We have a lawyer trying to collect a debt on an old fuel oil bill, we are financially strapped since I am not working due to my husbands health. He only gets Social Security every month and we are on food support, fuel assistance, and he also gets medical assistance along with his medicare.
The bill is just in his name and I do not think he can get anything from us money wise but I am worried he can put a judgement agalnst our place that we are buying. We are buying this old mobile home with 4 acres of land from a private party on a contract for deed, the place is appraised at a little over 40,000, the debt last he sent a letter was 1250.00 and I would image growing more interest, the original bill was around 800.00. The guy we are buying from will be so angry if we get a judgement on this property. I read something about a homestead exemption and this place is homesteaded. So if I could hear back about this issue I would deeply appreciate it.
We have two letters from him and one I requested and that has been all I have heard and that has been almost 9 months ago back in april. He will have to take this to court and notify us first I am hoping. Thank you Nancy Hanson
Category Archives: Credit, Debt and Collections Law
forming a corperation vrs bankruptcy Hello, I lost 2 houses 3 years ago, I…
forming a corperation vrs bankruptcy
Hello, I lost 2 houses 3 years ago,
I live in michigan. I had $10,000 in debt and no listed amounts owed when I lost my homes 3 years ago.
FOR the same price I can place my new home which I bought on land contract in ( A CORPERATION )
and ALL my assets which are 100 DOMAIN names worth $20,000
AND some land value $10,000.
REASON I am forming a delware corperation is NO body has contacted my from my old debt and
to be blunt it THE ASSETS ARE now in the corperatoins name.. my C corp will now own all these assets.
DOES ANYONE FEEL a collection company or lawyer can get a garnishment, LEVY or any assets that are involved with a 1031 tax exchange in the c-corps name….
or is this a matter of a court can force liquidation of these assets or help to place liens on them… or somehow force the domain name company to turn over the assets for the judgement and the land to
place a lien on that… but I dont own it is my question… I know this is written in long form but it’s involved question wise thanks
Hello
We have a personal account with Bank Of America.
Hello
We have a personal account with Bank Of America. The wonderful company decided to raise my interest from a promotional 0% to 30% over an honest missed payment mistake. I spoke with them and they lowered it to 21% only to raise it again two months later.(I missed no payment) I paid 1300 in payments over several months but I stopped making payments to them in June and over the last 11 months have almost 3,000 in interest,late fees and over the limit fees, The company now wants 9,300.00 but will settle for 2,700 and give me a 1099 form for the balance. In reality this is money in the air I really only owe them 5,000.00 thats giving them what I think is a fair amount of interest of 50.00 a month since this started. They won’t budge. I own a small struggling business that only the business is in my name the property is being purchased by me on land contract. I am purchasing a home under a land contract as well. None of it is in my name for another 3 more years. I only own an older truck under personal assests and everything else is thru the business. My question is would I qualify for insolvency or do I have to claim the business as assets. What kind of taxes am I looking at paying with a 1099 form with an income of 25,000. Is this the best route to go. Bank Of America won’t budge on the price and half of it is there interest charges.
debt of incapacitated person in Florida Problem: Incapacitated person with…
debt of incapacitated person in Florida
Problem: Incapacitated person with fairly signifcant credit card debt. This person’s only significant assets are a trailerhome and the land on which the home is located.
Questions: What is the best course of action for a general power of attorney to protect those assets (i.e. writing to the credit card companies to explain situation, filing bankruptcy for incapacitated person, filing some kind of exemption if creditors seek judgment)? Also, what is the likely course of action of the credit card companies when bills cease to be paid? Can they automatically slap a lien on the property or must they go to court to get a lien?
Debt Liability for Accounts Opened By POA I hold General Power of Attorney for…
Debt Liability for Accounts Opened By POA
I hold General Power of Attorney for my mother-in-law, who is elderly and in a nursing home. We are both Virginia residents. I am planning to open a credit card account in her name, as the POA grants me authority to do. If her estate has insufficient funds to repay that debt after her death, will the credit card company have any right at all to collect that debt from me?