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Who is responsible for a house or property if it has been included in a bankruptcy?
All property, real and personal, has to be included in a bankruptcy. Liens (mortgages, e. g.) and exemptions are then deducted from the value of the asset. Any equity that remains has to be paid to the trustee (C. 7) or included in a plan (C.13) to pay the unsecured creditors.
Technically, in a C. 7, the trustee owns the equity or the asset, unless it is security for a mortgage or loan, unless the trustee abandons the asset (usually because it would cost more to take and sell it than it would sell for at an auction). But the debtor should continue making payments on any loan or mortgage if the debt is being reaffirmed as part of the bankruptcy. And the debotr should maintain insurance and take proper care of the asset.
In a C. 13, the nonexempt assets belong to the trustee until the plan is approved, but the debtor must maintain (and be prepared to prove to the trustee) insurance covering the assets. Once the plan is approved, the debtor becomes "the debtor in possession" and can generally manage the asset as any owner would.
So, unless or until the trustee or the secured creditor has formally taken title, the debtor is responsible.
What else can I help you with?
Can you file bankruptcy on your house after chapter 7 discharge?
Your mortgage should have been included in your chapter 7 discharge. If it was- then you are no longer liable for the mortgage, but the lender can still foreclose on the property. If the mortgage was not included- then why wasnt it included.
Can you file bankruptcy for your student loans and keep your house out of it?
If the student loan is a federal loan and not a private loan then the answer is no. Federal student loans can not be included in bankruptcy, you will always be responsible for repayment of FEDERAL student loans.
Who takes over lawn care after you file bankruptcy on your house?
As long as you are living on the property and trying to save the home, you are responsible to maintain the lawn. If the bank takes possession , then a property management company will be brought in to take care of the property.
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.
Is a credit line on your house included in bankruptcy?
That is up to the person filing the bankruptcy. You can include or omit any debt that you choose.
Can my house be repossessed if my husband is madebankrupt but is not on the deeds?
Your husband's name is not on the deed, but is he on the loan? If yes, then it cannot be foreclosed and repossessed if the property is listed on his bankruptcy filing, and, as long as his bankruptcy payments are current. If he defaults on bankruptcy payments, then you can lose the property. If he is not on the loan, then your house can be foreclosed and repossessed.
How can you split the house or equity in the house if your husband is in bankruptcy 13 at the time of divorce?
Generally, Home Equity up to $150,000 is exempt from a bankruptcy if the property is HOME STEADED.
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.
If your friend is on a house loan with you and you pay the payment every month on time but he is filing bankruptcy could they still take the house from you?
The deed to the property is what determines ownership and what action can be taken against the property during bankruptcy or the execution of judgment.
How do you get a title from the bank if your you have been discharged from a chapter 11 but you can't get the title from the bank?
Real property such as a vehicle or house is not dischargeable in bankruptcy. The debt must be reaffirmed, paid or satisfied or the property forfeited to the lender. That being the case, the person would not be entitled to a clear vehicle or land title from the lender simply because the debt was included in bankruptcy.
Can a house be sold that was received in divorce that was not reaffirmed in ex-husbands bankruptcy?
This depends on how the house is titled and who is responsible for the mortgage payment. It can be foreclosed on if payments are defaulted the lender does not choose to reaffirm the loan. Or if the exemption does not protect the property, the Trustee can petition for a forced sale.
If credit card puts lien on house and i file bankruptcy can i still file the credit card in the bankruptcy?
You have to, it is a debt...it is just a secured debt...by the lien on the property.
