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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 34089
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I filed bankruptcy and was dismissed last year Oct. 2012.

Customer Question

I filed bankruptcy and was dismissed last year Oct. 2012. My debt was 20-25000. My house is worth mayber 40000 and my lawyer says now that the trustee wants the difference to pay back the creditors some of the debt. Because I own the house they say they want the equity now. Can they do this? Even after the discharge?
My lawyer says now that they will settle for 5000. lump sum. I dont have that kind of money laying around. What if I dismiss and say no forget the bankruptcy. What would happen then? Would they still come after the house or would they let me pay them monthly? I mean the creditors already have written off my debt.
Can they bring it back??
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 1 year ago.
What if I dismiss and say no forget the bankruptcy. What would happen then?

A: If the court grants the dismissal, then all of your assets and debts would revest in you, and you would be in exactly the same position you were in prior to filing bankruptcy -- less any payments made to creditors during the bankruptcy.

Would they still come after the house or would they let me pay them monthly?

A: That's entirely up to the creditor -- you can try to negotiate, but the creditors don't have to cooperate. They can sue for a judgment on the debt and the attempt to garnish or execute against your assets to recover their unpaid debts.

I mean the creditors already have written off my debt. Can they bring it back??

A: Yes. The Internal Revenue Code expressly requires that a creditor that later recovers a debt previously charged off on a 1099-C must treat that debt as new income.

Hope this helps.

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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 34089
Experience: Attorney and Real Estate Broker -- Retired (mostly)
socrateaser and other Bankruptcy Law Specialists are ready to help you
Expert:  socrateaser replied 1 year ago.

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