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what does choses- in- action mean Long story short, the

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what does choses- in- action mean? Long story short, the company i worked for went bankrupt, I had a loan with them, right before bankruptcy they sold my loan to a local bank, the bank is trying to make me pay them but now it might be nullified because they negotiated it so close to their bankruptcy now the loan can be returned the bankrupted companies assets as "choses- in- action" which could be used to satisfy the company's creditors in the bankruptcy case. So what does that mean to me?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 4 years ago.
Hi JACustomer,
A "chose-in-action" is a right to enforce a debt. The Bankruptcy court is "avoiding" the debt transfer. This means you will eventually be obligated to your ex-employer for this debt instead of the bank.
Customer: replied 4 years ago.
okay....so they will still try to force me to repay the loan but to a different party, I don't have the money anymore...I guess if this were to happen I too would have to file chapter 13 ( I think this is the one where you make payments) in the state that this is being done from correct? Also how can I make sure that this judgement is "set aside" from being attached to my home, wages, ira and kids account? Even if I were to liquidate everything today there still wouldn't be enough to pay the whole amount. I tried to settle with the bank for .40 cents on the dollar but they told me "we will get our money"
Expert:  cfortunato replied 4 years ago.
If you are not able to back this money, you may qualify for a Chapter 7, where you don't have to pay anything. Basically, the only reason to file a Chapter 13 is if your income is too high, or if you have substantial equity in real estate or personal property to protect.
A judgment can be used to attach "unexempt" property. IRA's and education accounts are exempt (so non-attachable), as is some of the equity in the home and car - depending on where you live. In a few states (Florida, Texas), you have to declare your homestead to qualify for the Homestead Exemption, but in most states, there is nothing you need to do to protect the exempt equity in your home - the protection is automatic.
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and 3 other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.
Thanks very much, ends up they have decided to settle so I won't have to go this route, it just seems to me that it was more of extortion than anything else.

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