Bankruptcy Chaper 7

[Ken]

Once the IRS comes in, NOTHING is left. Lick your wounds...

I am wearing my big boys britches.
Just was wanting anyone that has gone through this also. what was there ending results.
ken

 

[MikePA]

Amazing how a lawyer talks big and is able to get things done then at mention of Chapter 7 curls his tail and charges you to tell you its over for him.
ken

Exactly what do you think a lawyer should do when what can be done is written directly into the bankruptcy law?

Lwayers don't have a magic wand to turn a bad investment decision into a good one.

 

[Jstpssng]

Once the IRS comes in, NOTHING is left. Lick your wounds...

The only creditor before them is the town...

 

[Threepoint]

[snip]
Now back to the other question was hearing that now if someone owes a debt then you can go after their Social Security even... yep

M

Hmm. Spiker, recheck your source, as this is not correct. Ongoing SS payments are exempt from creditors, and this continues even after a debtor files Ch. 7. The only exception is that the Federal Govt itself can withhold SS payments for certain purposes, e.g. taxes, Federally guaranteed student loans, and child support in some cases.

 

[SPIKER]

Hmm. Spiker, recheck your source, as this is not correct. Ongoing SS payments are exempt from creditors, and this continues even after a debtor files Ch. 7. The only exception is that the Federal Govt itself can withhold SS payments for certain purposes, e.g. taxes, Federally guaranteed student loans, and child support in some cases.

Funny it was on the news stream yesterday, I am not looking today but feel free to look for yourself.

M

 

[farmer2009]

There was something similar to this here in KY. About 4 or 5 years ago. It had to do with eastern livestock company. May want to read into that.

Now if check was written knowing it was bad and you can prove it to prosecutors push for rustling charges also.

 

[Ken]

There was something similar to this here in KY. About 4 or 5 years ago. It had to do with eastern livestock company. May want to read into that.

Now if check was written knowing it was bad and you can prove it to prosecutors push for rustling charges also.

Thanks farmer 2009 The legal system in Ind. state and county stepped back when Chapter 7 came into the picture.
by time the papers are filed there is 2 months delay then each hearing gets a 2 months delay .so after 4 years of delays the cows are gone. lawyers , cost of filing papers in courts system get paid and the buyer is free to continue milking . knowing he is protected by court sys. not to be harassed for payment. And in 8 years can do it again.

My original question was did anyone get caught in a Chapter 7 bankruptcy . Had a lot of advice
mostly should of known better than to loan the money. Good advice after the fact .

ken

 

[farmer2009]

Thanks farmer 2009 The legal system in Ind. state and county stepped back when Chapter 7 came into the picture. by time the papers are filed there is 2 months delay then each hearing gets a 2 months delay .so after 4 years of delays the cows are gone. lawyers , cost of filing papers in courts system get paid and the buyer is free to continue milking . knowing he is protected by court sys. not to be harassed for payment. And in 8 years can do it again. My original question was did anyone get caught in a Chapter 7 bankruptcy . Had a lot of advice mostly should of known better than to loan the money. Good advice after the fact . ken

I haven't didn't get caught up in the Eastern deal. But a lot of cattle producers in the state did. The company filed for bankruptcy protection but the sate attorney general would up going after the guys. There was restitution paid and Incorporation didn't stop people from going to jail. But like I said there was a lot of cattlemen's checks that bounced. Maybe that's a phone call to make. The state attorney general. He may have powers a regular lawyer doesn't.

 

[Gator6x4]

Spiker reading directly from my notice .
Creditors May Not Take Certain Actions. Chapter 7 filing of bankruptcy case automatically stays certain collection and other actions against the debtor and the debtors. property
If you attempt to collect a debt or take other action in violation of bankruptcy code you may be penalized.
common examples include contacting the debtor by telephone, mail or other wise to demand repayment; taking
action to collect money or repossessing the debtors property. starting or continuing of lawsuit foreclosures:
And it goes on and on.
Now some where in this it says to leave the dead beat alone to enjoy the fruits of legal theft.
And in 8 years he can again file chapter 7.

