Having multiple investment properties, or even a single high-value investment property, can affect which chapter of bankruptcy you elect to file under. The first key is determining how these properties are titled and held. Many people who venture into real estate as investment properties will create separate legal entities, sometimes a new entity for each Read More »
Unlike your primary residence, other types of real estate that you own generally do not have any exemptions available to apply to them. One common exception to this rule is cemetery plots, which are real estate holdings, and many states have a special exemption just for them. Other real estate holdings, including rental properties, investment Read More »
Yes, but there are considerations. In Chapter 7, if you wait until after your Section 341 Meeting of Creditors and the bankruptcy trustee files their Report of No Distribution, you have every right to sell your property. It was disclosed in the bankruptcy filing, the trustee had an opportunity to investigate and liquidate the property Read More »
This very much depends on your specific circumstances. First it must be determined by how the home is held jointly, as there are several ways to legally do this. Most commonly, the home will either be held in “joint tenancies”, which simply means that each of you have a one-half interest in the home, or Read More »
HOA dues are a bit of a different type of creditor in bankruptcy. They are generally a statutory lien against the property, so they cannot be avoided and must be paid if the property is to be kept. In a Chapter 13 case, they are generally treated as a “cure and maintain”, where you maintain Read More »
It is possible to remove a judgment lien from your home in bankruptcy, but it will depend on the equity you have in the home. If the value of the home is less than the total balance of any liens on the home in front of the judgment creditor, usually a mortgage, second mortgage or Read More »
The short answer is yes, so long as the sale has not occurred yet. Filing for bankruptcy protection will trigger the Automatic Stay of Bankruptcy, which is a powerful injunction that stops most collection actions, including foreclosure lawsuits. How long this is effective will be determined by which chapter of bankruptcy you file. Please note Read More »
To effectively answer this, you must first determine if there is any equity in the property for the second mortgage to attach to, which is very simple. If the value of the property is less than any liens against the property ahead of the second mortgage, almost always the first mortgage and often IRS tax Read More »
The short answer is yes, most people who file for bankruptcy can keep their home, but there are again multiple factors to take into account. In Chapter 7 bankruptcy, your mortgage is substantially unaffected by the filing. You have the right to surrender your interest in the home and allow the mortgage to foreclose on Read More »
The vast majority of people who file for bankruptcy protection are able to keep their homes. They are able to do so because, given their circumstances, they select the right chapter of bankruptcy to file, treat the debt on the property appropriately, and claim their exemptions correctly. The guidance of an experienced bankruptcy attorney will Read More »
