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justbroke
justbroke
Super Moderator
Last Activity: Today, 12:01 AM
Joined: 07-10-2008
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  • You or your attorney should read up on the new "attestation process" which has greatly reduced litigation under Brunner. Well, at least it's driven mostly by paperwork. Whether or not a Pro Se can still pull this off is a good question. The problem is always evidentiary, but at least the "attestation...
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  • justbroke
    replied to srz intro
    Welcome to BKForum!
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  • Yes, it's tough owing creditors; especially aggressive creditors. The SBA is an independent agency but they act like any large creditor. They are aggressive when protecting the interests of the government (the guarantor of the loans). In this particular case, the SBA isn't trying to exert any pressure....
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  • I can't give marriage advice, moreso because I think it should be based on your life together, family, and not necessarily finances. Not so funny thing is that finances are a very significant contributor to what destroys most marriages. So that fact alone is surely what's driving you to think about...
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  • justbroke
    replied to Hello again...
    Welcome to BKForum!

    Since taking scholarly writing and serving on the editorial board of a professional journal, the em dash and Oxford comma have become staples of my formal writing. Unfortunately, as you observed, I now have to make a conscious effort not to overuse them. I have also...
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  • justbroke
    replied to Where do I start?
    That's a first for me... that you can't file a Chapter 13 bankruptcy if you can afford to pay back your creditors. The only bankruptcy which has that restriction is a Chapter 7 bankruptcy. The real question: if you could afford to pay all unsecured creditors 100% today, do you have another reason to...
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  • Yes, for most it's the feeling of at least trying to pay back debt. Plus I do agree that not having that dark shadow lurking in the corner can be off-putting at times....
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  • Okay. I was wondering because some that are collection proof may just ride it out....
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  • justbroke
    replied to Where do I start?
    Welcome to BKForum.

    You really need to speak with attorneys in Texas regarding the impact of any homestead exemption, but it looks like you have or will apply the homestead exemption to the "new" home. The $$$ from the equity from the fire is likely exposed in a bankruptcy because...
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  • If you're judgment proof (technically "collection" proof), then why even settle? Especially if there is no wage garnishment. Are you trying to restore your credit?
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  • justbroke
    replied to A gift vs. a transfer
    It depends on whether the Trustee tries to attack that as a preferential transfer. Just means that you preferred one creditor over others. For secured creditors, such as the SBA, it seems that they are treated different because they would get money putting them into a better position than other similarly...
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  • justbroke
    replied to Chapter 13 Newbie
    Welcome to BKForum.

    The biggest thing if you're going to file a Chapter 13 is having a great attorney that can fashion a plan for you that is feasible and won't be subject to failure. At the end of the day, a Chapter 13 will never work for someone who is unable or unwilling to budget....
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  • If the value that you list on your petition is challenged, you can always provide evidence that the value is correct. A true appraisal performed by a licensed appraiser and reported in conformance with the uniform residential appraisal report will always be better than a Zillow estimate. Talk to your...
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  • Yes, a Chapter 13 requires "regular" income to fund the plan. Everyone prefers the speed of a Chapter 7, with the capabilities of a Chapter 13. I know that I prefer such a system. (They have this hybrid called a Chapter 20, but you don't see those too often. Chapter 7 followed by a Chapter...
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  • If you're trying to save and keep property, a Chapter 13 may be better. Hopefully you'll be able to thoroughly review all available options with an attorney.

    Businesses fail all the time. Nearly every major car manufacturer has filed bankruptcy several times. We won't even talk about the...
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  • Sopunds like an ordinary SBA 7(a) loan. Doesn't read as if it was an EIDL loan related to COVID-19. It sounds like you are winding down the business with the SBA taking the building which partially secured the loan. The thing will be how much personal liability remains attached to your real and personal...
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  • despritfreya, the SBA took a lien against business assets if the EIDL was greater than $25K. I don't think the personal unsecured guarantee was required until you got to $200K. One of the partnerships I was involved in took an EIDL loan which was way short of $100K. No special guarantees other than...
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  • justbroke
    replied to New here
    Welcome to BKForum!
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  • FYI, if you get a HELOC while in a Chapter 13, you will likely need to pay 100% of the allowed unsecured claims that were filed. The court will likely think "why should we let you buy another house at the expense of the unsecured creditors who otherwise couldn't get to your home's equity due to...
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  • justbroke
    replied to Introduce
    Welcome to BKForum. Just saying hello is enough! I see you have already asked a question in another thread. Continue to ask as many questions as you want to ask.
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