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 FiveStarLaw Your Own Question

FiveStarLaw
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36505
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
FiveStarLaw is online now
A new question is answered every 9 seconds

I filed Chap 7 Bankruptcy 2 years ago - final discharge date.

Resolved Question:

I filed Chap 7 Bankruptcy 2 years ago - final discharge date. Minnesota
Foreclosure on property followed 1 year later - sheriff sale. Minnesota
Property was puchased in 2 sections. Home with a mortgage then bought an attached small acerage with buildings contract for deed. Refinanced home and paid off contract. Combined tax land descriptions into one at some point and refinanced a couple of more times with 1st and 2nd mortgages.
Odd circumstance. 1st n 2nd mortgages listed only the home as secured property. After sheriff sale the land was split off. Apparently I still own that free and clear!

Questions:
Will owning the land impact my bankruptcy in any way? At the time I honestly believed I was listing / disclosing all my real property. Do I need to ammend and risk losing this as well?

If i choose to buy the home back (I am searching for a lender who will take me on - income and score much improved - know one?), will the mortgagors be able enforce the liens on me if I now own the home again? by the way - the well is on my land.
If I understand your last answer to me before, I believe they can. Any way to get them to release me from the liens?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 3 years ago.
Hello,

Thank you for your question. I am happy to assist you.

I am a lawyer with 25 years experience. While I am not your lawyer and do not represent you, I will endeavor to provide you with legal information through this open and nonconfidential forum.

The law appears to be very much in your favor

Questions:
Will owning the land impact my bankruptcy in any way? At the time I honestly believed I was listing / disclosing all my real property. Do I need to ammend and risk losing this as well?
At the time you filed your bankruptcy petition you listed all of your assets and liabilities truthfully to the best of your knowledge and therefore the later discovery of the error would not typically impact your bankruptcy. Once you disclosed your assets and your debts, the bankruptcy trustee was charged with determining the validity of the security interests and therefore cannot now typically reopen your bankruptcy on this basis

If i choose to buy the home back (I am searching for a lender who will take me on - income and score much improved - know one?), will the mortgagors be able enforce the liens on me if I now own the home again? by the way - the well is on my land.
Since the property has already been sold in the sheriff's sale, you should be able to obtain clear title (title without the liens). You will want to obtain title insurance at closing to ensure that the title is clear

 

FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36505
Experience: Bankruptcy Lawyer. Experienced.
FiveStarLaw and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 3 years ago.

Am I at risk of fraud with the bankruptcy? I honestly thought I had listed everything.

Also - now the bank is trying to say that they should have all the land as well as the house. What are their chances of proving this? Was it their mistake or mine? I just read the refinance mortgage prior to theirs and I received enough money cash out at the time of that loan to pay the contract for deed off in cash. The land was not included with the home on that mortgage, I am assuming it was not needed for the last one either. Please help. This is getting complicated!

Expert:  FiveStarLaw replied 3 years ago.
You did not commit fraud as you listed all of your assets. That said I suggest that you not have any correspondence or contact with the bank. if the bank files suit you will want to retain bankruptcy litigation counsel
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36505
Experience: Bankruptcy Lawyer. Experienced.
FiveStarLaw and 2 other Bankruptcy Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.