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I think there is a small disconnect. You understand that California is a community property state but you indicate that there is no "joint" debt. Unfortunately, unless all of the debt was run up before you got married, the debt is "joint" in the sense that it is community debt....
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This is California. As you state, you live in a community property state. His income is your income. Your income is his income. All income supports the Plan and is property of the bankruptcy estate. Diverting community income to purchase a community asset such as a vehicle without obtaining a...
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You mention that the business is profitable but for the debt. Do you really want to shut down? If you had the opportunity to save it, would you want to try? If you want to try to save it, you would be looking at a Chapter 11 Subchapter V bankruptcy for the entity. Did you discuss this possibility...
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despritfreya replied to Personal Chapter 7 Bankruptcy vs. Debt repayment plan after small business closes?in Chapter 7In most, if not all, jurisdictions the initial notice sent to creditors in a Chapter 7 case states that the case is a "no asset case" and that the filing of a Proof of Claim is not required. The notice will also state that if the Trustee determines that there are assets another notice will...
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despritfreya replied to Personal Chapter 7 Bankruptcy vs. Debt repayment plan after small business closes?in Chapter 71. For my clients I would suggest playing it safe by listing all for "info only". If the client took my suggestion, the cost of the bk would be adjusted to compensate for the additional time in drafting due to the number of potential creditors.
2. If your case ends up as a...
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despritfreya replied to Personal Chapter 7 Bankruptcy vs. Debt repayment plan after small business closes?in Chapter 7My opinion. . . you can try to settle and you may be successful with a few creditors. It only takes one to break the camel's back. Filing bk gives you finality.
As to your perception of "online humiliation" (whatever that is), with all due respect, please just get over it....
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Assuming you have a buyer, to make sure there are no issues, you may want to hold off closing on the sale until the case is CLOSED. If it is not CLOSED the title company will want either a letter from the Trustee or a Court Order as the home will still be property of the estate.
Closing...
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From your post, I gather we are dealing with commercial property.
1. Is the property titled to you or to an entity you control?
2. What is the value of the property?
3. How much is owed to the senior lienholder(s)?
4. Does the property generate...
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