Need some advice

[FreshLikeADaisy]

Birn, that's a great idea... IF you have the money to pay a lawyer. I didn't, and was forced to go pro se. Sounds like that's Myprime's situation too, as his post references not having enough $$$ to buy gas or feed the kids.

My pro se bk was entirely successful, as are many. The key thing is to study, study, study *before* you file. If someone thinks they can just download the forms and start filling them out over a weekend and file on Monday, their risk of having significant problems is much higher than someone who has studied and reasonably knows what situations should probably not be approached solo.

Necessity is -- and has always been -- the mother of invention.

[Birn]

Myprime, I'm in a similar situation and tried to go it alone. My advice is to hire a good lawyer that specializes in business related BK. I filed Ch 7 business since most of my mortgages, although business property, were personally guaranteed. Your case will have a lot of issues and the trustee will ask a lot of questions at your 341. A good lawyer will help you be fully prepared and make sure all the fine details are covered. I'm so glad I spent the money on a lawyer. I'm just 3 weeks away from the last day for creditors to raise objections. It was well worth it. Good luck!

[FreshLikeADaisy]

Myprime, you can only list the value of an asset -- like a bank acct -- the day you file. So if it's $0 the day you file, then it's $0 the day you file. Beyond that you may have to list it as a claim that you have against the bank, but since it's not in your hand the day you file it's only a claim you have, and not a bank acct with a balance.

Have you gotten the Nolo Press book yet? (See my sig; I'm a happy customer ) I really think it would help you tremendously to answer some of your questions. If you have no cash you might be able to see it at your local library. Be careful of the date, though: needs to be new law. There's one that came out in late 2007 and I think that's the most current.

Good luck!!!

[deafbroke]

I had my wages garnished for several months prior to filing chpter 7. Once I filed they had no choice but to STOP the garnishment. You might not get back what they took but they can't take any more once you file so file ASAP.


DB

[myprime]

Thanks, really appreaciate the reply..

the funny thing is that I felt really good finally getting a paycheck after so long, even sent out a bunch of checks to catch up on some things. now I got several bounced checks and NSF fees, and wachovia is charging $100 for what ever they got to do. chase bank filed an objection to my exemption, but im going to stick it to them on monday when i file

another question: if my bank account is currently $0 because of the writ and garnishment, do I list it as so on my assest. or do i somehow account for the funds they are holding up?

I am only filing personal ch7, but want to list the few issues i listed above from my llc, just so they dont try and come after me personally sometime in the future. does anybody know if the trustee is going to want to see my companies business records? nothing to hide as it is worthless and my business account has been in collections for several months now.

one last thing (for now ) im in palm beach county florida, does anybody have any idea from filing how long it is until the trustee meeting? they seem to be so far behind in everything, my home has been in foreclosure since Oct 07 with the motion for summary judgment filed jan 08, but here i sit 4 months later with no final judgement and when they finally get around to it they are scheduling auctions 60 days out. so ill be sticking around for most of the summer (but my A/C broke a few months back, so that could sux )

thanks much

[FreshLikeADaisy]

Hi, Myprime. Man, my jaw hit the floor when you said they took your first paycheck in a year the very day you deposited it. *daaaaang* That's harsh.

To be honest, I don't know much about business related bk's so I can't really help you with that. However, you should be able to start working on getting that cash released as soon as you have a case #. Even if your court doesn't require it, when you file pro se, make a second copy of your entire filing and have it stamped, which the clerk will gladly do. You will also receive a receipt for the filing fee, which generally also shows case # and other info about your case. You may need this to show the bank, because when you file pro se it can take a few days to show up in PACER. Once it's in PACER, though, their attys can get to it with just a case number.

Be SURE your filing has these creditors properly listed and attributed in the schedules AND on your creditor matrix. Going pro se, you're really going to have to pay especially close attention to these two areas of your filing. I did a post a while back on how to list multiple addresses, collection agencies, and attorneys for a single loan on Schedule F; it may help you as well, because the point is to do it so that the clerks can match your creditor matrix to your schedules. This will save your butt later on, if there's any question about whether a creditor has been notified, and it will also serve you well in getting any judgements vacated post-discharge. Here's the link: http://www.bkforum.com/showthread.php?t=20890

That said, once you provide whatever documentation the bank requires, the money should be freed up very quickly, as in, within a day or two.

Question 2, yes, you can list entries with no or "unknown" dollar amounts. I had to do that as well with a property in foreclosure. Just be sure you put a brief margin note or something to explain why the amount is unknown. There is also a column where you can put an X for any disputed amounts, in which case a margin note is unnecessary (you don't know the amount because it's disputed, in other words).

Question 3, yes, your bk covers pre-existing claims, liquidated or not, so definitely list this person as a creditor in the matrix and in the schedules. It's what Mike Nifong did.

I wish you every success, and truly hope you and your family find the resources to make it through the next week or two until the money situation straightens out. Good luck!!!

[myprime]

Hello

I learned a tremendous amount of information over the past few weeks lurking on this board. I think im about finished and will be ready to file my chapter 7 on monday (going at it alone) . long story short, iv was self employeed as a real estate investor for the past several years, market took a dump and now i havent made a dime in over 12 months and the few properties I have left are all in foreclosure. I have an llc company (partnership) and im filing a personal chapter 7. what put me over the top, was I finally got a job and recieved my first paycheck in over a year on 4/25. deposited it in the bank (as well as my wifes direct deposit), and on that very day chase bank garnishes my account. no money, no gas, no food for the kids, water & electric going to be cut off etc etc... still trying to free up the funds since I met the qualifications and filed the exemption but the county is 10 days behind in recording the filings. suxs..

I do have a few questions if someone would be so kind to give abit of advice:

1) how fast can I get the bank to release the funds once I file?

2) I personally gauranteed a hard money loan, written on my company, for some real estate, that is now in foreclosure. I would like to list them in my creditors matrix without listing the secured asset or dollar amount, can I do this?

3) My company has an agreement with a private party to split profits on the resale of some land, the land is in foreclosure and will proably be taken back by the bank. can I list this individual in my credit matrix to protect me from any possible future personal liability? if so how would i list the description of debt (in both questions 2 and 3)

thanks in advance