Your question is not clear, but I think you are saying that a husband and wife have a 1st mortgage on their home and you hold the 2nd mortgage on that home. Now that same couple has filed for divorce, and you are worrying about collecting if they file for divorce. The other possibility in your...Read more »
A: No, you will not be able to keep. Any remaining proceeds existing at the time of the Bky filing that are beyond the available exemptions will become subject to the case. A word of warning, do not put the funds in someone elses name or spend it haphazardly, as the Trustee will pursue it.
A: Debt is not the only thing to look at when considering Bky. Income must be examined to confirm you pass the Means Test (income is compared to those in your community). You must also examine transfers/sales (court could reverse transfers or sales for less than market value) and exemptions (you...Read more »
Debt is not the only thing to look at when considering Bky. Income must be examined to confirm you pass the Means Test (income is compared to those in your community). You must also examine transfers/sales (court could reverse transfers or sales for less than market value) and exemptions (you...Read more »
A: If you are a natural person, verses a fictitious (i.e. corp, llc, etc.), you are permitted to represent yourself in court. However, Bky is a VERY COMPLICATED area of law, involving a combination of State Laws and Federal Procedures.
If you are giving up the house, you would want to do a Seven (7) to discharge any deficiency.
For a regular person there are two basic types of bankruptcy. A Chapter 7, also called Liquidation or Straight Bankruptcy, and a Chapter 13, also called Reorganization. A 7 takes a few months, and...Read more »
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