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Dave Kennett
Dave Kennett, Lawyer (JD)
Category: Legal
Satisfied Customers: 27689
Experience:  25 years experience in general law, including real estate, criminal, traffic, and domestic relations
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I SPENT 199,00 GETTING MY BROTHER OUT OF JAIL AND PAYING THE

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I SPENT 199,00 GETTING MY BROTHER OUT OF JAIL AND PAYING THE MORTGAGE ON HIS OFFICE BUILDING PMTS. THE BANK SAID WE HAD TO PAY THEM OFF OR THEY WOULD FORECLOSE SO WE SOLD. AT THE CLOSING THE LAWYER SAID WHO DO I MAKE THE CHECK PAYABLE TO AND I SAID ME AS I WAS THE ONE OUT OF MONEY. MY BROTHER FILED FOR BANKRUPSY BEFORE THE 12 MONTHS TIME LIMIT. THE BANKRUPTSY COURT SAID THE MONEY I GOT AT THE CLOSING WAS A PREFERENTIAL TRANSFER SINCE I WAS HIS SISTER. I AM THE ONLY ONE WITH PROPERTY NOW CAN THE BANKRUPSY COURT GO AFTER MY HOME. I AM 70 ON SOCAIL SECURITY AS MY ONLY MEANS OF SUPPORT GO AFTER MY HOME AND PROPTERTY? THEY HAVE FILED A JUDGEMENT WITHOUT WAIVER OF EXEMPTION AGAINST ME. CAN THEY TAKE MY HOME.WHAT CAN I DO???????????????
Dear JACUSTOMER - The creditors, through the bankruptcy trustee, can recover any preferential payments made to friends or relatives within one year of the filing of the bankruptcy so whatever money was paid to you as repayment of what you had lent to your brother would be recoverable. Whether they can take your house depends on the amount owed and whether your house is also mortgaged to another bank. If you still have the money from the closing you can simply return the funds to the bankruptcy trustee and that would solve the problem. You can then file a claim as a creditor in the bankruptcy and if there is money in the bankruptcy you may be able to receive at least a partial payment for what your brother owes you for the mortgage payments you made. The money from the sale of the real estate should have gone to your brother and then he could have paid you what he owed but even that would have been subject to the preferential payment statutes. I'm not certain from your facts how much money is involved in all of this but whatever was paid to you from your brother within the past year would be subject to recovery. Generally you can make arrangements to pay the amount in installments and not suffer the loss of your home but I have no way of completely analyzing your overall financial situation to be able to provide you with an exact answer as to what will happen in the case.
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