Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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Debts based on fraud are one of the 19 types of debt that cannot be discharged in a Bankruptcy.
Bankruptcy Stat. 523(a)(3).
The relevant Bankruptcy Code section is 523(a)(2)(A) (not 523(a)(3)).
I heard that If I try to include the debt(default judgment with fraud charge) the creditor will most likely open a adversary hearing. Would it be hard to prove that it wasn't a fraud through adversary hearing?
A Bankruptcy court will not determine whether a judgment that states it is based on fraud is actually based on fraud. A Bankruptcy court would only determine the debt is non-chargeable because it is based on fraud.
The charge of fraud would have to be removed by the court that issued the judgment.
How much equity is needed for a bankruptcy judge to decide if my primary home should be sold or not? How do judges estimate our home value? Do they use the site like Zillow.com or?
The answer depends on a number of factors:1) Have you lived in California continuously for at least 2 years? If not, where have you lived for the past 2 1/2 years?2) Are you married or single?3) How old are you and your spouse (if married)?4) Are you or your spouse (if married) disabled?5) What is your gross annual income and, if married, what is your spouse's annual gross income?
How do I find good bancruptcy atterney in Los Angeles area? I'm having hard time finding a good banckruptcy atterney
sorry I missed your quetsion. here are my answer:
The answer depends on a number of factors:1) Have you lived in California continuously for at least 2 years? If not, where have you lived for the past 2 1/2 years? yes2) Are you married or single? married3) How old are you and your spouse (if married)? 344) Are you or your spouse (if married) disabled?no5) What is your gross annual income and, if married, what is your spouse's annual gross income? 19,000from me and none from my wife
If there is high equity on my home, can lien judgment creditor make decision to sell my home in banckruptcy? Or only the mortgage holder can make that decision? Also even if there is high equity, if I have good mortgage payment history, will they still want to foreclose the home?
Who is the bankruptcy trustee?
Also lets say there is mortgage loan balance 1.1mill and the judgment lien amount 300,000. if the appraiser value of my home is 1.4mill, will my home get sold through chapter 7 BK?
Every Bankruptcy case has a trustee assigned to it. The trustee handles the Bankruptcy case.If your home can be sold for $1.4 mill, and the mortgage balance is $1.1 mill, you can expect the house will be sold if you file a Bankruptcy. This is in spite of the fact that there is a second lien on the property, as the trustee can arrange to have the second lien removed so that the house can be sold.
Home value is 1.4mill but the mortgage balance 1.1mill + lien judgment debt 300,000=1.4mill. this means there is no equity to sell the home through BK no? this is what local BK attorney told me and wanted to make sure if this is true.
If I was able to discharge the judgment lien debt throught chapter 7, will I be able to remove the line from my home or are they seperate matter?
You said earlier that if there is a equtiy, trustee can remove the lien and sell my home. But is it common for trustee to remove the lien to sell it? Wouldn't the lien holder feel unfair to get it removed? I thoght the lien holder has priority to collect debt before other creditors.