bankruptcy

I have 2 questions: can we file outside the state of Iowa if we choose?

Can we file on our 3 home equity loans we owe a great deal of money to along with our enormous credit card debt?

Karen
Butlerenterprisesllc@msn.com

ANSWER.

I am sorry for the late responce, our system went unfriendly for a while. I am not an attorney but consider this. If your home is in Iowa than you will likely have to file there. If Iowa is where you do not live at this time but where the home is located than an attorney can set forth the necessary cross paper work to begin to settle your debt. By filing a Chapter 7 you will qualify for relief of your home equity and credit card debts.

If your home has no equity to satisfy your loan repayments then I would say let it be forclosed on and let the banks hassle it out.

Chapter 13 Planned Payment Taxes

I filed for Chapter 13 Bankruptcy in January of 2005. Unfortunately since then the planned payments taken out of my payroll checks have been taken out of my check AFTER the big three taxes (Federal Income Tax, Social Security Tax and Medicare Tax) have been assessed. In my point of view, this is unfair since I am essentially being taxed on my debt.

I did some research and found some interesting information in the U.S. Master Tax Code which suggest that I should NOT have been taxed on these automatic debt payments:
Section 61 (a) 12 & Section 108 (a) (1) (A) and (B).

I spoke with an IRS Agent via the IRS\' Customer Service line and she suggested I request a private letter ruling directly from the IRS since she could not find specific information regarding income tax assessed on Chapter 13 planned payments to a bankruptcy Trustee.

Any suggestions? Should I ask for a private letter ruling? Have I paid too much in taxes? I would really appreciate some advice.

ANSWER.

I am not an attorney but your case sounds like you and your understanding of the system are above average. I think that a Private Letter Ruling will address your issues and will allow you your day in court to defend your beliefs and clarify your position. The Judge will actually appreciate your taking the time and initiative to attend and will likely rule if anything in your favour because of said.

modify a consent order

entered a consent order to make monthly payments on reduced amount of claim, but lost job and can\'t make payments - is it possible to petition court for modification to consent order? how likely is this to be successful?

ANSWER This answer is best directed to legal aid or your divorce attorney.

A concent order is issued informally between your ex-spouse and you upon seperation and simply filed with the court. Your spouse may well agree to a modification and therefore avoid court. However, if you break your concent order and your ex spouse is not too happy they can petition the courts full full recover and make like pretty rough.

Is there a limit

Question answered in Debt Consolidation blog however, you usually have 60 month max to make your wager earners repayment. However under certain circumstances we have seen irregularities to the length.

Is there a limit on how long you can pay on a Chapter 13 ? Do you have so many months/years that the payments have to be paid within ?

chapter 13 (automatic stays)

I recently filed chapter 13 bankruptcy and as a result my credit union has placed a hold on my savings account. I thought the automatic stay would protect that. I called then to question why this was done and was told their attorneys advised them to do this because of my bankruptcy. Is this legal? If not, what can I do about it?

ANSWER

Placing a hold on your funds is usually seen as a dirty trick by most reputable attornies. The provisions for your Chapter 13 do not allow banks to hold your money. Your attorney can petition the courts to have the money returned or freed up.