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FiveStarLaw
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36580
Experience:  Bankruptcy Lawyer. Experienced.
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When filling for bankruptcy for a forcloser on a building is

Resolved Question:

When filling for bankruptcy for a forcloser on a building is the buildlng called an asset or is it the creditor getting paid when the asset kick in ? When the building is first put into bankruptcy does the building become an asset and /or when does the assest apply?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 1 year ago.

FiveStarLaw :

*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*

FiveStarLaw :

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FiveStarLaw :

In a bankruptcy, the property/building is listed as an asset. The mortgage is listed as a secured debt.

FiveStarLaw :

I would be glad to respond to any related follow-up questions that you may have or to clarify.

Customer:

when filing for is

Customer:

When filing for Bankrupsy , at the on set when filing is Bankrupsy in affect or when does it start

FiveStarLaw :

The bankruptcy is effective immediately when filed. All actions against the debtor must immediately stop

Customer:

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?

FiveStarLaw :

Do you mean discharged? A bankruptcy discharge is the goal of the bankruptcy – a discharge means that the debts are erased.

FiveStarLaw :

Whereas a dismissal means that the bankruptcy was not completed to discharge

FiveStarLaw :

After a chapter 7 bankruptcy, a debtor who has received a discharge no longer owes most debt

Customer:

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?

FiveStarLaw :

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

Customer:

Once the Bankrupst has been releassed , does it take away the bankrupsy record and or the filing?

FiveStarLaw :

no the record is not erased


 

Customer:

but once dimissed does /or is it still count as an asset?

FiveStarLaw :

the property is still an asset subject to the secured mortgage

Customer:

suppose the mortgage is more than the property is worth and there is a deficiency? is part of the mortgage secured and part unsecured?

FiveStarLaw :

yes

FiveStarLaw :

Have I fully answered your question?

Customer:

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?

Customer:

Could you Please answer my last question.

FiveStarLaw :

there would not be a deficiency judgment unless the property was foreclosed.

FiveStarLaw :

Since the bankruptcy was dismissed, you can view the situation as if the bankruptcy was never filed

FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36580
Experience: Bankruptcy Lawyer. Experienced.
FiveStarLaw and other Bankruptcy Law Specialists are ready to help you

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