The so-called "permanent injunction", against creditors' attempting to collect a discharged debt, which accompanies the entry of every Discharge Order in bankruptcy, certainly seems to prohibit that sort of "ask". On the other hand, nothing in a bankruptcy Discharge...Read more »
Most people/legal heirs, would not even open a probate proceeding where the only asset is a small amount of funds. However, if the funds are held in a financial institution, and the decedent had not executed a Power of Attorney in favor of one the heirs, the institution might well require a copy...Read more »
Practically speaking, you have two choices (assuming you meet the eligibility criteria for each)- a Chapter 7 (liquidation) or a Chapter 13 (wage-earners plan). A primary purpose for the Ch. 13 is to "save the house", amongst other assets. From the little info you offer, probably a Ch....Read more »
From the reports I've seen recently, although interest rates are near record lows, the banks and other mortgage funding sources have been tightening credit, raising the minimum credit scores needed to qualify for a mortgage loan.
Probably, from what you say, your credit score is below...Read more »
Pennsylvania, like most states, has laws of "succession", otherwise known as intestacy statutes, and under those laws, if a person dies without a will, the children of the deceased, and a surviving spouse, are the primary beneficiaries and will accede to the deceased property.
Most HOA's ownership interests are linked to periodic "maintenance fees", for ongoing maintenance of common areas, and if not promptly paid, become a lien, like your Mortgage, against your ownership interest. Once a bankruptcy is filed, the HOA indebtedness will most probably be...Read more »
We paid back our creditors 100% and we are no longer making plan payments as of April 24, 2020. A Certification of Discharge Eligibility wasn't submitted until June 4th, 2020. Then my attorney submitted an final application of compensation on June 24th, 2020. That hearing won't take... Read more »
The law field, like every other business, has been impacted by the coronavirus pandemic, and delays are the result. I'm not sure that the court personnel can do much working at home, and the same is true of the Ch. 13 Trustee's people.
I checked my business credit recently and see there is a home equity line of credit, and auto loan and a bankruptcy, I didnt do any of this. and I have not been in business with this person for more that 8 years.
Assuming you mean old business partner, when you parted ways, that event triggers a "dissolution of the partnership", which has ramifications, but you needed to tie off the loose ends as well, e.g., notify your lender of the dissolution of the partnership, and terminate/wrap up any live...Read more »
Just because you've moved out/abandoned the property doesn't automatically equate to someone else taking title to the property. The township, and other providers of utilities, hold the record title owner responsible for their respective charges. The bankruptcy, if it was a Ch. 7 case,...Read more »
will my interest ever go down? it seems each time the mortgage sells my loan. the mortgage goes back to default Like I'm paying a brand new loan? the loan/debt was discharged. my credit no longer reports the bankruptcy.
Financial obligations imposed during a divorce that are for "support" (alimony may be support alimony, and of course, child support) are not dischargeable in bankruptcy. However, "alimony in lieu of " property division, or in the nature of property division, IS a dischargeable...Read more »
If your parents are currently in a pending (not yet closed) bankruptcy case, none of their creditors can proceed against them, or their estates, without first procuring relief from the automatic stay in bankruptcy.
If your parents are in a Chapter 7 bankruptcy and have defaulted in mortgage...Read more »
The ownership interest (your shares of stock, etc.) in the LLC will become property of the bankruptcy estate, over which the bankruptcy trustee has possession and control. If there is no value in the LLC that can be sold/turned into money, the trustee will abandon that...Read more »
The simple answer is that all of your assets, including your shares of stock/ownership interest in the LLC, will become assets of the bankruptcy "estate" which is created when you file for bankruptcy relief. The Chapter 7 Trustee then "steps into your shoes" with respect to...Read more »
We had followed the lawyers instructions to the letter and thought everything was finalized 5 years ago. Just found out Discharge never happened. Now lawyer says we need to pay court fee to reopen to file for discharge and he won't charge lawyer fee so long as he doesn't have to attend... Read more »
I'm sole heir by will, last lender died (my mother). Fiancee and I have been living with her as caretakers (she had alzheimers) and currently reside in the home as our residence, with nowhere else to go. Possible at ALL to save the home? Have a student loan and make maybe 16,000 or so a year... Read more »
Your legal obligation is the standard real estate sales contract is to deliver clear title (free of liens, encumbrances, and title defects) at the closing/settlement of the sale. The taxes will be paid by the escrow agent at time of settlement, so that the property is delivered to buyer free of...Read more »
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