Now the filing income tax deduction where is this found in the tax code. I find only 50 % deduction prorated over years.
ken

It is a felony to obtain property by false pretense. The individual knew at the time he presented a false fiduciary document to you to consummate the purchase, his intentions. Chapter 7 did not just happen the next day after the cattle purchase it had been ongoing for some time.

I would pursue with local authorities charging the individual with a criminal offense. I am afraid the cows and their monetary worth are gone. The bankruptcy filing prevents you from filing civil papers to recover your loss. It does not prevent you from filing criminal charges.

 

[quicksandfarmer]

It is a felony to obtain property by false pretense. The individual knew at the time he presented a false fiduciary document to you to consummate the purchase, his intentions. Chapter 7 did not just happen the next day after the cattle purchase it had been ongoing for some time.

I would pursue with local authorities charging the individual with a criminal offense. I am afraid the cows and their monetary worth are gone. The bankruptcy filing prevents you from filing civil papers to recover your loss. It does not prevent you from filing criminal charges.

If I read the narrative correctly, it was the company that filed Chapter 7. If an individual committed a criminal act, that individual is civilly liable to his victims. So there would have been potentially three avenues to getting your money back: as part of the Chapter 7 resolution from the company's assets, as court-ordered restitution following a criminal conviction of the individual, and as the result of a civil action against the individual.

A bigger problem is statute of limitations. If this happened four years ago, unless there are special circumstances it's too late to do anything, you've waited too long.

A good rule of thumb is, when it comes to legal matters, nobody is looking out for your interests unless you are paying them to look out for your interests, (and not always even then!). The bankruptcy court, the local cops, the DA -- they all have their own agenda, and it may or may not include you. You have to pay someone to advocate for you, and it's not always worth it and never cheap.

 

[aczlan]

A bigger problem is statute of limitations. If this happened four years ago, unless there are special circumstances it's too late to do anything, you've waited too long.

Looks like Arkansas has a 3 year statute of limitations on fraud, IN however has a 6 year statute of limitations (if they took possession of the property in Arkansas, it may be an Arkansas crime though):

IC 34-11-2-7
Six year limitation
Sec. 7. The following actions must be commenced within six (6) years after the cause of action accrues:
(1) Actions on accounts and contracts not in writing.
(2) Actions for use, rents, and profits of real property.
(3) Actions for injuries to property other than personal property, damages for detention of personal property and for recovering possession of personal property.
(4) Actions for relief against frauds.

A good rule of thumb is, when it comes to legal matters, nobody is looking out for your interests unless you are paying them to look out for your interests, (and not always even then!). The bankruptcy court, the local cops, the DA -- they all have their own agenda, and it may or may not include you. You have to pay someone to advocate for you, and it's not always worth it and never cheap.

Yep.

Aaron Z

 

[Jstpssng]

Looks like Arkansas has a 3 year statute of limitations on fraud, IN however has a 6 year statute of limitations (if they took possession of the property in Arkansas, it may be an Arkansas crime though):



Yep.

Aaron Z

It seems to me that if a crime WAS involved, once they transported across state lines it became a Federal offense.

 

[aczlan]

It seems to me that if a crime WAS involved, once they transported across state lines it became a Federal offense.

With a 5 year statute of limitations...

Aaron Z

 

[Ken]

Thanks farmer 2009 The legal system in Ind. state and county stepped back when Chapter 7 came into the picture.
by time the papers are filed there is 2 months delay then each hearing gets a 2 months delay .so after 4 years of delays the cows are gone. lawyers , cost of filing papers in courts system get paid and the buyer is free to continue milking . knowing he is protected by court sys. not to be harassed for payment. And in 8 years can do it again.

My original question was did anyone get caught in a Chapter 7 bankruptcy . Had a lot of advice
mostly should of known better than to loan the money. Good advice after the fact .

ken

Anyone ever have chapter 7 and what was the result.

Seen a lot of opinions but the Fed Judges follow a narrow guide line.

ken