Us Bankruptcy Court
Us Bankruptcy Court questions and answers
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Q: I received a notice of dismissal from the US Bankruptcy Court. How does this effect my credit?
I petitioned the trustee to dismiss my Chapter 13 case because I could not afford to pay $1400.00 a month anymore in addition to a $1200.00 mortgage and other expenses. My primary reason for filing for Chapter 13 was to protect to house from forclosure. I sold my home and have a settlement date in two weeks. My question is since the Chapter 13 was dismissed on 8/20 what impact does this have on my credit score. Is it viewed just like it would if my case was "discharged"? Does my house being sold help my score any? Thanks!
A: Your credit score was probably pretty low before you file bankruptcy. That lowered it. Getting the bankruptcy dismissed won't improve your score. Your creditors are going to be zooming in now. You may find yourself getting all sorts of summons.
If you are using the proceeds from the sale of your house to pay off your other debts, than that will help.
Q: I need to find a form for the US Bankruptcy Court-Los Angeles that is a "Motion to Vacate Dismissal". Help
I'm looking for a form that can be downloaded and filled out. It is a motion for dismissal for not filling the correct forms within a certain amount of time.
A: I would contact the courthouse directly. They have a website www.los-angeles-bankruptcy.net
Q: How do I fill out a Proof Of Claim Form per the US Bankruptcy Court for case for VeraSun Energy Corporation?
My stock broker forwarded me a copy of the order from the US Bankruptcy Court Case No. 08-12606 (BLS) stating that they are Establishing Deadline to File Claims for VeraSun Energy Corporation. The "Proof Of Claim Form" is crypted to me. How do I fill it out or know that I am even elgable?
http://www.kccllc.net/verasun
http://www.kccllc.net/documents/0812606/0812606090402000000000005.pdf
A: generally send a copy of your purchase confirmation, which shows how many shares, what date, etc.
if your purchase date is within the period identified on page one you may have a valid claim.
Q: I need a telephone and address for Chapter 7, US Bankruptcy Court, Biloxi, MS?
A: Check the internet or call information and tell them what you want. When you do use the internet make sure you put in what you want, which one you want and what the location is. One more idea, sometimes if you take to a lawyer who does bankruptcy they can give you the name. It is worth a try.
Q: Can a US Bankruptcy Court override a winning auction bid ?
The news this morning is that Gottschalks Department Stores will be liquidated because the one investor (a Chinese conglomerate) willing to try and save over 5000 jobs was not the winning bid. Does the court have any leeway in looking at the impact of the bid on the economy? Can the court reopen the bidding to see if others are willing to join the investor and sweeten the deal to help save jobs?
The winning bid I am talking about is from a court ordered auction to raise money to pay the creditors. There are two kinds of bidders, those that want to save Gottschalks and keep it open as a business, and those that want to liquidate all of the assets to make a quick buck.
A: Courts have the right to override anything. When filing bankrupt they ask for your earning, wining amount of money expected to come in, people you owe and the people that owe you. They ask for all property and any asset that's in your name and your spouse. Courts consider it all income including winning. So yes!
Q: Will the Chrysler bankruptcy end up in the US Supreme Court?
I believe the chances are good if the judge gives into the Obama administration instead of following the law. The bondholders will have a good case since bankruptcy laws were ignored.
A: I think it won't go that far ...
from the news reports i've read, I think the secured bondholders have a very strong case.
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Bankruptcy law and secured debt, as i understand it, goes something like this:
the secured creditors are entitled to the proceeds from the sale, trade, or exchange of the property that secures their claims. They get this ahead of anyone and everyone else, as long as fraud was not committed in the issuance of the secured debt.
in addition, any portion of their claims that is not repaid by sale [etc.] of the property securing their claims becomes an ordinary debt of the company and they are entitled to the same proportionate payout on that remaining claim as the other claimants in that class.
In the case presented, it appears that the secured bondholders will receive less, overall, than the unsecured debt holders -- which flies in the face, imo, of the bankruptcy laws and the contract under which the secured debt was issued.
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the reason I don't think it'll go to the Supreme Court is that the bondholders' appeal will be heard in the Federal District Court and then in the Appeals Court.
Both of these require significant time to act and the 'goal' is to do this whole thing in 60 days.
I think the Appeals Court will uphold the bankruptcy law as I understand it if the case ever makes it that far. But, the company can't hold out that long, so they'll have to give ground on the issues.
Q: Tell us your bankruptcy court experience... Was it worth it?
A: Worth it! It gave me a new beginning......I will NEVER get that far in debt again! It's been 3 yrs now, and I am not in debt, nor will I ever be again! Lesson learned!
Q: My boyfriend and I have a court judgement against us for an eviction. Can he file bankruptcy? Do I then owe?
If he is able to add the court judgment to his bankruptcy, I assume that the creditor will move to make me responsible for the entire amount. Am I then able to take him back to court so that he is responsible for his half?
A: I hate to hear that you are going through this situation. If your boyfriend's bankruptcy is successful, his debt to the landlord will be discharged. Your debt to the landlord will still exist. If you are jointly and severally liable, then you will be responsible for the full amount of the judgment. You will not be able to sue him for the amount that you are liable for. This is why so many people file for bankruptcy after a divorce, one or both former spouses stop paying on joint debts and neither one of them can pay for all of it on their own.
Q: Should a Court provide for Bankruptcy Attorney for US entities, if they are in Involuntary Bankruptcy?
A: No, the shouldn't and they don't. The entity should hire an attorney if they want one. They obviously don't know much about money management and taxpayers should not be forced to pay for their ineptitude.
Q: Can a check by cashed by the Bankruptcy Court or trustee without endorsement of the debtor AND their lawyer?
