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justbroke
justbroke
Super Moderator
Last Activity: 05-23-2017, 06:36 PM
Joined: 07-10-2008
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  • I echo what LITR has written. I also want to repeat, as I do in many threads, that a Chapter 13 debtor absolutely MUST contact their attorney as soon as their is a change in income and/or expenses. While a Chapter 13 may "feel" like it, a Chapter 13 is not meant to be a punishment. Sometimes...
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  • The minimum (and maximum) number of months for a plan is dictated by law. If you were under the median, you can propose a 36 months plan. If you are over the median income, you can only be in a 60 month (5 year) plan. Some under the median income people propose longer plans to make sure their plan...
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  • justbroke
    replied to Life Estate Deed
    Who knows, maybe this will make new caselaw in Maryland (and/or the 4th Circuit Court of Appeals). That's if everyone (Trustee and your attorney) are going to fight it out. Maybe a good compromise will settle this and we'll just see. I hope that you let us know how it's going. It's very interes...
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  • justbroke
    replied to Preparing for Chapter 7
    A 401(k) hardship withdrawal is governed by law and the Summary Plan Description (SPD). I know that in mine, it was restricted exactly as yours and I could not use it to buy a car. Good catch as I was having too much fun trying to come up with ways for you to keep your cars and pay only market value....
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  • justbroke
    replied to Life Estate Deed
    Hopefully your attorney finds some wiggle room. Late discovered assets are never fun to deal with in bankruptcy. I had to deal with a life estate but luckily not intermingled with a bankruptcy. The worse can be siblings and any fighting that may ensue if the Trustee forces a sale. I wouldn't blame...
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  • justbroke
    replied to Life Estate Deed
    I also meant to ask if your Chapter 7 bankruptcy case is still open or did it close as a no-asset case? Did you disclose the life estate property as an asset in your Chapter 7 schedules? Does the Trustee know about this life estate property? Everything I wrote above assumed that the Trustee knew about...
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    Last edited by justbroke; 05-21-2017, 06:05 PM.

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  • justbroke
    replied to Life Estate Deed
    It was an asset because it was yours. A life estate, from what I personally know of them, actually transfers the property to the beneficiaries, but leaves the life estate tenants the exclusive rights to use the property until his/her (their) death. Maybe it's the way that a life estate works that...
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  • justbroke
    replied to Preparing for Chapter 7
    I would ask my attorney about redemption using otherwise exempt funds! It's a strategy that may be available to you....
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  • justbroke
    replied to Preparing for Chapter 7
    Was just a generalized statement about moving money around. Nothing more. I always tell people to not just go around buying things to otherwise hide money or convert exempt property (401(k)) into (potentially) non-exempt property (a car) because it seems like a good strategy. A decent attorney will...
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    Last edited by justbroke; 05-21-2017, 03:57 PM.

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  • If you are planning to become a citizen or seeking permanent resident status, then you should speak with your (or an) immigration attorney. U.S. Bankruptcy is open to any resident or person owning property or a business in the United States. From what I have read, the real question is whether any...
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  • justbroke
    replied to Preparing for Chapter 7
    Please don't start moving money around without speaking with your attorney. Especially if you're giving money to an insider (relative) to transfer your property (money) into their property in order to keep it from the Trustee (bankruptcy estate). It reads as though your attorney already has a good plan...
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  • justbroke
    replied to Life Estate Deed
    I'm sorry about your loss. Combining the loss with bankruptcy is never fun.

    The confusing part, for me, is that you say that your mother bequeathed the property after she passed (which you imply was more than 180 days after you filed). In the next sentence you say that in 2007, your mother...
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  • justbroke
    replied to family trip?
    As I wrote above, the (panel) Trustee is not looking at your last 3-6 months of bank statements to question all your purchases. The (panel) Trustee is looking for large amounts of money being transferred in and out of the account indicating that you may be hiding money or that you understated what you...
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  • You deserve a beer. I can tell that you are a person who charges towards the gunfire. I like that you persevered and you're an inspiration to the rest of us.
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  • I think you have your numbers backwards. Your scores went down from 700s to 500s when you filed. You should get a bump back up after your discharge. Since you were in the low 700s, you could bounce to the high 500s and low 600s (below 620). So much depends on what is actually reported.
    ...
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  • justbroke
    replied to family trip?
    While luxury is not defined, many courts have looked at luxury. First, the Trustee isn't really looking at luxury purchases; it is the individual creditor that is looking at this so that they "may" file a complaint to determine dischargeability. The Trustee is looking for the movement of money....
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    Last edited by justbroke; 05-19-2017, 09:42 PM.

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  • justbroke
    replied to family trip?
    When the Trustee's office looks at back statements, they are not looking to see that you shop at Target or have spent $XXX.XX at Walmart. They are looking for "large" transfers of money to/from the account. They are looking to see if you are hiding money or your reported income is not supported...
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  • justbroke
    replied to Trustee's Objection to confirmation
    Most judges want objections dealt with, if at all possible, prior to the final confirmation hearing. Otherwise, the final confirmation hearing becomes a "trial" or sorts to overcome any challenges to confirmation (in fact, those challenges or controversies may be scheduled separately as evidentiary...
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  • justbroke
    replied to Officially Discharged!!
    This is the document that covers the requirements of 11 USC 522(q) as well as other sections of the code (111, 1328 and other certifications)....
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  • A "hardship withdrawal" which is one-time (and not "regular" withdrawals due to retirement) should not be income. At least in Florida I haven't seen this issue. I suppose some crafty Trustee could complain and say that it was retirement income. The majority of districts treat it...
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