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All assets that are worth something can be liquidated (sold or auctioned to pay outstanding debts).
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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.
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.
Do you have to declare bankruptcy if you default on your mortgage?
No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.
How does owning two homes affect a chapter 7 bankruptcy?
You can take it to the bank that the bankruptcy court will make you sell the second property to pay off your bills. You are only allowed to hoemstead on one residence. If someone starts digging and found out that you possibly claimed each as your residence during the purchase of each property, then you can expect a knock on your door from the FBI & IRS.
What are the differences between bankruptcy options?
Bankruptcy is a federal court process. It is designed to help consumers and businesses eliminate debt or repay debts under the protection of the bankruptcy court. There are two categories of bankruptcy, "liquidation" or "reorganization":Liquidation bankruptcy (or Chapter 7) - a consumer or business asks the court to discharge the debts owed (some debts cannot be discharged). In exchange, the business's assets or the consumer's property is sold (liquidated) and the proceeds are used to pay off the creditors.Reorganization bankruptcy (chapter 13) - involves filing a plan with the bankruptcy court suggesting how you will repay your debt. Some debts must be repaid in full while others require only a percentage or nothing at all.
Who files papers with the court house to take a lien off a property after a bankruptcy court discharges what you owe on the lien?
Your bankruptcy lawyer.
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.
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.
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.
Will the bankruptcy court take a lawsuite settlement?
It depends on the specific circumstances of your bankruptcy case and the laws in your jurisdiction. In some cases, lawsuit settlements may be considered part of the bankruptcy estate and subject to distribution to creditors. It's best to consult with a bankruptcy attorney for guidance tailored to your situation.
Can you place a lien on a persons property who is in chapter 7 bankruptcy?
No, unless you get relief from stay from the bankruptcy court.
You filed bankruptcy the civil court locked your place for levy?
Unless there is a lien on the property, they are required to obtain permission from the Bankruptcy court and get in line. Bankruptcy court has authority over all other civil courts. Contact your bankruptcy lawyer for advisement.
Can a person who surrendered their property in bankruptcy sign a deed in lieu?
A person who is engaged in a bankruptcy proceeding cannot convey property outside of the court proceeding. You should contact the trustee in bankruptcy for advice because the court will want to review the transaction. You will likely need a court order to execute the deed.
Can bankruptcy court make you sell your livestock?
Livestock is property so yes they can.
If the primary owner files bankruptcy and has a co-signer can the co-signer continue to pay and take ownership of property?
That's an issue that has to be decided by the court, the lender and the exemption status of the property.
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.
Do you have to declare bankruptcy if you default on your mortgage?
No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.
