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bcohen
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Last Activity: Yesterday, 05:02 PM
Joined: 06-12-2010
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  • Your overdrawn bank account is not a "cash reserve"--it's a debt. An unsecured debt, to be specific. And just like any other unsecured debt, you'll include it in your bankruptcy, and the debt will be discharged. Upon discharge, the bank must update the account with any credit bureau it...
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  • bcohen
    replied to Credit Card Purchases
    If you have sufficient exemptions available to protect the tax refund, then it does not matter if the money has been received yet, or not. An anticipated tax return is treated the same as funds in a bank account for purposes of exemption. If you are able to exempt X number of dollars of "cash...
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  • You are in over your head here. You do not want to reaffirm a vehicle loan, except under one circumstance: if you owe less than the car is worth, and the lender specifically requires reaffirmation. In that specific situation, it would make sense to reaffirm, because if the lender takes the car, you'd...
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  • bcohen
    replied to Credit Card Purchases
    Don't lose any sleep over this. It costs thousands of dollars for a creditor to file an objection to discharge, and few will bother unless the debt is huge, was incurred immediately before filing, and was clearly for luxury purchases. Routine purchases of food, fuel, medicine, even home repairs and...
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  • This is a bad plan, because the bank may not own its building and land, and may just be renting the space. The actual owner/property management company might have a contract with a towing company which the bank would not be party to. Depending on state law, you could find yourself liable for towing...
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  • It sounds to me like it's time to close the business, default on the business's debts, and attempt to settle with the creditors. You have too much property to risk in bankruptcy, so that is not an option. The important thing is to cut your losses, and close the business ASAP!
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