What would you like to do?
Typically no. There are no absolutes here. If you disclosed to the Court that you were in the process of obtaining Disability, you should have nothing to worry about. However, if you kept this info from them, I would ask the lawyer who handled your case.
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Should you file a chapter 7 bankruptcy if you have large credit card debt and your only income is Social Security and pension benefits?
Answer Talk to a legal aid attorney and they may be able to tell what to do or to direct you to the right kind of attorney to talk to. … Other Contributor Opinions *All Social Security benefits and the majority of private pensions are exempt from creditor attachment. States establish laws relating to the real and personal property that can be protected from judgment creditors. As noted in the previous answer, the best option would be for the individual to discuss his or her circumstances with a qualified bankruptcy attorney. A debtor may be considered judgment proof, (legal term execution proof), meaning they have not property that can be seized to pay debt owed. Creditors will often sue to obtain a judgment in the hope that the debtor will, at some future time obtain property that can be seized. Judgments are valid for several years and the majority can be renewed.
Why can a trustee take your income tax return if you are filing a chapter 7 bankruptcy which relieves you of your debt and does the trustee give the money to the creditors?
Answer The trustee may take the refund and distribute it to creditors because a tax refund is not considered an exempted asset under bankruptcy laws.
Perhaps the pure answer is Yes, BK courts have great authority on being able to discharge debts, incurred pre-petition, in accord with established priorities of claims. So, th…ings like administrative fee's for the bankruptcy are normally paid in full, regardless. Will the Court discharge another attorney's fees, incurred while essentially doing things favorable to the party and the debtors (that is assuring all rights to deserved money is received), regardless of when incurred, is another question. And clearly, any attorney is generally well equipped to defend his right to collection and support why he should be paid before others. And I suspect, to assure you get a favorable result from the BK (which may not be the process your thinking) you would need to hire another lawyer to handle the BK process, and pay their fees. The correct answer is that an attorney representing a disabled client in a Social Security Disability claim or appeal will receive one-third of the amount owed from the date the claim was filed to the date it was allowed. This is a lien on the arrears and it will not be discharged in a bankruptcy.
Consult an attorney. Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you …to one.
Can a bankrupt trustee take my savings because my son's name who filed for bankruptcy is on the account just to access my money in case i become disabled?
He can, yes. But, presuming you can support that the funds there are really entirely yours, wouldn't (and haven't) been used to benefit your son, etc...that only for the… reason you stated was your son on the account...i think it's fair to say he'll release them back. Don't try lieing or scamming the court on something like this...they will investigate your statements...and lieing to them will very likely result in them not giving the money back...and recommending you be criminally prosecuted for attempted fraud.
Absolutely...in fact if you file BK you must include them EVERYTHING you own and EVERYTHING you owe is included in the BK and must be reported. They are given differen…t classes, some debts can't be discharged and some assets cannot be taken, and the assets are used to pay the liabilities. YOU CANNOT PICK AND CHOSE WHAT IS INVOLVED. Secured loans have first call on the money from the sale of the asset that secures the debt...if it isn't enough to pay off the loan...the remainder is a claim as any other general creditor against all other assets.
Yes any amount above what was owed, including all fee's, accrued interest, penalties and such is returned. However if your in BK, it becomes part of the assets available… to pay other creditors than the mortgage co. Obviously, you would have goten substantially more had you sold the property yourself...trustee auctions not only having all the fee's, but because of the circumstances attracting only buyers expecting problems with the property, getting possession, etc...and ready to buy when the gavel goes down without contingencies, mortgage safeguards, frequrntly never even seeing the inside..get much less than a free market sale - attracting all buyers and having marketing.
If you have a large balloon payment due in 2 months and 110k worth of credit card debt will you lose the house when you declare bankruptcy?
that depends. a couple things you'd need to consider are whether all of your debt is unsecured (credit card debt, generally) or whether you also have secured debt (mortgage, c…ar) - this, and your goals in filing bankruptcy, will affect which chapter you file in. another large consideration is what type of exemption your state has for homes. it may be that you are unable to exempt your home because it is worth more than the allowed exemption. in a chapter 7, you'd sell it and keep the value of the exemption. in a chapter 13, you could pay off the difference in value during the length of the plan. chapter 7 is generally known as the discharge chapter, meaning if your debts are unsecured, they will be eliminated. chapter 13 is the repayment chapter, which allows to pay back only a portion of your unsecured debts and maintain payments on secured debts. short answer is, talk to an attorney.
Doesn't it say "secured" debt - not secure? That is debt that has a direct legal connection, normally a lien, to some asset. Normally a car loan is secured to the f…inanced vehicle, a mortgage to a house, etc. Listen...if you didn't understand that term...and understand it can take many, many different forms...get a lawyer, NOW....those are simple concepts compared to many you'll be dealing with. Any done wrong will either not get you the result you want from BK....cause you process problems...or even have you lie to the court...which can be criminal. Get a lawyer...your creditors will!
When in a chapter 13 bankruptcy for more than 4 years and receiving money for a 100 percent disability that happened after filing bankruptcy can bankruptcy take the settlement?
"Bankruptcy" does not take anything. The Chapter 13 Trustee is the one who "takes" anything there is to be taken. And, no, your settlement - if you mean a retroactive check fo…r disability (SSDI) - is not available to the trustee. If you are talking about a settlement of a lawsuit, probably not, unless the cause of action existed at the time you filed the c. 13 and did not exempt any possible award. Talk to your bankruptcy lawyer.
AFAIK, Social Security has no impact on your ability to file bankruptcy. In fact, Social Security is excluded from the "means test", so unless you have substantial other incom…e you should be able to file Chapter 7.
To begin with I too have Long Term Disability insurance payments and SSDI payments. My policy was specific as to what would happen when SSDI kicked in. My monthly payment woul…d be reduced by the amount of SSDI. In addition I was required to submit any "lump sum checks" issued by the Social Security Administration while my claim was being processed. Now I understand most policies work this way but until you get a copy of your policy and review it, it will be difficult to give a complete accurate answer. Hope this helps.
When I file bankruptcy will the trustee sue my sister for the 7k check I wrote her transferring my dad's social security money?
If it was your dad's SS money and you can prove that you were holding it in trust, in effect, for him, there should not be a problem. If your sister has used the funds for her… own bills, there could be a problem.
Social Security Disability is, of course, a payment from a federal agency. While there is no rule specifically on Social Security Disability, the general rule is that any fund…s received from a federal agency by fraud (in a petition filed on or after October 17, 2005) cannot be discharged. If the overpayment did not occur because of fraud, it will be discharged. In order to prove fraud, the SSA must show, in the bankruptcy court, that the overpayments were due to fraud. This answer does not constitute legal advice or create an attorney-client relationship. Please consult an attorney for advice on your particular facts and case.
For the best advice about the subject you should visit debtfish. They have a contact form for questions.
Social security payments are not a factor in the means test. However, they are a factor in terms of your budget and as to how much you have available to repay creditors un…der Chapter 13.