How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 110582
Experience:  Attorney At Law handling education matters.
Type Your Bankruptcy Law Question Here...
Law Educator, Esq. is online now
A new question is answered every 9 seconds

Barrister.. again.. Thanks for your help last week. Got new

Customer Question

Barrister.. this is Ross Hall again.. Thanks for your help last week. Got new info and new questions.
Upgrade the details.
the info I gave you was correct or the addon of additional lien was $5,000.
Here is the rest of the story.
The Seller is Arthur. They want to sell the home. but had the liens. We asked why did he wait til the last minute.
He says. He still does not have any paper work, has seen nothing. met with the realtor only as a walk through.. He is saying I must see the paper work before I do anything..and in case neither my wife or I have signed a single piece of paper. He does not have internet email.. so any paper work was sent to his wife in Oregon. His wife signed nothing.. At some time in the process she wrote an email saying. I am not going to sign anything..and I do not want to sell under these conditions..and especially I will not without agreement from my husband.
So the realtor is saying the closing was last now you are in breach of contract..
He is taking your advice.. He is saying buzz off until I see the papers and talk to the lien hollders. Neither he or his wife signed anything..and he has not seen anything yet.
Submitted: 1 month ago.
Category: Bankruptcy Law
Customer: replied 1 month ago.
he is asking if when he can negotiate with the lien holders. that he can say well I will just declare ch 7. He is asking me to explore this with you.. Will that lead him to a position of having more retained equity profits if he goes BK Ch 7
sale price $188K
Equity $101K
After sale profit of around $70K
then liens take it down another $35K
so after lien payoff would be $35K
Can he do any better than this if he goes BK.. if he can really do that anyway?
Thanks so much Barrister.. Appreciate what you are doing..
I now have a copy of what the realtor sent in an he could go ahead without either of them signing..and certainly not the husband.. He says that he is entitled to use an electronic signature..Ill read the email again from the realtor..
Expert:  Barrister replied 1 month ago.

Hello again, I am afraid that I don't really have much experience in the bankruptcy field so wouldn't be qualified to give you a competent answer..


I will opt out of the question and open it up to other experts who might have more BK experience and be better suited to provide a good answer..


No need to respond as it will prevent other experts from seeing the question quicker..





Expert:  Law Educator, Esq. replied 1 month ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

I am a DIFFERENT CONTRIBUTOR and look forward to working with you.

If he files CH 7 bankruptcy, then he can protect up to $150,000 of equity in his home under the AZ homestead exemption. Since he has $110,000 of equity in his home, he would likely end up better through the bankruptcy than he would on legal bills trying to force his wife to sign. If he files bankruptcy he can get unsecured debts discharged and he would lose his other assets, but could seek to protect his equity in the home. So he may be right, based on the limited information you provided, to use bankruptcy, but for a definitive answer a local bankruptcy attorney would need to thoroughly review his other assets and debts to validate that general assessment.

Related Bankruptcy Law Questions