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flashoflight
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Last Activity: Today, 08:43 AM
Joined: 10-25-2019
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  • The prepetition lien is on ALL real estate in the county owned presently or in the future. Think of it as the creditor adding to a giant list of judgement liens in that county that needs to be satisfied before the property changes hands.
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  • flashoflight
    replied to Filling Chapter 7 and have Questions!
    The reporting fall of date doesn't prevent the creditors from suing. Also the statue of limitations seems to protect you theoretically, but it isn't great protection in real life practice.

    If the debt reaches statue of limitations, they can still sue you but you have to use a lawyer or...
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  • flashoflight
    replied to Income taxes
    The 401k withdraw is income that belongs to your unsecured creditors unless your lawyer does something to change that or if you are 100% payback to unsecured already. Otherwise those withdrawn funds are not yours.
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    Last edited by flashoflight; 01-17-2020, 05:23 PM.

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  • So regarding the trustee that fights you on every little thing...

    The key to dealing with this type of trustee is to anticipate everything he is going to ask for and obeying local customs for what's allowed and what won't. The top shelf BK lawyer who has spent many years practicing in the...
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  • JB's rule that all liens survive bankruptcy is what you need to know. The creditor can't ask you to pay or file another lien thanks to the BK. But they don't have to do anything else either like get rid of the lien.



    Let me correct this. The judgment creditor placed a lien...
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    Last edited by flashoflight; 01-14-2020, 08:46 PM.

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  • sarra1833 First of all, you can't keep any of the credit cards. Just forget that horrible idea. You can't leave off any creditors and even if you did, they will find out anyway and the trustee won't be happy you perjured yourself. I would just stop paying all the credit cards and save that credit card...
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  • You are more likely to get a loan mod and have an easier experience with Mr Cooper from within ch13. You'll be working with better trained BK-aware loan mod folks rather than the rest of the loan mod department. Your ch13 budget and plan proves you can afford things at the current amounts. Of course...
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  • Vball What are the reasons listed on the motion to dismiss? Your must-pay amount is less than $600/month but he wants more. Did you submit proof of expenses with receipts showing what you paid? In my district, you can put down $1700/month in medical expenses (20k/yr). But the trustee will want one...
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  • flashoflight
    replied to Possible Assets
    What do the other home value sites like redfin or trulia say? Need the actual numbers (not just 25k over) so we can calculate selling costs like broker commissions. Can you get an updated broker price opinion from your last agent and pretend you might want to try again? If you have some non-exempt...
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  • treadingwater Yes, you need to talk to your lawyer, but it should have been done before you withdrew the 403B. The 403B withdrawal (net of taxes) converted exempt assets to non-exempt income that now belongs to your unsecured creditors. You should try to claim that there was an unanticipated (not already...
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  • flashoflight
    replied to Finally filed!
    Witchywitch It's quicker to explain with an example. Let's assume the unsecured max for ch13 is $419k.

    You have a house worth $300k. Your first mortgage has $310k remaining. Your second has $218k remaining. You have $200k in unsecured credit card debt. If you strip the second, the debt...
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  • I don't think any of these proposed reforms mean anything until a pro-reform candidate is elected president and Congress has a makeup that is favorable to reforms, and even then I'm highly skeptical. I also feel the incumbent president has a good chance of staying in office. Furthermore, the previous...
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  • flashoflight
    replied to Dismissed Chapter 13 question
    I don't have any experience with BK dismissals, but I'd think you're in trouble if you have an aggressive creditor law firm like one of Amex's. They can use the BK filing as a cheatsheet to your job and real estate....
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  • JLM0706 If you spent $1500 on food and the lawyer says the trustee won't accept anything more than $800, then you'd need to put down $800 in food on your budget and find an expense that counts on the 7 means test to spend the rest such as charitable contributions for the next couple of months prior...
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  • OP, I just reread one of your earlier posts. The 401k loan repayment may make it very difficult or impossible to squeeze into a 7. 401k repayment doesn't count in a 7. Right now, that loan repayment money can't be used for an expense that will help you squeeze into a 7. You might want to think about...
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  • flashoflight
    replied to Finally filed!
    Maybe the ch13 is hitting the unsecured max due to stripping off real estate liens. Other than that, I don't see how home equity prevents a cramdown.
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  • flashoflight
    replied to Income garnishment/pay deduction
    Nobody is going to know that answer.

    It depends on the budget you and your lawyer come up with for chapter 13. You should look at the old posts on this forum about budgeting and expenses to get an idea of what will fly and what won't. For example, eating out every day even with receipts...
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  • flashoflight
    replied to Debts over 10yrs old
    They can sue you for SOL debt because their paperwork (possibly from the junk debt buyer they bought it from) supposedly says it hasn't expired. If the process server pretends to serve you (this is very common), you won't know and lose to a default judgement and it may be many years before you learn...
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  • flashoflight
    replied to Bankruptcy vs DMP
    401k loan payments don't count in the means test expenses for ch7 but does count in ch13.

    Your arrearage on the house can be paid from the money you will stop paying the DMP. Usually folks stop paying credit cards months before the bankruptcy to pay for the lawyer as well. Money going into...
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  • flashoflight
    replied to Filed one week ago
    As far as making too much income for ch7 going forward, you don't want to get into the habit of turning down jobs and promotions even though it made you ineligible for ch7. I'm glad he did not turn down the job on purpose to qualify for ch7. Jobs are precious nowadays and you don't want to end up in...
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