oneobserver

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Everything posted by oneobserver

  1. What about the lien and Judgment, do I include a Vacatur of Lien and Judgment to the settlement agreement?
  2. So in other words, I can't even attempt to suggest settlement at less than the amount on the affidavit at $2,400?
  3. So I was looking for advice on how to fix it but your comments are valid for anyone else who may be in this situation and help them avoid it. Thank you.
  4. This is for the estate planning gurus lurking and making awesome contributions on this site. Yes, we all know you only provide legal information, not advice. I set up a self directed CESA account (coverdell) with a custodian. I then set up an LLC that has only 2 members AT THE TIME OF FORMATION: the CESA account and an operating company already in existence which I am the CEO of. When I went to fund a checking account in the name of that newly formed LLC, the custodian said it was a prohibited transaction due to the fact that I owned and controlled the operating company and that I was the manager of the new LLC (unpaid manager). I have read in many forums that this IS done since it IS permissble under the current IRC in that AT THE TIME of formation, both entities have to exist and cannot be added later. However, the custodian's legal dept has not accepted it. What specific IRCs can I use to explain to them this IS a valid setup?
  5. A derogatory item is both a collection account being handled by a collector and is also a judgment being handled by a law firm. To negotiate settling this account, do I negotiate with the law firm or the collector? I'm thinking to first file a motion to vacate the judgment (due to a legal firm administrative error--I was negotiating with the law firm, my attorney didn't show up in court thinking this other attorney was, and they got the judgement), and THEN negotiate the settlement. I think they have less leverage without a judgment and will be more willing to negotiate. Any insight from the experienced pros on this site? Thank you.
  6. Hi, I'm in NY, hoping for some guidance and would greatly appreciate any insight and information. I have an LLC which established a tradeline with a local merchant. Due to unfortunate events, a balance on the account was unpaid and the merchant gave it to his attorney to act as a debt collector in 2006. I've been meaning to pay since then. The attorney debt collector called me into his office and told me I had to sign a Affidavit of Confession or something like that. Little did I know back then that this made the debt now a personal obligation. So he proceeds to filing: a lien against my property, a judgment against me personally which is on my CR. Question, I am planning to pay it but seek to delete entirely from CR and as an encumbrance on my property. Judgment amount is $2,400. Through a legal plan I'm covered under, I sought the help of a local attorney to negotiate this. She negotiated alright! $3,000. I'm not paying this much. How much can I possibly negotiate this down to, 25% good enough to ask them to agree to join in a motion to vacate and also release the lien? In the settlement agreement, do I ask them to file the motion or do I attach a Vacatur of Judgment and Lien, both with Prejudice? Are there any other aspects I should consider in putting the agreement together? Wouldn't have the merchant already written this off as bad debt back in 2006 (and conversely, any monies they do get is a plus on their books for this year?) Again, I'd greatly appreciate your feedback. Edit/Delete Message
  7. Hi, I'm hoping for some guidance and would greatly appreciate any insight and information. I have an LLC which established a tradeline with a local merchant. Due to unfortunate events, a balance on the account was unpaid and the merchant gave it to his attorney to act as a debt collector in 2006. I've been meaning to pay since then. The attorney debt collector called me into his office and told me I had to sign a Affidavit of Confession or something like that. Little did I know back then that this made the debt now a personal obligation. So he proceeds to filing: a lien against my property, a judgment against me personally which is on my CR. Question, I am planning to pay it but seek to delete entirely from CR and as an encumbrance on my property. Judgment amount is $2,400. Through a legal plan I'm covered under, I sought the help of a local attorney to negotiate this. She negotiated alright! $3,000. I'm not paying this much. How much can I possibly negotiate this down to, 25% good enough to ask them to agree to join in a motion to vacate and also release the lien? In the settlement agreement, do I ask them to file the motion or do I attach a Vacatur of Judgment and Lien, both with Prejudice? Are there any other aspects I should consider in putting the agreement together? Wouldn't have the merchant already written this off as bad debt back in 2006 (and conversely, any monies they do get is a plus on their books for this year?) Again, I'd greatly appreciate your feedback.