Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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.
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).
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: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).