0
Is it the responsibilty of your attorney in chapter 7 bankruptcy to advise you if there are any judgments against the real property you own that is exempt in the filing?
Wiki User
∙ 13y ago
First off, I have no idea how a real property you own would be exempt from any bankruptcy filing.
If it is exempt for some reason, it could only be exempt from use as an asset to pay creditors, not from filing. Failing to list it would mean the BK fails to offer any protection and the one ommitting it has committed a serious, even criminal error in their court sworn filing.
Something absolutely exempt, like personal furniture, you report it on the filing...the COURT makes the legal decision if it is exempt from use as an asset.
It is your total obligation to inform your attorney of all assets and all liabilities you are aware of. No exceptions. It is also the only way for him to assure all things are protected best in the BK. You swear you will/have done this to him as well as the court.
Commonly, if liabilites are found (like judgments you mention) or debts on a credit report, which are most likely against you AND filed against the property you own, he would discuss with you what they are and act to include them in the filing in order to have the court dismiss them. Hiding them and your only hurting yourself!
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
What do you do with property that has been unclaimed in a bankruptcy?
It depends. Depending on the interest of the Trustee in Bankruptcy, and whether or not they have abandoned the property, will determine whether or not the debtor in Bankruptcy will be permitted to take the property if the creditor has abandoned the property. Bottom line is that it depends on the facts, contact your Bankruptcy attorney or a reputable Bankruptcy attorney to get more information.
What assets can be taken with a Florida deficiency judgments for foreclosed property?
Whatever they can sell to reclaim their losses. You may need to proceed with bankruptcy to protect other assets. Consult an attorney for specifics.
How do you buy property when the owner has judgments?
The judgments must be paid off in order to clear the title. You should not consider buying property unless you are represented by an attorney who specializes in real estate, especially property that is owned by a debtor. There are many different places an attorney will check for any liens against the property. If you are represented by an attorney it will be the attorney's responsibility to make certain all the liens are paid off and properly released of record.
Will filing for bankruptcy affect a judgment against you?
A bankruptcy doesn't dismiss another legal action, like a judgment. But you can include the plaintiff's claim in your bankruptcy. The judge may allow this debt and discharge it along with all your other obligations.
Can you do a short sale after a house was included in a bankruptcy?
No. The title to the property is encumbered by the bankruptcy. You would need the court to release the property in order for you to be able to sell it. You should discuss it with your attorney.No. The title to the property is encumbered by the bankruptcy. You would need the court to release the property in order for you to be able to sell it. You should discuss it with your attorney.No. The title to the property is encumbered by the bankruptcy. You would need the court to release the property in order for you to be able to sell it. You should discuss it with your attorney.No. The title to the property is encumbered by the bankruptcy. You would need the court to release the property in order for you to be able to sell it. You should discuss it with your attorney.
Can one sell property after the trustee has indicated what assets must be liquidated?
If you are in the midst of a bankruptcy proceeding the title to all your property is in the trustee. You can't sell any property. You should direct any questions to your attorney or to the trustee in bankruptcy.
Can you sell your home if you are under chapter13 bankruptcy?
Yes, but you must get permission from the Court. You do not technically own the home while you are in the bankruptcy - it is property of the bankruptcy estate. Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
Does bankruptcy attorney keep rental property income?
The answer to this question depends on whether you are filing Chapter 7 or Chapter 13 bankruptcy. In Chapter 7 bankruptcy, if the rental property has equity, meaning that the value of the property exceeds what is owed on the property, the trustee would almost definitely seize property and sell it to satisfy some or all of your unsecured debts.
Can you declare bankruptcy on a judgment for a car accident and if so would you be able to get a license again if it was revoked as a result of the judgment?
No, judgments awarded due to personal injury or property damage are not dischargeable under bankruptcy law.
Can a cosigner acquire foreclosed business property after the borrower files bankruptcy?
You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.
Which type of responsibilty relates to a formal assignment of property responsibilty to Soldiers within the supply chain that have the property within their custody but NOT necessarily for their use?
Custodial
Can you keep rental property in chapter 7 bankruptcy?
You may be able to keep your rental property depending on how much it is worth. You cannot have over 35,000 dollars worth of equity in a property in most states. It is best to consult with a bankruptcy attorney before you file.
