Well, the bankruptcy should get rid of the debts. When our loved ones die, the family is usually left with any debt they have left to pay. Just make sure not to co-sign on anything that you don't want to be paying for in the future. * Family members are not legally responsible for any other family members debts if they are not joint debtors. Debts of deceased persons are included in the estate and are handled according to state probate law. The exception might be a surviving spouse when the couple resided in a community property state, if the spouse is not a joint BK petitioner.
This is a two part question. If the creditors were included in the Chap 7, the answer is no, they have NO recourse once the court discharges. The second part is if the debtor neglected to inform the court of a creditor before the discharge or took on new debt after the discharge, then the creditor has legal recourse.
Massachusetts is a non recourse debt state. Other non recourse debt states are Kentucky, Louisiana, Maine, Maryland, Michigan, Montana, and Mississippi.
It depends upon the what type of recourse you want to discharge in a bankruptcy like secured loan or unsecured loan or something other.If you wants to know more about bankruptcy and its process then here i want to give you one site just check it out you will get all the information there.http://www.filingbankruptcypros.com/
Bankruptcy will remain on a credit report for the required ten years. There is no recourse to have the entry removed before the time limit has expired.
File a change of address with the clerk of the court where you originally filed the petition
Yes, you can walk away from a mortgage and not be liable for a deficiency (even in recourse states) if the mortgage was listed in the bankruptcy.
I think is non recourse debt
You can inform them of the Circuit Court (or whichever applies) the BK was filed, and the Case/Docket numbers. However, the attorney handling the filing should be notified. Dealing with creditors is part of (or should be) the client and attorney agreement.
Recourse funding is a type of loan for which collateral is placed. The difference between recourse and non-recourse funding is that in recourse funding, if the collateral sells for less than the amount left on the loan, the lender can go after other assets. In non-recourse funding, the lender would have to absorb the loss.
Good question, I have been looking for an exact answer my self. I have learned from my searches: Generally a note is an obligation to pay and must be paid in full. So, unless a note is explicitly non-recourse, the creditor can seek any of debtor's property for payment (subject to bankruptcy limitations). The general rule is that note secured by mortgages on property are recourse loans. The major exception comes from the antideficiency statues, common in the western states, that apply generally to mortgages securing loans on personal residences.
"Is Georgia a non recourse debt state?" Since Florida is not a recourse state, and Florida adopted its laws from Georgia, Georgia must not be a recourse state.
no. why would it be a recourse loan
The duration of The Recourse to the Method is 2.73 hours.
A place to find recourse is in nonfiction books in the library.
Florida happens to be a recourse state.
Kentucky is a recourse state, allowing the lender to seek judgments and damages from the borrower.
Since he was fired from his job, his only recourse was to go home.
As of 12/20/2012 Oklahoma is a Recourse State.
Alabama is a Recourse State. Banks can sue for the difference.
Yes, Florida is a "recourse" state. For a state to be a recourse state, it simply means a lender can ask you for extra payments even after you have had everything seized.
No... Illinois is a recourse state.... They can come after you for a deficiency judgment.
If my letter of help doesn't get response, I will still have recourse to a higher authority.
It appears,from everything I have read, SC is a recourse state.
what haapend if a loan is sold with recourse and it goes into defualt