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CalAttorney2
CalAttorney2, Attorney
Category: Bankruptcy Law
Satisfied Customers: 10244
Experience:  Civil litigation attorney for individuals and businesses.
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My name is on the deed to several propertiesin NEW YORK but

Customer Question

My name is ***** ***** deed to several propertiesin NEW YORK but my name is ***** ***** the mortgages do I have the legal right to file Chapter 11 even though I'm only on the deeds
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  CalAttorney2 replied 1 year ago.

Dear Customer,

You can file a Chapt. 11, however, the proceeding will be complicated (you own the asset, but you don't have the loan - so the creditor will have a right to perfect the lien and get paid, you won't be able to include the loan in your repayment).

If you are considering Chapt. 11 - hire a lawyer - do not attempt a Chapt. 11 on your own. Make sure that the attorney has recent experience filing Chapt. 11 bankruptcies (most consumer bankruptcy attorneys do primarily Chapt 7 and Chapt 13 work, you need somebody that has recent experience with Chapt. 11 work).

Practice pointer: do not just file a Chapt. 11 - doing it this way is rarely successful, in order to succeed in a Chapt. 11, the debtor will have made preliminary agreements with the creditors regarding the Chapt. 11 plan prior to filing, filing first and trying to work out a plan later can succeed, but it is rare.

Customer: replied 1 year ago.
CAN THE BANK FORECLOSE ON SAID PROPERTY (s) if i file chapter 11
Expert:  CalAttorney2 replied 1 year ago.

Yes, they will need to make a motion to the court to do so, showing that the plan is not sufficient (this is pay off why you want an attorney).