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Recent content by despritfreya

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

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    Will I lose my auctioneer license???

    1) Your State is not likely to revoke the license to operate if a bankruptcy is filed. See 11 U.S.C. 525. 2) Has your State instituted protections against evictions/lock-outs/foreclosures on the commercial side? If "yes", you may have some protections against the lender due to the current...
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    What can trustee do to 1/9 interest of property I’ll receive?

    All very excellent questions. Just to clarify - it depends upon what that interest is worth. Certainly, if it will cost more to administer the asset than it will bring in for the benefit of creditors the Trustee should and probably will abandon it. However, based upon the info supplied, this...
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    What can trustee do to 1/9 interest of property I’ll receive?

    Since you do not indicate the equity in the home I will assume there is no mortgage against it. After an estimated 7% cost of sale, the net proceeds should be $279,000.00. Your interest is therefore worth approximately $33,480.00 (12%). Unless there is some exemption that will cover your...
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    bk and fdcpa law

    I believe it has been suggested to OP that if he/she continues the litigation and loses, he/she may be responsible for the other side’s attorney’s fees regardless of the discharge. I believe there is case law to support such a possibility but I have not researched it. The thought process is...
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    What happens to my 1/9 interest in inherited land in a chapter 7 filing?

    In a nutshell. . . You have a 1/9th interest in property. You are required to list that interest on Schedule A. Unless some exemption will cover it, your Chapter 7 Trustee has the right to sell your 1/9th interest to the highest bidder. Whether or not he/she will exercise the right to sell...
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    Bankruptcy and pensions

    There is a ton of information on the Internet relating to your issue. Google: “what happens to pension payments when employer files bankruptcy” As to the specific Chapter 11 - in complex cases such as this, there is usually a web site set up with detailed information, copies of all documents...
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    Ch 13 can you add alimony arrears

    Understood and glad to have assisted. Des.
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    Ch 13 can you add alimony arrears

    Back support is a priority claim and MUST be paid through a Chapter 13 Plan unless the other party agrees to different treatment. So, the answer to your question is "yes it can (must) be paid through the Plan just like mortgage arrears". You are required to keep post filing support payments...
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    Question regarding bankruptcy and personal loans

    1. One cannot "waive" a discharge outside the context of the actual bankruptcy. A waiver in a bankruptcy is done either through an approved reaffirmation agreement or a separate stipulation or judgment under Section 523 or 727 of the bankruptcy code. One can, however, voluntarily repay any...
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    Husband is involved in accident, while defending civil case

    I cannot address your husband's current situation other than inquiring as to whether or not he can/should return to the US for medical treatment. Is the medical treatment in the country where he is adequate? If not, coming home (if he can travel) may be the best thing. My heart goes out to you...
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    Chapter 7 California- will I lose my home?

    Unfortunately I cannot be of real assistance as I am not all that familiar with California's exemptions. There are two separate exemption that a debtor can elect. The one under CCP 703 is only about $29,000. The one under CCP 704 is between $75,000 and $175,000 depending upon age, marital...
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    Bankruptcy and Taxes

    @Taxing Matters - was hoping you would show up. Thank you for the clarifications. Now I understand. Des.
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    Bankruptcy and Taxes

    I see. . . so on a rare instance the corp may have a tax debt, otherwise, if a S there is no income tax burden. As a result, in OP's case, OP is really talking about income tax as owed on his/her personal 1040. Edt to add. . . I should not assume that the taxes are reported as owed on OP's...
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    Bankruptcy and Taxes

    Are you indicating the SubS corps do not pay income tax at all? Not an accountant so not sure but, if so, then line 25 of Form 1120S makes no sense and neither do the instructions that go along with the form as it relates to line 25: Please clarify/educate. Des.
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    Bankruptcy and Taxes

    Based upon OP's last post I see no reason for this entity to do a bankruptcy. It is not reorganizing and so long as OP does not try to establish a new business doing exactly the same as the old business, the entity appears to be dead. Who cares if someone sues a dead person? Lastly, Federal...

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