sc1776

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About sc1776

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    Ask And I'll Tell You :)
  1. Yeah there is NOTHING in the judgement that I saw or that the attorney I met with yesterday saw that alledges fraud. I absolutely did not commit fraud. The deal just went bad...the price the units were set to sell on was just too much for the declining market...and as everyone knows the market just kept getting worse...well no sales means no loan support and then that's all she wrote... Thank you both for responding...I've said this a thousand times before but this has to be the scariest thing I have ever been through / faced...but just starting this process I'm starting to see that there's hope...its going to be a long road but the thought of starting over and having a life is beyond belief...
  2. Des- Are there different kinds of "judgements" for the same case? I met with my first attorney today and he said the only kind of judgement that can not be discharged is one that alleges fraud...I know there was no fraud for any of my cases, but he has put a bit of fear in me b/c he said that sometimes lenders will alledge this even when there is no fraud just to avoid discharge...So now i'm freaked out....i found a copy of the foreclosure judgment where they came up with the final "number" that is owed...but this was pre-sale of the property i think...but it still says "final judgement" can there be another judgement after that for the same property? or if there was an allegation of fraud would it be in that first final summary judgement? Because right at the top of the document it says "Summary Final Judgement"...
  3. Des- You couldn't be more correct. I have not interest in trying to navigate this by myself. WAY to much at stake...I have spoken to 2 attorneys to date (stupid weekend)...one said that $$ after marriage might be at risk, and only half of it at that....so for example if my spouse had 20K before marriage and there was 10K acquired after marriage, then only 5K of that 10K would be at risk, my "half"...the other was not concerned at all about the $$ and felt that it would not be in jeopardy. When you say "we came in to do damage control" what does that mean? Are you an attorney? You said things worked out in the end, can you elaborate?
  4. Des- I mean this with the utmost respect and LOVE but I hope you are wrong LOL...Please understand that I am not trying to argue with you, so I hope that my comments back and forth don't come across that way. I'm just trying to add in things I think of to hold out some hope, to try to figure out how to salvage what my spouse worked so hard to build up before we were married. None of this was their responsibility, I NEVER would have gotten married if I had known there was even the slightest chance of ANY of this coming back on my spouse...I wouldn't be surprised if my spouse divorces me for all this crap...
  5. Des - So are you saying that in my situation a bank account that a spouse had with any money in that account before we were married is fair game? I spoke to a new attorney today and he said if the account was in the spouses name and the spouse had the account before marriage and it was money that the spouse had before marriage and any money deposited after marriage was from their job that they earned (which is all true) that those accounts would be safe...He essentially said that the spouses money is the spouses money...could that be because of the community property rules of the particular state I'm in? How can I trust any attorney to know? The attorney has been doing BK for 15 yrs and it makes up 60% of his practice. How does one know that the attorney you are about to work with is any good or even knows what they heck they are talking about?? So much to learn lol
  6. Des - I know that I have been "drip feeding" info in the thread. Part of that is b/c I'm not always sure what's relevant, I'm learning how to ask the right questions...As I mentioned in the thread I recently learned that the state I'm in has community property law applications...making the protection I thought I was giving my spouse FAR less effective than I hoped. That said my spouse had set up a biz for me in his/her name so that I could possibly generate an income without getting on the creditors radar. Giving me a chance to generate some revenue for attorney's or whatever. The biz was formed about 2 years ago...Its taken me time to learn the new skill that would be necessary for the business...I'm mentioning all this b/c in my conversation with the attorney today he said that while there's a good chance I won't need to pass a means test b/c means tests don't apply to "business properties", but for some reason my spouse's income would affect my qualifications for Chap 7 to see what could be afforded or not in terms of paying things back, but b/c I have quite a large bit of debt it sounds like a technicality....My spouses bank accounts / income info will most likely need to be disclosed. I just don't want my spouse to get in trouble for setting up the biz...The biz has no $$, and has not had a profit...there's no funny business with the biz in terms of $$. Is it typical for a trustee to 1) interview the spouse 2) probe into the nature of the side business? Or are they more concerned about dollars and cents?? Just how evil are the Trustees?
  7. Des - I mis-spoke (wrote) I am not in a common law state I am in a community property state...I mixed up my terminology.
  8. Des- You are very kind. And I understand what you are saying. The properties were not transferred to avoid anything. It wasn't a "gift" he was my partner, we made the "transfer" verbally back in 2008-ish when I moved away. We just put it on paper for his peace of mind a year or so ago. I honestly have no idea what happened to the money from the property(s). In the couple of conversations we've had I know he's stated that he had upkeep on them but I'm not sure all of what happened with it. I think he's always been on the deed for the property just not on the mortgages. I did have my first conversation with an attorney this evening. I plan on interviewing 3-6 of them to get some different opinions and or courses of action. To be honest I'm not sure that I have any choice but to file a BK...I have to get my life back on track...I can't have all this hanging over my head for the next 20years.... What this attorney did say was that he believed I would qualify for a Chp 7...that the properties would be classified as "business" so I wouldn't have to pass a means test. Also here's a new twist...I didn't mention it before b/c I didn't think it was relevant...I live in common law state. My "partner" though we never filed a marriage license I guess are considered married...While I worked very hard to insulate my partner by never putting my name on accounts or what not, the attorney is saying that any money that my partner earned could be considered "community property"...any thoughts on that?
