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AV Preeminent Peer Rated Attorneys
Bardonia Residents, consider several factors when selecting a lawyer ... Learn More
AV Preeminent Peer Rated Attorneys
Bardonia Residents, consider several factors when selecting a lawyer including their experience, expertise, and reputation. AV Rated Attorneys represent a distinguished group of lawyers who have received top ratings from their peers for their exceptional ethical standards and an A grade (4.5 or higher).
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Commonly Asked Bankruptcy Questions From Users Near You

This information is not legal advice and is not guaranteed to be correct, complete or up-to-date. It is provided for general informational purposes only. If you need legal advice you should consult a licensed attorney in your area.

Should I get a contract saying that money was received was a gift and not a loan so it can't be retracted in the future?

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Answered by attorney Bijal Mahesh Jani (Unclaimed Profile)
Bankruptcy lawyer at Law Office of Bijal Jani
If your friend is gifting you the money (that is, does not require that the money be paid back), then it should be in a written note which he has signed.
If your friend is gifting you the money (that is, does not require that the money be paid back), then it should be in a written note which he has signed.
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Should my aunt & uncle file for bankruptcy or declare themselves judgment proof?

Answered by attorney Mark J Markus
Bankruptcy lawyer at Law Office of Mark J. Markus
Based on your facts, it sounds like they would be judgment-proof and that bankruptcy would be unnecessary.   However, I get lots of these types of clients and while I advise them that they don't need to file bankruptcy, they often feel a great deal of relief by filing bankruptcy so that they don't have to worry about the constant harrassment by creditors. Just because they are judgment-proof doesn't mean they won't have to spend time dealing with the creditors.  If the creditor gets a judgment, they will try to collect and will probably try to seize their bank account(s) which presumably contains only their social security income.  If this happens, they will be tasked with having to take action to recover the money, which will require proof that it was in fact social security funds.   It's not that difficult, but it is a hassle. Assuming they qualify for a Chapter 7, it's a relatively quick and easy process to eliminate the debts.  The real question for them at their age is whether it's worth the cost for the peace of mind it gives them. Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.  
Based on your facts, it sounds like they would be judgment-proof and that bankruptcy would be unnecessary.   However, I get lots of these types of clients and while I advise them that they don't need to file bankruptcy, they often feel a great deal of relief by filing bankruptcy so that they don't have to worry about the constant harrassment by creditors. Just because they are judgment-proof doesn't mean they won't have to spend time dealing with the creditors.  If the creditor gets a judgment, they will try to collect and will probably try to seize their bank account(s) which presumably contains only their social security income.  If this happens, they will be tasked with having to take action to recover the money, which will require proof that it was in fact social security funds.   It's not that difficult, but it is a hassle. Assuming they qualify for a Chapter 7, it's a relatively quick and easy process to eliminate the debts.  The real question for them at their age is whether it's worth the cost for the peace of mind it gives them. Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.  
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How likely will I be forced to file for a chapter 13 bankruptcy?

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Answered by attorney Jeffrey M. Cook (Unclaimed Profile)
Bankruptcy lawyer at J.M. Cook, P.A.
That is impossible to predict and I would usually rely on the local atty. If you are not sure, get a second opinion from a competent bankruptcy professional.
That is impossible to predict and I would usually rely on the local atty. If you are not sure, get a second opinion from a competent bankruptcy professional.
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