Seek the help of alawyer to fully understand the contract. You want free and clear ownership when you purchase with one loan. Usually, your lender will not approve a loan for property that is subject to liens or judgements until they are paid.
You have to look at the bankruptcy file and also review the Chapter 13 plan to determine the status of the other two mortgages. A Chapter 13 can sometimes be used to strip liens from property if the liens exceed the value of the property. Until you determine otherwise, it would be best to assume that you will be subject to the other two mortgages as well.
There is a perfectly good laundry list of bankruptcy exemptions in Arizona, and you can find them easily. Just go to the U.S. Bankruptcy Court website, and look at the FAQs (the frequently asked questions). Those come in three clumps, and the second one is "debtor questions"; that's what you're looking for. Go to question 15, and there's a nice, official list of Arizona Bankruptcy Exemptions. Enjoy! And if you want to see a discussion of Arizona bankruptcy exemptions, and most topics associated with Chapter 7 bankruptcy cases in Arizona, feel free to go to my bankruptcy blog. I'm Joseph C. McDaniel, and I'm an Arizona bankruptcy lawyer.
Arizona was declared part of the Territory of New Mexico until southern New Mexico seceded from the Union as the Confederate Territory of Arizona on March 16, 1861. It was then was recognized as a Confederate Territory by presidential proclamation on February 12, 1862. The Arizona Territory, consisting of the western half of New Mexico Territory was declared in Washington, D.C. on February 24, 1863. Arizona became a U.S. state on February 14, 1912.
Arizona has anti-deficiency laws - specifically, A.R.S. §§ 33-729(A) and 33-814(G) - that prohibit purchase-money lenders from collecting on a deficiency. However, the bad news is that the anti-deficiency protection often does not apply to second mortgages, equity lines of credit, some refinanced loans, etc. In those exceptions, generally the only relief is achieved through bankruptcy.
You can dismiss a bankruptcy anywhere (at least in the U.S.) Check with an attorney to see how this will effect you though. You will still have a bankruptcy on your record and will still owe everything. 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.
Bankruptcy is a FEDERAL process. What determines which Federal district a company files in depends on several things. Most often, it is the Federal Distrct Court for Bankruptcy where there state of incorporation is. And that really has nothing to do with hat you see in operations and such. Commonly it is Delaware. Changing more and more to Nevada, Vermont and some others.
Is the question asking about RE-POSSESSION or BANKRUPTCY?In a re-possession, unless the lender received a lien against your other assets from the court, you should have no problem with shielding your other assets.HOWEVER - if you are referring to a bankruptcy - that's a whole other ballgame. Consult with an attorney who specializes in bankruptcy law for assistance with your question.
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