  9. Des- You are 100% correct...the bank was lending for the property and the dev of the property..now when you say: "if your partner collected rents and utilized those amounts for anything but payment to the mortgage lien holders, the Trustee can and probably will seek recovery of the equivalent sum from him." And I mean this politely, I'm not trying to sound rude or flippant, because perhaps I wasn't clear...those other "properties" were not owned by the bank that holds the judgement. Also, how could the Trustee have any expectations of rents collected BEFORE a BK was initiated...I haven't filed any BK paperwork so are you saying he can look back before the BK and look to take back rents from other properties? I honestly have no idea what he's done with the money. I am working on finding an attorney. I had learned that many of the BK attorneys offer a free initial consultation. So my plan was to contact several, find out what my options are and then plan and prep...
  10. Yes I am learning that filing before the judgement would have been wiser but that was NOT my understanding at the time. I was always under the impression that worst case scenario would be to file a BK. As like many on here I'm sure that given the info learned and wisdom from hind sight, would have handled things very differently...
  11. TBH I had never planned on going this alone. I'm just here to try to learn more about the situation so I can understand what an attorney is doing or going to do...I'm not trying to drip information on anyone in a credit forum but from what I can see there are a LOT of highly intelligent experienced people here who know a lot more about a lot of topics other than credit repair So if I am understanding you correctly, yall are saying that a BK Chp 7 should wipe out a deficiency summary judgement on a RE transaction gone bad? As crazy as this sounds that would be music to my ears!! I'm not sure what the trustee would pounce on as I have nothing I'd be trying to hold on to and nothing to take... The reason that it makes a whit of difference is that I don't feel like having creditors start coming out of the woodwork calling and harassing me 1000x a day. Like I said I don't have any intention of trying to do this solo...that was never my intention. That fact was made even more clear after spending the little time here on this forum that I have spent. I will def figure out how to pay for an attorney to handle this mess. I was just trying to wrap my brain a bit around the situation. I am grateful for all the input and take none of it for granted. This is hands down the scariest situation I have ever been in and I'm just trying to figure out how to navigate through it...
  12. Well what's the point of filing a BK if it doesn't wipe away the deficiency judgement for the real estate investment(s)?? How do I support myself if a creditor can take it all away? Believe me I don't expect nor do I want others to take care of me, that's a BIG part of the problem, that's why I'm here on this forum. I'm trying to figure out how to fix my situation. Just in a really bad place right now and I'm trying to figure out how to make it right...
  13. Des- I appreciate the feedback but the investment opportunity was a bank loan for a property. There is no "dirt" for the investor to tell the Trustee. There was nothing nefarious that went on. There's not "inside information about my affairs" to be hiding. I didn't run a Ponzi scheme for goodness sake lol. When I said I don't believe I have any assets what I meant was that there are a couple of rental properties where I may still be on the mortgage. But CERTAINLY those properties have NO equity and are upside down b/c of the market. And as far as the transfer goes, I honestly don't care if those properties get listed and dumped b/c of the BK. As far as I'm concerned they can go, I'd rather they do so they don't come back to haunt me later.
  14. Here's a mini update and I'd love more feed back. To be clear...I DO NO believe I have any assets. I say "believe" because all of the rental properties that I had in my name I assigned to my business partner. Not in any way shape or form to try to hide them but because I wanted out of real estate and he wanted to try to hang on to them until the market turned around. This assignment was done over a 1 year ago and may have been as many as 3 years ago. The mortgages may still be in my name as the agreement was really more of a Power of Attorney to give him control but I'm not sure he actually took title. If they are considered "assets" then I have no problem letting them go. I have not had a bank account for almost 3 years and I do NOT and have NOT had a job since 2010-ish. I've honestly been too afraid to work. I've just been living with friends and family. I have had NO INCOME. Bankruptcy is just seeming to make more and more sense. I really want to start my life over and BK is the only way I can see clear to do that...I'm trying to establish residency in a non income garnishing state in order to give myself extra breathing room, but BK just seems to be the light at the end of the tunnel. The debt is just WAY more than I could ever figure out how to pay back...All of this stuff seems so complicated and I really don't know where to start, but I'm tired of sleepless nights and the huge burden on my shoulders...I could really use yall's help / feedback...Thanks!
  15. I'd love to pull my CR I'm just still trying to figure out if by pulling my CR it puts me back on the radar...I've managed to lay low for a while now and I'd like to continue to do that until I have my best plan in place... So just to be clear you are saying in a Chapter 7 whether you list it or not its automatically included? Thank you all for your input and advice much appreciated!