Sentences with phrase «property during bankruptcy»

Further, income and debt limitations exist related to the different forms of bankruptcy, and there are always risks of losing your property during bankruptcy.

Not exact matches

He bought the 87.5 - acre property two and a half years ago from RACER, the trust established during GM's bankruptcy to clean up and sell the automaker's old properties.

If you don't make your payments on that debt, the creditor may be able to take and sell the home or the property during or after the bankruptcy case.

A debtor can not file under chapter 12 (or any other chapter) if during the preceding 180 days a prior bankruptcy petition was dismissed due to the debtor's willful failure to appear before the court or comply with orders of the court or was voluntarily dismissed after creditors sought relief from the bankruptcy court to recover property upon which they hold liens.

If the bankruptcy petition is filed during the divorce, the divorce action is stopped in its tracks in regard to any property settlements.

Getting rid of as much debt as possible in a bankruptcy can help make it easier to divide any remaining debts and property during a divorce.

For this reason, if you want to keep property that is collateral for a secured debt, you will need to catch up on the payments and continue to make them during and after bankruptcy, keep any required insurance, and you may want to reaffirm the debt if you file a chapter 7.

During bankruptcy, you can surrender property and it can be sold to as much of the debt as possible to the creditor that holds the secured claim against it.

Sometime during the bankruptcy case, the lender (Best Buy, HSBC, Wells Fargo, etc.) has a law office send a very official looking letter asking the debtor what they would like to do with that property.

If a homeowner can sell the property during this time, he or she may be able to avoid foreclosure proceedings, and its negative effect on their credit history and future prospects (see Getting a Mortgage After Bankruptcy and Foreclosure).

Even if you intend to keep your property and it is exempt from being sold during the bankruptcy proceedings (if it is your primary residence, for example) the lender can take the property and sell it to recoup some of the money you owe if you don't keep up with your payments.

To keep this piece of property you will need to reaffirm your debt during bankruptcy and then continue making payments afterward.

Instead of giving up property, a debtor will repay all or a portion of his debt during the bankruptcy period and live within a strict budget that is monitored closely by the bankruptcy trustee.

During your Chapter 7 bankruptcy case, the bankruptcy trustee has the option to sell, or liquidate, any non-exempt property that you own.

There is no property sale during Chapter 13 bankruptcy.

Wyoming bankruptcy exemptions outline the types and amounts of your property that can not be repossessed as debt payment during your filing.

Although none of this information had been properly recorded, the Seller knew he was the owner of the Property and the Seller had acknowledged this fact during a bankruptcy proceeding which concluded in 1991.

Generally, the applicant's credit report is pulled during the reverse mortgage process for the underwriter to review for current adverse credit issues that may affect the property, such as an open bankruptcy or pending foreclosure; however, scores are not normally a considered factor in the credit decision.

On the call, Mr. Simon stated that Pershing Square had erred in not supporting Simon Property Group's («Simon» or «Simon's») takeover of GGP during the bankruptcy.