I did not claim a lawsuit in my bankruptcy as (a) I had not be qualified as a plaintiff at the time of the bankruptcy; (b) I was not guaranteed any moneys if I was qualified.
Almost a year after the bankruptcy was finished with, I was told that I would be getting some money. The check was made out to myself AND my lawyer.
When I went to get the check, he told me that he had to inform the trustee. The trustee wanted the ACTUAL CHECK - not a copy.
After 90 days, and I hadn't heard anything, I called the person who issued the check. The check HAD BEEN CASHED on Feb 23rd. I was not notified. I had not signed the check. I had not given verbal or written agreement to sign the check over.
The check was not payable to the trustee or the the US Bankruptcy court. I feel fraud was involved. I have no idea where the money is.
I need to be able to find proof, such as information from a website, documentation.
There was nothing in the paperwork I signed at the time of the bankruptcy that gave permission for the court or the trustee to seize the check and cash it WITHOUT INFORMING ME FIRST!
A: The trustee can take it and take it without your say so. The trustee is allowed to take any money from settlements for your creditors for up to a year after you file.
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The filing of a bankruptcy petition by your client creates a bankruptcy estate which the Trustee is appointed to administer. Pursuant to 11 U.S.C. section 541(a), property of the estate consists of all legal or equitable interests of the debtor in property as of the commencement of the case.
The right to the proceeds of the personal injury lawsuit become property of the estate and, upon the filing of the bankruptcy, the Trustee succeeds to any right of the debtor in the lawsuit.
http://www.dcba.org/brief/junissue/1998/art50698.htm
As long as the suit was filed before your discharge the settlement belongs to the estate, and, therefore the trustee. It doesn't matter if you didn't know you qualified at the time.
If the suit was filed AFTER the date of your formal discharge, then call your lawyer.
Q: Why does the bankruptcy courts find it nessary to take our stimulus pkg when the government drove us to file.?
Our house fell into forclosure and our medical bills were outrageous even with insurence. We had file bankruptcy. Our home was up for sale for over a year. Our autistic child cost alot for special schools and what not. I find it a bad move to take our stimulus package when it comes as the government is sending it to help people. Then the bankruptcy court takes it away and puts it where? We were going to use it to pay for our childs dental work. I just think its unfair.
A: Where in the world did you ever come up with the idea that anything in this life is fair?
When one chooses to live above their means, one may fall into bankruptcy - not the government's fault.
I feel for you about the medical bills and your autistic child, but you should have thought about all that when you bought a house you could not afford (and probably quite a few other "things" you felt you could not do without and couldn't afford) - what's wrong with renting if you have other expenses? We, as a whole need to start rethinking what is necessary to live and stop trying to keep up with the Jones'.
Q: Will US be next to file bankruptcy in the world court?
A: Give Obama six months and all our wallets will be empty...
Q: Is it possible for a person who is waiting for trial (bankruptcy) travel outside the US for business?
Is it possible for a person who is waiting for trial (bankruptcy) travel outside the US for business? I believe she is trying to get bankruptcy but some of the accounts are going to court. This person needs to go to another country do some stuff over there and come back in a 3 day period. Any ideas?
A: It depends on whether she's going to Switzerland or the Cayman Islands.
Q: Does anybody know about marriage/divorce and bankruptcy?
If I'm married and want to get divorced but can't afford to live on my own because of my debt-to-income ratio, would I be able to get an apartment if I file bankruptcy? Our finances are separate so I don't care if my filing affects my husband's credit at this point. And frankly my concern isn't about my credit at this point either -- I just want out of the marriage. How could I file bankruptcy individually yet still keep our joint assets (the house) intact until the divorce? I'm thinking if the divorce judge orders us to sell the house and split any profit, I could use that profit to help pay off some of my debt. Or would bankruptcy court force US to liquidate the house?
My main goal is to leave this house, get an apartment, get divorced. Is bankruptcy even an option for me? Do I default on all my bills, pay for an apartment, file for divorce THEN file for bankruptcy?
A: First I think you should consult a bankruptcy lawyer (look around and compare, the consultations shouldn't cost anything.)
I think, it is better to get an apartment first, then file for bankruptcy (consult an attorney) and once the bankruptcy is discharged, then file for a divorce..
Why this order? It is very very hard to get an apartment (they do credit check and when they see a bankruptcy in your credit report they probably won't rent you an apartment.) Once this is done, file for bankruptcy (consult an attorney) because, the home will be protected under the bankruptcy law and the judge can not order you to sell the house because of the Homestead protection law (consult an attorney if this can be prevented since you don't live in the home any more.) Then, get a divorce and sell the house...If you sell the house before the bankruptcy, the capitol gains with be distributed to all your creditors.
Because of the new bankruptcy laws that was passed a year ago, you should consult a bankruptcy attorney before you proceed with the sugestions above...The attorney will know what will affect your situation best and they will point you to the right direction.
Good luck
Q: What recourse do I have if I believe my attorney committed malpractice?
I hired an attorney to represent my mother and sister in a dispute with her sister-in-law/aunt over the inheretence of a house.
I pulled the case files from NYS court system and discovered that our attorney failed to file an opposition brief to a summary judgement motion. The court granted the motion and my mom and sister lost. The attorney never communicated this information.
Also, I discovered that our attorney never communicated with the opposition in regards to our proposals.
In addition, several months ago, the opposition threatened to file a motion in US Bankruptcy court as a manuever to get the upper hand, (to complicated to explain here), and our attorney never communicated this information to us. The opposition did follow up on his threat and filed an action in US Bankruptcy Court.
I want to make clear, that we cooperated with our attorney and supplied her with all the information she requested and hid nothing.
What actions can we take against the attorney
A: I think that step one would be to contact the local bar association. Find out from them if there are similar complaints. They may also be able to advise you on how to proceed against this lawyer.