How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TJ, Esq. Your Own Question
TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 11641
Experience:  JD, MBA
Type Your Bankruptcy Law Question Here...
TJ, Esq. is online now
A new question is answered every 9 seconds

Im a secured creditor involved in chap 13. Trustor has no

Resolved Question:

I'm a secured creditor involved in chap 13. Trustor has no equity in the real estate. I believe I have 2 choices of action. 1. to do nothing and wait it out. 2. hire a lawyer to ask court to lift stay on property. Am I correct? P.S. Amount of money is $10,000
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 5 years ago.

Hello and thank you for allowing me the opportunity to assist you.

You’re absolutely correct. You can wait, or file a motion to lift the automatic stay, thereby allowing you to take action with regard to the property. Since there is no equity cushion, your security is not adequately protected. Therefore, the judge will likely lift the stay. Of course, I’m assuming that the debtor has already defaulted on the loan.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.

If the information that I provided is 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!

DISCLAIMER: Please be aware that only an attorney licensed in your state is authorized to advise you in legal matters, and that the limitations of this setting may prevent your legal issues from being thoroughly addressed. Accordingly, please understand that (1) by answering your question(s) I am not acting as your attorney, (2) my answer(s) should be construed as general information only, and (3) our discussion is not an adequate substitute for an in-person consultation with an attorney.

TJ, Esq. and 2 other Bankruptcy Law Specialists are ready to help you