Our sick story...

[busted]

Con Treats force removal!

[SinkingFast]

Hi Busted!! Welcome to the Forum!! We're glad you found us!!

We all know how you feel. You don't have to beat yourself up. You're among friends here.

Normally, I wouldn't suggest a rush to file, but you sound like you're in a rushed situation. At least, for yourself, try to schedule 2-3 Consult appts with different BK attnys.

BK is serious stuff and you wanna be sure you get the right person, that works well for and with you, for this job. Most especially in your case since it sounds like you may have to use "Out of State" Exemptions. If something goes wrong, it's not the attny's butt on the line. It's your life that can be screwed. So meet with more than one attny if you can.

The other attny was right. You do have to file where you live. If your name is on some of the documents, you might be best off to file Joint. Many times Creditors will lay in wait until the one spouse's BK is done and then pile the bills back on the other spouse if the debt is considered Joint.

Personally,............. I wouldn't say a word to the Trustee about the monies you were supposed to have been paid and weren't. $250K will be very enticing to any Trustee and that could tie your BK up forever getting Closed. Get an attny's advise on what to say and what not to say about the money you are owed. Don't open a can of worms you don't have to,.......... If you catch my drift.

A few things that will help us help you,...........

What State do you currently live in and what State did you move from??

How many people in your family??

We can help you with Median Income, Exemptions, and such if we know that much.

[busted]

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[CATCHMEIFYOUCAN]

Hi BUSTED .. sorry to hear your troubles, I had an excellent attorney, I'm in Falls Church, VA. I sent you a Private Message on the attorney and his website.

Best of Luck, CMIYC

[DeadManCrawling]

There's another angle you may want to consider, after the emotions have settled a bit.

Welcome, by the way. You found a great forum of people here!

This 250k that is owed. . . do you want some sort of justice?

If so, you can show up at your former business partner's meeting of creditors and stake your claim.

You can tell HIS trustee about the money. You can also tell HIS trustee about him mentioning offshore accounts. I doubt you will be the only creditor to appear in a case involving millions. Want to wreak a little havoc? Send a letter to the US Trustee.

If you plan to try to keep your home and other assets, you may be pushed toward a Chapter 13 which takes 5 years anyway. Why not "spread the joy"?

I doubt there will be much, if any, impact on you in a chapter 13 case by revealing this stuff, but it could make HIS life a living hell, the person who conned you.

In a chapter 7, well, that's a whole different thing. If you want if "over and done" then something like this sure could drag it out.

Doesn't seem right, though.

Good luck,

-dmc

[reallynervous]

Busted,

I am not too knowledgable about all the BK stuff yet, but I did want to say that I understand how stressful this all can be. So, I just wanted to send you a virtual hug and let you know that you have found a great resource here.

Once you talk with some attorneys, that should help you to feel better as you will know and understand a little better.

Take care!
reallynervous

[SinkingFast]

You have to live in the State you file in for 2 years prior to filing in order to use that State's Exemptions. For people that have moved within 2 before filing, they have to use the Exemptions from their previous home State. Not the State they currently reside in.

You say you owned a home in VA the whole time this was going on. Was VA your legal State of residence? If you were just living in CA on a temporary basis and never changed your vehicle registrations, driver's licenses, and such, you may be able to use VA Exemptions. That would be a question for an attny.

The Median Income Level for a family of 5 in VA is $86,231/year.

You can access Means Testing information at this website:

http://www.usdoj.gov/ust/eo/bapcpa/2...anstesting.htm

Here's a link to a listing of VA BK Exemptions:

http://www.bankruptcyinformation.com/VA_exemp.htm

If you can't use VA Exemptions, you'll have to use CA Exemptions:

http://www.bankruptcyinformation.com/CA_exemp.htm

That's property you're allowed to keep after BK. The Law allowed for Debtor/Filers to have a small stake to start to rebuild after BK. That's what Exemptions are for. On things like cars, unless you own the car outright, you only need to cover you equity with an Exemption. Same with your house. The Homestead Exemption is applied to your equity. You don't have worry about the value that is securing the loan or mortgage.

In your case, since you were renting in CA, if you have to use CA Exemptions, you may want to choose System or Scheme #2. System #2 allows for a WildCard Exemption. Plus Filers can apply any unused Homestead Exemption to any property. That's $50K for a debtor filing single, or $75K for a couple filing Joint.

Again, if you were living in CA on a temporary basis, your attny may decide to file as if you've been living in VA the whole time. That's an issue that you'll need to discuss.

[tradewiz50]

Hard lesson to learn indeed. One thing I noticed is that you combined personal debt with a business. That is a fatal error as you can see. Always keep business debt seperate by personal debt! Incorporate any business no matter how small. At least your personal assets like your home are protected!

[busted]

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[busted]

N/a

[busted]

Also do they really make you sell your household items???

[DeadManCrawling]

Also do they really make you sell your household items???

Very unlikely, if you are talking about couches, beds, steros, computers and that sort of thing.

If you have a lot of high quality items that are EASILY sold, then maybe. Things like collector cars or artwork that is by famous artists, they would be interested in.

They do NOT want your kitchenware, landscape tools, etc, in general. One poster here had a trustee demand his ten year old shovels and rakes, I recall, but ultimately they didn't take em (if I recall correctly).

Use the search box and look for "liquidate" to find more posts about this subject.

-dmc

[busted]

No, we don't have any items such as boats or artwork. I am just having nightmares of them coming in my home and taking everything to auction including my chilrens beds and toys, UGGG!

[lrprn]

Also do they really make you sell your household items???

If your "household items" include expensive jewelry, valuable art, furs, etc, then those may be looked at for possible sale if you can't protect them with your state's exemptions or wild card (a set $ amount that some states allow to protect items you want that total up to that value from the trustee, but not all states have it).

Your regular furniture, appliances, clothes, and other household items will be listed as one lump sum value on the Ch 7 Means Test forms. Trustees want big, easy money to give to your creditors that they don't have to work hard to get. Your regular household items are safe.

[ilovemycaitybug]

I know this is a very difficult situation, and I truly feel for you. That is a lot of money to have worked so very hard for and see stolen from you. (((HUGS))) I don't own a business or anything like that so I don't have any advice in that matter, but I do know and understand the anxiety of someone taking your belongings. I am sure you will be fine, and as you said, you will not lose your MOST PRECIOUS belongings- your children. This WILL blow over, and you WILL rebuild your credit I am certain by the way you speak. It is a very difficult bump in the road of life... true... but you will overcome it. We are all here for you. I really think this site has saved my sanity throughout the process. Please stick with us here and keep us posted! If you ever want to vent, cry, or just chat, feel free to message me anytime!