Claimed Lawyer ProfileQ&A
- Foreclosure Defense
- Personal Injury
- Arbitration & Mediation
- Business Law
Jurisdictions Admitted to Practice
6 Questions Answered
- Q. Do I put the amount that shows in my 401K or the amount I am able to withdraw on Schedule A/B?
- A: All assets have to be listed at full value regardless of your intention to deal with it. Most likely it can be exempted, that is not included in the bankruptcy process, but the answer can only be determined by a thorough review of all assets, liabilities and cash flow. If you have a substantial asset to protect, you should consult an experienced bankruptcy lawyer. Good Luck.
- Q. If I have 110,000 in a 401k is that exempt and how do I put it on the form
- A: Basically you have to list the asset and exempt it on Schedule C for a chapter 7. This is a fundamental issue in bankruptcy law. With this amount of money at stake you should consult with a bankruptcy attorney. Other bankruptcy chapters may require different treatment. Good Luck.
- Q. I am a silent partner in an llc. I only own 1.85 percent of the business. Can I file chapter 7
- A: Whenever you prepare and file a bankruptcy petition and related documents you must list all assets and debts. Your share of the LLC is an asset. Depending on the value of your share, you may be able to exempt it from being liquidated and distributed to your creditors. This one of the issues that requires careful analysis, it is not always easy to value such an interest. An experienced lawyer should be able to help with your options. Good Luck.
- Q. Can the executor of an estate transfer a $20K IRA claim in bankruptcy, from the estate to the executor?
- A: Yes, attache a copy of your appointment. If you have any questions about the form, call the clerk of the Bankruptcy Court. Good Luck.
- Q. Can I ever get a credit card again if I file for bankruptcy?
- A: The answer is usually yes. It does depend on all of your circumstances and history. Most clients are best served by keeping all payment current and up to date after the filing. That creates a history of responsibility and on time payments. As a guideline, two years of such experience is usually required to get a new credit car. Sometimes you can get a secured credit card earlier. Once you get that first credit card you should use it every month to purchase some necessities such as a pack of socks and pay it every month. Do not use it to buy things you cannot pay off immediately. Over time, the credit card companies will come calling. Initially you will not get a good interest rate, another good reason to pay the balance every month. Most experienced bankruptcy lawyers will help you understand your situation and what steps to take to improve your credit rating. Good Luck.
- Q. I am a ticket broker and going to file bankruptcy. Can they take my season and concert tickets?
- A: You are right it is complicated. Someone has to review your financial situation in its entirety. Other than the 32K debt we don't know how much is involved. While some of the value might be exempt there may be other defenses that you would need to execute and/or prepare. Can you trace and prove that your partner paid for the assets? Are you operating as a sole proprietor or as a Corp or LLC? In any bankruptcy your partner's participation would probably become public. Why do you feel you need to file bankruptcy? Sometimes other actions make sense, even if it is only delaying the filing date. Unfortunately there is no "over the counter" answer. You best should consult a few bankruptcy lawyers and pick the one you are most comfortable with. It will cost you to get a proper review and analysis of your situation but an amateur's mistake could cost you more.
Contact & Map