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 WALLSTREETESQ Your Own Question
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17223
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
16356563
Type Your Bankruptcy Law Question Here...
WALLSTREETESQ is online now
A new question is answered every 9 seconds

I FILED BANKRUPTCY TO GET RID OF A CONDO COSTING 196,000 THAT

Customer Question

I FILED BANKRUPTCY TO GET RID OF A CONDO COSTING 196,000 THAT WAS WORTH
35 TO 40 THOUSAND. IT WAS RECENTLY SOLD AT AUCTION FOR 35,500. THE PERSON WHO BOUGHT IT OFFERED IT TO ME FOR 36,000. I CALLED MY BANKRUPTCY ATTORNEY
AND ASKED HER IF IT WAS LEGAL FOR ME TO BUY BACK MY CONDO. SHE SAID YES BECAUSE I WAS BBUYING IT WITH PROCEDES FROM MY 401K. NOW AS I AM GETING READY TO FINALIZE THIS, THE PERSON WHO IS SELLING IT BACK TO ME SAYS O BY THE WAY YOU MIGHT WANT TO FIND A FRIEND OR RELATIVE WHOSE NAME YOU COULD PUT THE CONDO IN SO THAT THE MORTAGE HOLDER COULD NOT COME AFTER IT.THEY DON'T USUALLY DO THAT BUT THEY CAN.CAN YOU HELP ME WITH THIS PROBLEM
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 5 years ago.

Thank you for giving me the opportunity to assist you. I encourage you to ask me for clarification, if you are not clear with my Answer.

 

When did you file for bankruptcy protection?

 

When was your condo sold at auction?

 

Is your bankruptcy case over?

Customer: replied 5 years ago.
filed in oct '10 sold in june 29th this year approved in march of this year .have 5 yrs to pay on it
Expert:  Phillips Esq. replied 5 years ago.

Thank you for the information.

 

So, you filed under Chapter 13?

Customer: replied 5 years ago.
yes
Expert:  Phillips Esq. replied 5 years ago.

Thank you for the additional. However, I will opt out in favor of another Expert.

 

Do not relist. Once an Expert becomes available, you would get a response.

Expert:  WALLSTREETESQ replied 5 years ago.



Your debt to the mortgage Company was discharged, so you are not liable to them, and they cannot come after you. If you purchased the home with exempt 401k assets, you are fine.
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17223
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you
Expert:  WALLSTREETESQ replied 5 years ago.
Let me clarify, if the purchase is an all cash purcahse and you will not incur any debt, you will not need permission from the trustee.

Related Bankruptcy Law Questions