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About fatherof3

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  1. Thanks Who Cares 1000, I was planning on claiming insolvency if I need to. The problem I have with this 1009-C is it coming 2 years after the business has closed due to the bank foreclosing. In my view this does not apply to us personally because the business was closed. It is very obvious that the business was insolvent. Maybe I should be asking if a 1099-C applies to us personally after a business has been closed for 2 years? Thanks for your input, everything helps
  2. We have a little different kind of 1099-C question. We had a loan for a business property. (2005) Bank would not work with us. Lost everything to forclosure in 2012. Closed business and file with IRS. S - corp gone. Bank sold property in Jan. of 2014. We receive a 1099-C in S-corp name for the amount of loan plus all of the interest, etc... What do we do with this 1099-C? We did personally guarntee the loan but because the bank took the non-judicial route they cannot come after us for any of the debt in WA. State. Thanks in advance, Bill
  3. I received a letter from a Collection Lawyer stating that my Wife and I owed money form a business that was foreclosed on in 2012. I sent a Debt Validation letter which also included that they send a Personal Guarantee and other than that to C & D! He called and left a message on my Wife's phone stating that he knows we know we owe this debt, that the list of items we are asking for is ridiculous and that he will see us in court. He also stated that because it was business debt the FDCPA does not apply. I say he violated the TCPA as well as the WA state RCW 19.16 ? The question:
  4. Update on progress. The bank has a secured loan and will not take our offer. Recevied a letter on a updated forecloser sale date. Looks bleak as I write this. Not sure what to do next. We sent a email to our attorney asking if we can make another offer and see if that will help. I wanted to let our Creditinfo members know that if you have a bank that has secured loan on your property they do not have to take any plan, they can take what you have put up for collateral Lots of prayers from all will be greatly appreciated. I hope our attorney makes another offer. A few things have changed so ma
  5. I would say that we are "underwater" as for the loan. It was secured before the market crash. We also had to put our house up to help get the loan. The building, property, equipment and our house. They have a lein on everything except that it is not worth what we owe. Even if they part everything out and sell our house they will lose because in our area the value is about 1/2 of what it was. Our attorney says that he cannot force the bank to take what we have figured we can pay. We only owe 2 creditors. A supply company and the bank. No one showed up at our hearing so I thought we got what w
  6. JQ26, Not sure what you mean by the bank being secured? Cram down the plan? Please explain. Apparentlly the plan is not secured because our attorney is trying to negociate with the bank. I was hoping that he could force the bank to take what we put forth to the bk court. Yes, the plan paid the bank in full over a longer term with a market rate interest. We sent the bank a final offer so we will see what happens from there. I like to know our options because I feel the more I know the more I can make better decisions. I will ask our attorney about having a confirmed plan or not. Thanks for t
  7. JQ26, We fied Chpt. 11 for a business. What I do not understand is the fact that we/the plan was approved by the court. Now the bank has sent a counter offer which will not work for us. They did not show up in court so I thought we won (so to speak) and automaticlly got what we were asking for. Our attorney says that we cannot force the bank to accept the payment, they need to agree to take it. Any help is appreciated, Father
  8. Thanks Who Cares and JQ26, To expound on what WhoCares said, the bk code requires your plan of reorg to provide to each lender AT LEAST AS MUCH % PAYBACK AS THEY'D GET in a Chapter 7 Liquidation. Why Chapter 11 and not Chapter 13? Is this a business? And if a business, what do you mean by you need a loan mod? Also, understand that there is a "loan mod" outside of bk (just renegotiation of terms) and then there is a "plan of reorganization" that is approved by the bk court and imposed upon all parties. Two different things likely. Seems as if you may be using them interchangeably but your la
  9. I don't get it. After many years of avoiding BK we finally had to file. We hired a lawyer and he went with Chapter 11. We only owe two creditors, a supply company and the bank. The bank is the reason we had to file, we need a loan mod. We went to court, no one else showed up. I thought we were through with everything and we got our loan mod. Last week we receive a email from our lawyer of an email he received from the banks lawyer offering a loan mod not worth our time responding to, not enough relief for us nor even close to what we filed in court documents. Here is what I don't understand
  10. Thanks, I thought that is what was going on. I planned on giving it to my Attorney anyway. Fatherof3
  11. After many years of trying to avoid BK we finally had to file. Not because of personal debt but due to lack of business. Yesterday I received a Notice of Vacation of Dimissal Order. TO: Debtor, All Creditors and other parties in interest You are notified that an Order Vacting Order of Dismissal was signed on 12/2011. What does this mean? Thanks in advance. Fatherof3
  12. Thank you for that information. That is what I remember, one was free and the other wants to charge you. Fatherof3
  13. I remember seeing on this site about which "Free" credit report site to use. If I remember correctly, one of them wants to cahrge and sell information about you and the other is totally free and upfront. Which one is is the best to use? Thanks
  14. Does this letter work for commercial mortgages also?
  15. Does this letter work for commercial mortgage also? Thanks