1. As POA for my brother, my gut says drop the bankruptcy petition I filed for him a month ago. The meeting of creditors is in a few days. Can I get out of this?
A: A Chapter 7 debtor may bring a motion under 11 USC §707(a) to dismiss the case for cause, but he or she must demonstrate that the dismissal will not be prejudicial to the creditors in the case. In re Stephenson (Bankr WD Okla 2001) 262 BR 871. For example, if the debtor has nonexempt assets that became property of the estate on filing, the debtor will not normally be able to dismiss the case unless he or she can prove that all creditors consent to the dismissal or that all creditors' claims have been paid. To protect the creditors' rights to share proportionately in the assets of the estate, the court will require the Chapter 7 trustee to administer the case. See In re Eichelberger (Bankr ED Mo 1998) 225 BR 437.
2. Will secured debt (mortgage) drop off in 10 years? One lawyer said it would. One said it would not. (in the U.S.)
A: A secured interest is never terminated, except by satisfying the underlying debt, and release by the creditor. The report will be deleted from the debtor's credit report in 10 years, but the lienholder can foreclose and take the property at any time.
Hope this helps.
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Thank you--that was helpful.
When I submitted my question I also submitted my payment info. So if I click "Accept" now, will I be double-billed?
Thank you again.
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