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My sister’s house foreclosed last year but he was still responsible for the mortgage’s which are now in collections. I think the total outstanding balance for those are around 300K, plus he has about 16K in credit card debt. If he files for chapter 7, can he include the defaulted mortgage’s? Would these creditors show up at the Trustee Meeting?
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Best Answer: Yes, these debts can be included in your bankruptcy. They may show up for the meeting, but it's strictly a formality. Many times if there were ...
My sister’s house foreclosed last year but he was still responsible for the mortgage’s which are now in collections. I think the total outstanding balance for ...
Bankruptcy can eliminate a mortgage debt however normally bankruptcy is not necessary to eliminate a 1st trust deed. The home simply can go back to the lender in a ...
If you owe a considerable mortgage debt after a foreclosure, you can include the debt in either Chapter 7 or Chapter 13 bankruptcy proceedings.
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December 24th, 2009 at 8:07 am
Yes, these debts can be included in your bankruptcy.
They may show up for the meeting, but it’s strictly a formality. Many times if there were a problem involving the debt, they would have already contacted your attorney or trustee and everything is worked out.
Your trustee meeting is a formality also…..you are not going to be grilled with a lot of questions. Only if you did something fraudulent will any questions be asked.
I’ve sat in on several of them. The only time a creditor showed up was from Sears disputing a guy who filed BK a month after buying nearly $2000 in tools. Many states protect "tools of the trade" from seizure in bankruptcies, meaning you can’t take a mans tools if he needs them for his job.
Didn’t work for this guy though.
December 24th, 2009 at 8:07 am
yes to all
December 24th, 2009 at 8:07 am
I think any debt you have except college loans.. not sure?
December 24th, 2009 at 8:07 am
Probably, She should have done that before she lost the house.
That is sad. Most of the time creditors are a NO show.
RARELy do they show up