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FiveStarLaw
FiveStarLaw, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy Lawyer. Experienced.
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can an estate file bankruptcy...trying to preserve home from

Customer Question

can an estate file bankruptcy...trying to preserve home from foreclosure...
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 1 year ago.
*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.*

Hello,

Thank you for your question. I am a Florida attorney. My name is XXXXX XXXXX I will do whatever I can to answer your questions!

Can you please explain in detail what is occurring
Customer: replied 1 year ago.

can an estate file bankruptcy...trying to preserve home from foreclosure...


This home is in Fl...my Father died and the home loans is in my father's name...my wife and I would like to preserve the home as our homestead... we transfer the title to our names...but the loans are in his...


Therefore I thought by filing a estate bankruptcy we could get the time to do a reverse mtge. on the house or find a way to modify the loan...our income is strong enough to support the HAFA requirements

Expert:  FiveStarLaw replied 1 year ago.
Thank you for your explanation.

An insolvent or solvent estate cannot file bankruptcy.. An estate cannot be a debtor in bankruptcy. However there are other methods that may be available to accomplish your goal of saving the house and I would be happy to discuss them with you..Please tell me what has occurred in the foreclosure proceeding to date
Customer: replied 1 year ago.


currently they are trying to foreclose on me...because I own the house...all though the debt is in my Dad's name...

Expert:  FiveStarLaw replied 1 year ago.


Although the estate cannot file a bankruptcy, you could consider filing a personal Chapter 13 bankruptcy as a tactic to delay the foreclosure.

 

A chapter 13 bankruptcy provides a codebtor stay that could prevent the foreclosure action from proceeding and thus provide you with the additional time you are seeking.

I would be glad to continue our conversation and respond to any follow-up questions that you may have.

Customer: replied 1 year ago.

if I do a ch 13 then I cannot do a Reverse mtge...


that is why I thought if the estate can do it then we can apply for a reverse...

Expert:  FiveStarLaw replied 1 year ago.

Unfortunately bankruptcy protection is not available to an estate.. If you file a Chapter 13 bankruptcy, you would require court approval to do a reverse mortgage.

Foreclosure proceedings typically proceed slowly. You may have more time than you realize. Has a sale date been set?
Expert:  FiveStarLaw replied 1 year ago.

Hi Bob,

 

Foreclosure proceedings typically proceed slowly. You may have more time than you realize. Has a sale date been set?

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