Adversary Threat Question

[gello]

Well, my reaffirmation for my car just showed up today although it was filed yesterday. I had signed it awhile ago. These are the things that make me nervous.

[TurnThePage]

You're in the clear! If nothing showed up on PACER yet, the Creditor is out of luck .... So pop the champagne, dude LOL

[catleg]

My thinking is that we've picked up a valuable data point here. Chase isn't that confident of their position regarding BT's within the 70/90 day window prior to filing that they're willing to file an AP over it. But they'll still try to bluff you with a letter. Interesting. So much for "classic case".

[keptdigging]

Some days I really love the news here.
"Classic case"

Yea, a classic case of it being very inexpensive to send a letter. Nobody accused Chase of being stupid.

I've been worried about Chase charges that'll be 8 and 10 months old when I file (don't think I can wait for an entire year)... and each got at least four payments after the last charge.
So I know what to do when I get some sort of letter.

[ryan]

Yes, from number of lawsuits, to speed of lawsuits, to threats to file AP's, Chase appears to lead the pack.

[albacore44]

Yes, from number of lawsuits, to speed of lawsuits, to threats to file AP's, Chase appears to lead the pack.

ya know out of all my cards, Chase was the most quiet, and i had about 5 cards. for me the ones to go to legal were in this order, GE money, Citi, B of A, Crap 1. i was worried about Chase since they have local attorneys, but i hardly heard a peep.

[catleg]

ya know out of all my cards, Chase was the most quiet, and i had about 5 cards. for me the ones to go to legal were in this order, GE money, Citi, B of A, Crap 1. i was worried about Chase since they have local attorneys, but i hardly heard a peep.

You were not a "classic case". :-)

[ryan]

You were not a "classic case". :-)

..and I was.

Catleg you correctly predicted awhile back I would be sued by Chase...based on the type of letter I had received....and you were right (almost to the day)!

Now, can you tell me what Lotto numbers to pick?

[keptdigging]

By local do you mean in LA. Because I could see the drive to the IE being plenty of disincentive to file suit.

After all it's the corporation's money, but the attorney's time spent in traffic!

[gello]

Well, I have waiting awhile to post anything in fear of jumping too fast, but it looks like I am in the clear. Nothing has shown up on my PACER and it is still saying "awaiting discharge." My lawyer told me it takes generally about a month for them to discharge it. I didn't think it would be that long, but in NH, there is probably less employees dealing with it and there were a lot of cases when I filed. I will say the whole thing was quite nerve wracking, but I am glad it is over, although not final. I guess my lawyer knew what he was talking about from the start, unless he let out a collective sigh as well. He did seem a bit surprised that Chase did not respond any after their last phone call together when he requested the BTs in question. Thanks for everyone's help on here. While I am not proud that my financial situation had come to this, I am looking forward to a new start and not repeating the same mistakes. Best of luck to all.

[capamando]

AP and the transfer of stocks to a Roth IRA

Hello to all,

I have tried to get some advice on this issue but perhaps this is a better thread for it. I would consult the lawyer that I will probably use for our Chapter 7 but she will be out of town for a week and we are in dire need to start the process. So... if we sell stocks from an individual account brokerage and transfer the $$$ to our Roth IRA or maybe a Health Savings account six months prior to filing would this be an issue for the trustee?

Thanks

[justbroke]

So... if we sell stocks from an individual account brokerage and transfer the $$$ to our Roth IRA or maybe a Health Savings account six months prior to filing would this be an issue for the trustee?

Too many factors to list. It really depends on several things including your particular State's exemption laws. If it's a lot of money, the Trustee may see it as an attempt to hide money from creditors -- especially if it's done in anticipation of bankruptcy.

Now, you "may" end up in a fight with the Trustee and you may actually win. The key objection to the exemption will be that you were trying to hinder the collection or obstruct creditors. In most cases, converting any non-exempt property (like money) into an exempt property is okay because it's specifically allowed. I've only read a couple of Florida cases on this matter and both were found to be "okay" that they converted non-exempt property to exempt property.

How your specific State and District deal with this will be... well... specific to your State and District.

For you, if your creditors haven't already attempted to get at the brokerage account, then I personally don't see an issue of conversion since you're not hindering anyone.

[HHM]

I wouldn't recommend transferring to the HSA, the law isn't settled on that yet. But transferring to a Roth IRA is fine, so long as you do not exceed th $5,000 per year cap.

Also, how much money are we talking about?

[capamando]

Too many factors to list. It really depends on several things including your particular State's exemption laws. If it's a lot of money, the Trustee may see it as an attempt to hide money from creditors -- especially if it's done in anticipation of bankruptcy.

Now, you "may" end up in a fight with the Trustee and you may actually win. The key objection to the exemption will be that you were trying to hinder the collection or obstruct creditors. In most cases, converting any non-exempt property (like money) into an exempt property is okay because it's specifically allowed. I've only read a couple of Florida cases on this matter and both were found to be "okay" that they converted non-exempt property to exempt property.

How your specific State and District deal with this will be... well... specific to your State and District.

For you, if your creditors haven't already attempted to get at the brokerage account, then I personally don't see an issue of conversion since you're not hindering anyone.

Justbroke,

You are a real trooper, always willing to help the scared and confused . We lived in Southwest Florida and we are just now at the point of stopping payments to creditors including our 2nd mortgage. We were not planning this move (like many others here) and as a matter of fact we even returned 45k to our 2nd mortgage lender. We could have easily kept it......so all we are trying to do is put the $$$ into our retirement... something that will be critical to us in the not so far future. I am 58 years old. Of course it will be up to the trustee....

Thanks

[justbroke]

something that will be critical to us in the not so far future. I am 58 years old.

Actually, and don't quote me on this, but I believe that when you're at that age... 58... the amount you can contribute is slightly higher. My employer has something with 401(k) -- a different retirement plan than the Roth -- where we can accelerate payments after a certain age as we approach retirement. I don't think it will be that significant, but would allow you to save a little more.

HHM is right on the money... pun intended.