Bankruptcy and Bitcoins

April 12, 2019
Bankruptcy and Bitcoins
Kelly Bankruptcy
Bankruptcy and Bitcoins
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Episode

April 14, 2019
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Stop Car Repossession in Georgia

Transcript: Hello, this is Jeff Kelly and today I would like to talk to you about stopping a car repossession in Georgia. Whenever you file a Chapter 13, your creditor is barred from repossessing your car. If you file a Chapter 13 bankruptcy, your your car is protected by what’s called the automatic state. Now, just last week, I was meeting with a client who said, Hey, I, you know, I can’t file on my car, because I signed a contract that said that I can’t file bankruptcy on it. Well, here’s the truth about that situation. Number one, you cannot sign away your constitutional rights. So it really doesn’t matter what your contract says. If you file chapter 13, your car is protected. Secondly, whenever you file any type of bankruptcy case, you have to list all of your dads and all of your assets. So you cannot pick and choose which ones you’re going to listen Lift everything. And we again, we do not need the permission of the car company to protect your car. Now, it’s very important that you get a case number before that car is repossessed if you got a bankruptcy case number, and they come and repossess your car anyway, the car company is setting themselves up to get sued. Your bankruptcy attorney can file what’s called an adversary and car ...

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June 09, 2020
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Chapter 13 Bankruptcy – Can I buy a new car in an active case?

Hello, this is Jeff Kelly, and today is June the 8th, 2020 and today we’re going to talk about, can I buy a car while I’m in an active Chapter 13 bankruptcy case. Short answer? Yes, you can, but buying a car while you’re in an active Chapter 13, while it’s possible, it’s extremely difficult because most lenders are not willing to go through the process of waiting for the court to approve a post-petition car loan. Finding a lender who’s willing to work with you while you’re in an active Chapter 13 case is the biggest challenge. However, I have seen some clients pull it off successfully. It’s important to note, no one can incur any new debt in an active Chapter 13 case without permission from the court. Now, of course, emergency medical debt, that’s an exception to this rule, but as a general rule, no new debt without permission from the bankruptcy court, or you can get in a lot of trouble. To obtain permission from the court, we had to set it down for a hearing. We have to notify all the creditors in your case what our intentions are, that we want to buy a new car. At the hearing, the trustee is going to have some questions and may or may not oppose your request to purchase a new car. Your bankruptcy attorney will present your case and then the bankruptcy judge will decide whether or not she wants to sign an order allowing it. Typically, this process takes anywhere between 30 to 45 days. It is a slow process. It is not overnight. If you truly don’t have ...

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July 25, 2021 00:08:08
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Rising Home Prices cause Problems for People Who need Bankruptcy

Transcript: Jeff Kelly: Hello, this is Jeff Kelly and in today’s episode I want to talk about how rising home prices cause bankruptcy problems. How in the world could rise any equity in real estate cause financial problems for a homeowner? I know that sounds super strange, but I’m going to go on to explain how it’s happening. Jeff Kelly: I have been practicing consumer bankruptcy for over 22 years, and I’ve never seen a real estate market like the one that is currently roaring. You would think that rising Home Equity would be good for all owners. But that is not the case for families who are in need of getting relief from credit card and medical debt that has accrued because of COVID related unemployment. How can rising home value stop people from filing bankruptcy? Jeff Kelly: In Georgia, the most equity that a married couple can protect is $43,000. A single person can protect only 21,500. So what happens if you need to file bankruptcy? But you have equity that is way over the limits? The answer to this question is the same as the answer to most legal questions. It depends, depends on what? it depends on the exact amount of equity. When a family has slightly more equity than the exempted limits, they usually won’t present a significant problem in bankruptcy. Because you have to factor in real estate transaction cost if the trustee were to move to sell the house in question. You know, in most cases, you can count on 10% of the purchase price is going to go to real estate ...

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