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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2501
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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Iam hoping for a second opinion on this matter. My husband

Customer Question

Iam hoping for a second opinion on this matter. My husband & I filed bankruptcy in May of 2008. My aunt passed away during this. LONG STORY SHORT OUR ATTORNEY AND THE BANKRUPTCY TRUSTEE SETTLED FOR REPAYMENT OF $40,000. HE TOOK THE PROBATE MONIES FROM MY AUNTS ESTATE. SHE LEFT US 10 ACRES AND A HOME VALUED AT $115,000. WE HAVE LIVED HERE FOR 2YEARS,FOR SHE PURCHASED THE PLACE FOR US AFTER WE LOST OUR HOME. WE TRIED TO GET A LOAN THROUGH SEVERAL INSTITUTIONS AND THEY REFUSE DUE TO THE CREDIT AND BANKRUPTCY, WHICH WE FULLY UNDERSTAND. OUR ATTORNEY TOLD US IT WOULD NOT BE HARD TO OBTAIN A LOAN. OUR ATTORNEY ALSO TOLD US WE MUST SELL OUR PROPERTY TO PAY THE REMAINING AMOUNT OF 34,000 OFF. THE BANKS AND LENDING COMPANIES HAVE TOLD US DIFFERENT.THEY TELL US WE DO NOT HAVE TO SELL AND THERE WOULD BE A LEIN PUT ON THE PROPERTY AND IF WE EVER DECIDED TO SELL THEN WE PAY THE 34,000 BACK. PLEASE GIVE US YOUR INPUT. GREATLY APPRECIATED.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 4 years ago.
Inheritances are part of the bankruptcy estate, and it was proper for the trustee to liquidate the asset to pay to your unsecured creditors. What the attorney is recommending is that you are able to 'buy out' the court's interest so you can keep the property. You would need to finance the loan to be able to get the cash to pay the trustee the balance owed. Therefore, placing a mortgage is usually the easiest way to do this. Obviously, you will need to work with lenders to do so, and will need to find one willing to finance you. Worse case scenario, you let the trustee sell the property and take the difference after he satisfies the amount due. It's tough situation,, but the trustee understands, that's why he is giving you the chance to do this, so you keep the home for the sentimental reasons you have. Good luck, and condolences for you loss of your aunt.

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