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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.
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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!
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