JaredGMS

Yessir - you gonna be in Sac for it?

subinf

I am. Driving up early Friday. Not sure if I'm gonna stay up there or go home and come back on Saturday. The chapter 12s interest me.

JaredGMS

Cool - find me when you get up here - Jared Gaynor

subinf

I will. Did you change numbers? I called the one you gave me a few years ago the other month and it wasn't you...

JaredGMS

PM sent

Will Y.

Welcome back, sub.

I'm an attorney who's morally bankrupt, but not literally (yet)... is this the right thread?

JaredGMS

Well, it seems we're all here. All the morally bankrupt AZ attorneys. Might as well be the "spot"

ttribe

[shameless plug] Anyone need a financial expert?

JaredGMS

Yeah, I'm right here.

BraveDemon

Psh. Let me know when they'll let me BK on law school student loans and I'll hire you (Jared) to represent me. Until then, I'll have to slave away working for banks/mortgagors.

ttribe

LOL! I was meaning as an expert witness...I don't think the court will let you do that on your own cases...although I'm sure you're eminently qualified.

Expert witness/litigation support work accounts for about half of my practice.

JaredGMS

That may be coming down the pipe sooner rather than later....we'll see in the next 6 months.

JaredGMS

Damn - I gotta get in on that shit.

What fields/subjects do you expert for?

ttribe

Actually, if you click on the "LinkedIn" logo under my name, you can see my info. In short, I'm a forensic accountant, so I do financial investigations, fraud investigations, damages calculations of all kinds (i.e. commercial lit., personal injury, business income, etc.), hidden asset searches, and some standard of care work on accountants' liability.

JaredGMS

Nice gig, man. I actually worked for the state (BSA) as a federal performance/compliance auditor for about a year, as well. I always laughed at the financials auditors with their ticker-tapes that were 20+ feet long. haha

JaredGMS

Dude - where were you?

spaceboy

got a question, i have a friend who is divorcing her husband now because the guy is an asshole, he has drinking, weed and debt problem all along after they were married, recently he owes about 30K in credit card debt and he plans to file bankruptcy, but the fucked up thing is my friend is also getting involved, the attorney told her that if she doesn't file bankruptcy at the same time with her husband, she MIGHT be responsible for his debt even after they are divorced...WTF kind of stupid rule is this? and wat the hell is she MIGHT???

JaredGMS

Well, the attorney is probably wrong.

If the debt was incurred in his name alone (she was not a co-signer), and he files BK and received his discharge on it, the creditors have no recourse against her.

However, if he doesn't file, the attorneys can (and will) show that the debt was incurred during the marriage, and that the debt (just like most assets) should be split amongst the parties. If that does happen, she CANNOT file BK and receive a discharge on that obligation as it arises from a domestic support order.

She needs to see a local, experienced BK attorney ASAP on this, just to get a total view on her options and actual liabilities. I think SubInf (also in this thread) works in the bay - PM him and give him a call.

subinf

Sorry. Gf's grandpa taken to ER so I left and went to Lodi. Awesome...

JaredGMS

Sorry to hear brother - hope he's ok

Professor

Jared... Am I understanding that if you are thinking of getting divorced, don't file BK and load half of your debt on your soon-to-be-ex-spouse?

Going shopping for a 1/2 price Ferrari tomorrow. And I'd crash it without insurance before the court ordered sell just to insert the dagger in the neck.

subinf

Old with pneumonia....so yeah. Doing ok. I saw you as I was leaving Sat. Figured probably not the best time to touch base. I'll get in touch if I'm sent to Sac for any hearings though.

On a side note - surprising to see people in person rather than what I imagine they sound like on the phone...wow...

JaredGMS

Yeah - also fun to see in person those people who I'm currently suing for malpractice sitting right in front of me - hahaha

hornyleprechaun

bump

When calculating the minimum monthly payment for Chapter 13 how much can the previous 6 month income be adjusted for self-employed individuals? For example if there were one time projects that raise the average up high.

What if income increases during a payment plan. Would the payment be adjusted? Is there an average % increase that increases the payment?

JaredGMS

Yes you can adjust for that, but expect most Ch13 trustees to ask for more than 6 months of business financials to see if your argument of a "one-time" job holds water. Also expect this to cause a bit of a negotiation - your stance is that those are one-time jobs, never to happen again. Theirs is that those jobs may not ALWAYS happen, but you can expect some to, so you can't take a discount on the entirety of that type of income. Your plan payment will end up in the middle of those two factors.

As for increases - that depends on a whole host of factors. Are you proposing a step-plan to payoff what's necessary? Are there certain assets you want to keep? Do you have actual knowledge of increases in income during your 3-5 year plan?

Many trustees now also are requiring you to send in your financials around tax time every year to see about asking for a plan payment increase - so while it's not built into the plan, many are now coming after that extra money.

Man - I'm glad I don't practice anymore. I've got a few cases I'm still in because the Chapter 13 isn't finished, and this is all such a pain in the ass.