Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
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In a bankruptcy, the property/building is listed as an asset. The mortgage is listed as a secured debt.
I would be glad to respond to any related follow-up questions that you may have or to clarify.
when filing for is
When filing for Bankrupsy , at the on set when filing is Bankrupsy in affect or when does it start
The bankruptcy is effective immediately when filed. All actions against the debtor must immediately stop
When Bankrupsy is dismissed ,with in a 5 month period and you are dis missedby the judge , how does that affect your situasion /and or you still considered to be a person that was in bankrupsy?
Do you mean discharged? A bankruptcy discharge is the goal of the bankruptcy – a discharge means that the debts are erased.
Whereas a dismissal means that the bankruptcy was not completed to discharge
After a chapter 7 bankruptcy, a debtor who has received a discharge no longer owes most debt
The filing was for Chapter 11 and was dismissed. We want to know if upon filing does the asset become as asset of the bankruptcy estate and if dismissed was it an asset?
A Chapter 11 bankruptcy that is dismissed,no longer has bankruptcy protection. Upon filing all assets of the debtor become assets of the bankruptcy estate and those assets are released by the bankruptcy estate upon dismissal
Once the Bankrupst has been releassed , does it take away the bankrupsy record and or the filing?
no the record is not erased
but once dimissed does /or is it still count as an asset?
the property is still an asset subject to the secured mortgage
suppose the mortgage is more than the property is worth and there is a deficiency? is part of the mortgage secured and part unsecured?
Have I fully answered your question?
if a deficiency judgment applied due to personal guarantee that would be triggered because of the "asset becomes part of a bankruptcy estate" - would that apply if the bankruptcy was dismissed?
Could you Please answer my last question.
there would not be a deficiency judgment unless the property was foreclosed.
Since the bankruptcy was dismissed, you can view the situation as if the bankruptcy was never filed