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  1. AndI think a ch 13 now can be converted to a 7 latter
  2. What about a payment plan for now to stall. then incorporate, add shareholders to decrease your share in the business, then in a year or two file? I think you can always file BK, you may just have to plan it better. Not hide assets because that illegal, but who's to say you can't sell shares to family members. You may have to wait 2 years to file and make small payments until then
  3. Are you sure you can't do Ch 7 ? If you loose all those lawsuits they will take your business. What about ch 13?
  4. Oh ok, that makes me feel better. At first I thought his identity was stolen, but his credit is so trashed he couldn't give his identity away
  5. He is in NY and fortunately NY has an online system call E-Courts. Its pretty accurate. I got served once and within 3 days it was in there.
  6. I am trying to help my brother with his credit saga. He managed to pull his TransUnion. But when he went to Free Annual Credit Report to pull Experian and Equifax he could not get past the 5 security questions. They are asking about loans, credit cards, mortgages etc. All accounts he never ever had. He hasn't had any credit accounts since 2008! they are referencing accounts from last year and 2012.So he had no choice but to check "none of the above" and then they said he need to write in with proof of address, social security card etc. How and why could this be? We are fearing identity theft (although his credit is pretty bad since he defaulted back in 2008 on a bunch of stuff. Anyone ever heard of this happening?
  7. One last question here: IF they sewer serve him at al old address he hasn't lived in years, a few weeks before the SOL expires. They get the default judgement (because he sent know about it until it pops up on e-courts). Can he ask it to be dismissed since he was never properly served in person?
  8. Yep thats what I told him for sure. But what is the exact date of the SOL? I mean, if it says first delinquency Aug/08 for example, does that mean Aug 1/14 is the date? Or is it the end of the month? His last payment was July /08 on most of those debts (he was in a car accident the end of August and stopped all payments). Is merely mailing a summons and complaint one week before satisfactory or does there have to be some time allowed to respond? One would think, if they were going to sue, it would be done at least 6 months to 1 year before SOL expiration
  9. My brother, who lives in Albany NY has a couple of old charge off accounts approaching the SOL for NY state (6 years). HE showed me his credit report and it read date of first delinquency 9/2008. Most are small under $1000.00 but one from Cap One is 7K. He hasn't been contacted by any of them, but he moved a few times and hasn't worked. HE credit reports have old addresses on them. So what to do? I don't see that the big one has been assigned to any collection agency (not showing on his report). What are the chances that the SOL will pass in 2 months? Anyone have any advice?
  10. The taxes are old, over 5 years old so they should be able to be gotten rid of in BK. I realize I'm stuck with the student loans. I probably owe 50k in credit card. With NY, they are only allowed to file a bank levy I think once every 6 months. SO they got one shot at it. they may have already tried. The first 1750.00 is exempt in NY. But of course im concerned
  11. Well, the 10K in a KickStarter is probably delusional. But maybe $2500.00 is more realistic. But either way, I need to prepare for the eventuality of levy's and garnishments. There is probably a Chapter 7 in my future, I'm just procrastinating it as long as I can.
  12. I am starting a KickStarter campaign to fund an art project. (I am an artist). I have credit card judgments as a result of prolonged unemployment, also one judgment from a past eviction. When my high paying corporate job went bad, and I couldnt find any work, I decided to pursue my passion in art. Assuming my project is fully funded for $10,000.00 and that money gets wired into my account, is it at risk for seizure from my credit card judgements? That would be a problem, since the backers of the KickStarter are expecting original pieces of work in return for a contribution. I know there is a bankruptcy in my future, but I wasn't planning on doing it now. Would the courts allow the creditor to seize these funds? Should I incorporate, or bank out of state? I know I can file Ch 7. But My income is so low and my assets are so little, I'm basically judgement proof. Also, in addition to credit card debt, I have about $150,000.00 in student loan debt (not in default, in forbearance). I also owe the IRS about 5K (when I lost my job last year I had to live off my 401K so thats where the tax debt comes from) So filing bankruptcy wouldn't get rid of the student loan debt and taxes (not at this point of time anyway) I'm in NY so the first $1750.00 in any checking account is exempt from seizure. I have read about people using out of state banks to avoid creditor seizures. Of course a judgement debtor exam would reveal those accounts and render them worthless. Can anyone make any recommendations?
  13. Fidelity is probably identical to E-Trade. Im sure E-Trade uses clearing banks to process their accounts also. Fidelity has "investment centers" in NY similar to E-Trade. Fidelity uses about 5 different banks to clear funds. UMB, Citibank, Suntrust. Would the restraining order instruct the bank as to what funds are exempt?
  14. I know that IRA retirement accounts cannot be levied upon by creditors in NY. Im not talking about those. Im referring to the MYSmart Cash Account that Fidelity offers Its a checking account. I get my unemployment money direct deposited in there
  15. I have lost my job a few months ago, got behind on bills and racked up a few judgements (one from an eviction). My only money is my unemployment that is direct deposited into my Fidelity Checking account. I have a a small (its being rapidly depleted to pay bills) IRA with Fidelity. I know in NY the law is that about $2500.00 of money in a checking account is protected from levy's if its direct deposited unemployment. Here is my concern; Fidelity is not a bank, its a brokerage. Also, Fidelity uses various clearing banks across the country to hold funds. So with this in mind, is the money in Fidelity still covered under New York's garnishment and levy laws?

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