My ex-business partner and I purchased two Assisted Living Facilities in 2006 from an unscrupulous doctor. The business failed in May 30, 2009, forcing me to close the doors of both facilities. The doctor, who sold us both facilities, filed a judgment against us for Three Hundred Fifty Thousand Dollars – which forced the both of us to file a Chapter 7
Bankruptcy. My bankruptcy was discharged on November 17, 2009. I was instructed by my bankruptcy attorney to put my home (primary residence) into the bankruptcy because he said a judgment supersedes a bankruptcy. My lawyer told me that if I kept my home and sold it 10 years from now, I would first have to repay the bank, and then I would have to repay the doctor. He told me to give up my home and just walk away and get a fresh start.
My attorney told me to stay in my home until the lenders issued me a Notice
of Intent. He also described a program called “Cash for Keys” that the lenders have in place, which will give you money to transition to another location.
I have been in my home for approximately 20 months and have not yet received a Notice of Intent. I would like to know if the information my attorney provided to me is accurate.
When my ex-business partner filed for bankruptcy in November of 2008, she reaffirmed her home. Is it too late for me to try to keep my house, and is the information that was given to me by the bankruptcy attorney accurate? Can someone please clarify this for me?