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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
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Experience:  Licensed to Practice Law
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I have a house on one lot, I also own 7 other lots. The mortage

Resolved Question:

I have a house on one lot, I also own 7 other lots. The mortage is on the house and the lot it is on. If I file bankrupse on my house, can the bank go after the other lots, or are they untouchable when I go bankrup. I have seperate survayes and title to those, they are not under any mortage or debt they are owned free and clear
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 5 years ago.

Hello and thank you for allowing me the opportunity to assist you.

Question: “If I file bankrupse on my house, can the bank go after the other lots, or are they untouchable when I go bankrup.”

Answer: I’m sorry to inform you that your other lots would definitely be used to pay for your debts if you went bankrupt. The only real estate that is protected creditors (in a bankruptcy or otherwise) is a person’s homestead – that is, the person’s primary residence.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.

Although my answer was unfavorable, I hope that I’ve helped you to better understand the law. If so, then please remember to click the green accept button so that I will receive credit and compensation for my time. Positive feedback is always appreciated as well. Thank you and good luck!

.

DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the state of Maryland. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and is not specific legal advice.

 

Customer: replied 5 years ago.
If I sell them under owner finance can they still take them, if I sell them straight out, will they have a right to the money
Customer: replied 5 years ago.
If I sell them under owner finance can they take the money, or if I sell them outright can they go after the money
Expert:  TJ, Esq. replied 5 years ago.

Question: “If I sell them under owner finance can they still take them, if I sell them straight out, will they have a right to the money”

Answer: Unfortunately, the answer is yes to both questions. In the former situation, the bankruptcy trustee would take the monthly proceeds and would have the buyers send him the money. In the latter situation, the bankruptcy trustee would take the proceeds from the sale no matter what you end up doing with them (even if you gave them to another person).

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.

If the information that I provided was helpful, then please remember to click the green accept button so that I will receive credit and compensation for my time. Positive feedback is always appreciated as well. Thank you and good luck!

.

DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the state of Maryland. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and is not specific legal advice.

TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9743
Experience: Licensed to Practice Law
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