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What happens if you consigned for real estate and the person declares bankruptcy?
Wiki User
∙ 10y ago
You need to consult a nearby personal bankruptcy attorney that has experience in working with creditor's privileges.
Wiki User
∙ 10y ago
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How will bankruptcy affect the sale of real estate property?
No property can be sold, transferred, refinanced, etc. while in bankruptcy without the permission of the bankruptcy court.
Is bankruptcy discharged debt considered taxable income?
No, discharge of debts through bankruptcy do not create taxable earned income. However, you can have Capital Gains or Losses if any real-estate was disposed in that bankruptcy.
Can you file for bankruptcy if the deceased parent's nursing home bills cannot be paid because there are no more funds in the estate?
You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.
Can a personal representative on an estate file bankruptcy on behalf of the estate or on behalf of the deceased to avoid paying back taxes?
Estates do not go bankrupt. The assets are inventoried and valued and the debts are listed. The executor proposes a settlement to the court. If it is accepted, the estate is closed.
How do you find foreclosures or bankruptcy real estate?
Look on the multiple listings and go to online reality sites in your area. They will show foreclosures.
What happens to a bankruptcy when someone dies?
An administrator or executor of the estate needs to be appointed and file an appearance in the bankruptcy court. The case can continue to discharge of debts of the deceased. Get an experienced bankruptcy lawyer if there no attorney of record.
How do you have lien removed from property after bankruptcy and person has died?
If the lien is a mortgage or a tax lien, the bankruptcy may not have discharged the debt, and the estate would have to be probated. The estate may be bankrupt, and there is usually a state procedure for estate bankruptcy. Federal bankruptcy does not apply. Consult a local attorney experienced in estates.
If you file a bankruptcy will your holdings in another country be protected?
In a US bankruptcy, you will have to turn over all property of the estate. Out of country assets are property of this estate.
Is there a bankruptcy estate if every asset is exempt?
Yes
Can a real estate broker file bankruptcy?
Of course
Can you sell your property in bankruptcy and what happens to the funds of the sale?
Yes you can sale your home but the bankruptcy court will take the proceeds from the sale and disburse them to your creditors that you owe. No, everything except your selected exempt property belongs to the bankruptcy estate, as of the moment you file, and it can only be sold by the bankruptcy trustee, with permission of the court, to satisfy your debts in an orderly fashion.
If your bankruptcy has been discharged but your house is still in your name do you still have to pay back taxes?
A bankruptcy is not discharged. Debts are discharged. Real estate taxes are a lien on the real estate and would not usually be discharged. Talk to your bankruptcy layer.
How will bankruptcy affect the sale of real estate property?
No property can be sold, transferred, refinanced, etc. while in bankruptcy without the permission of the bankruptcy court.
What happens to an inheritance during bankruptcy?
If the inheritance is based on a death within 180 days of filing bk, the inheritance becomes part of the estate and the trustee will use it to pay your creditors.
What happens if three people inherited property and one of three files bankruptcy?
The bankrupt's property interests can become part of the bankruptcy estate and ultimately disposed of by the court. On motion, indivisible interests might be excluded by the Bankruptcy Court and alternatively may be subject to satisfaction of value to creditors out of financial assets to protect the interests of the other owners. Sometimes some assets are simply absolutely excluded from the bankruptcy estate by statute in Title 11, or a rule promulgated thereunder, or in a common-law precedent.
Is it possible for the executrix of an estate to file corrupt bankruptcy for that deceased individual?
An executor cannot file for bankruptcy in the name of the decedent.
What happens to tax refunds in Minnesota bankruptcy?
As in all BKs, it becomes a part of your estate (to be divided among creditors). Delay your BK 'til after you blow your refund on babes, buds and beer.
