. being due on the distribution.