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.
A new question is answered every 9 seconds

Ask a Bankruptcy Lawyer

FiveStarLaw
FiveStarLaw, Attorney
Category: General
Satisfied Customers: 3317
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
characters left:
2 Bankruptcy Lawyers are Online Now

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Liquidation Laws and Rules

What is liquidation?

Liquidation is when a person or company has filed for bankruptcy and then the court will take the property of the person, as long as it isn’t exempt, and then assign a trustee to sell the property. The trustee will then take the money from the property of non-exempt property and pay the debts that the person owes to all the creditors.

Can a chapter 12 bankruptcy reorganization liquidation plan be changed to a 2 or 3 year plan?

A chapter 12 bankruptcy is a type of bankruptcy for a family farmer or family fisherman. If the person falls into one of these categories, then he/she will be able to file a plan that has a maximum of 5 years to pay the debt back with. If the person does not fall into one of these categories, then he/she cannot file a chapter 12 bankruptcy.

If a person files for chapter 7 liquidation and gave the bank his/her house and they sell it for only $100,000 which is below the mortgage value, can the person buy the house back at the $100,000 price?

If the person’s house was foreclosed on and then sold at auction, and the bid of $100,000 was the highest bid that the auction brought, then in this case it will be possible for the person to buy the house back at that price. The person would need to have the cash to buy the house due to the fact he/she could not get a loan or mortgage on the house. The person may run into an issue if they buy the house after filing for the bankruptcy due to the fact that the court would cease the $100,000 to pay the debts of the bankruptcy, so the person would need to buy the house before the bankruptcy proceedings has started.

If a person lives in the state of Minnesota but owns a vacation house in Florida; what property would be exempt from liquidation when the person files for bankruptcy?

If the person files for bankruptcy protection, then he/she would be able to keep the main home that is located in Minnesota. The market value on the Minnesota home would not be able to exceed the mortgage value by more than $200,000 and be located on less than ½ acre in the city and 160 acres if the house is located in the country. The vacation home in Florida would not be exempt from the proceedings and the person would have to surrender the house in Florida to the courts.

What does bank adjustment, deed in lieu, and bank liquidation mean on a person’s credit report?

When a person files for bankruptcy the real estate loan that he/she has voluntarily settled in order to avoid foreclose. In many cases the nonpayer will sign a deed in lieu of the foreclosure and then transfer the title to the bank this would be to avoid the formal process of the foreclosure proceedings.

When a person files for bankruptcy, he/she may need to liquidate his/her possessions to pay the creditors back in the full amount that he/she owes. When this happens or is in the process of happening the person may find themselves confused as to the laws or proceedings that they need to follow. Consulting an Expert online would answer the questions and address the concerns that a person would have about liquidation laws.

Ask a Bankruptcy Lawyer

FiveStarLaw
FiveStarLaw, Attorney
Category: General
Satisfied Customers: 3317
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
characters left:
2 Bankruptcy Lawyers are Online Now

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.

Bankruptcy Lawyers are online & ready to help you now

FiveStarLaw
Attorney
Satisfied Customers: 3203
Bankruptcy Lawyer. Experienced.
Terry L.
Attorney
Satisfied Customers: 2204
Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Phillips Esq.
Attorney-at-Law
Satisfied Customers: 950
B.A.; M.B.A.; J.D.

Recent Liquidation Questions

  • can I continue doing business after chapter 7 bankruptcy and

    can I continue doing business after chapter 7 bankruptcy and keep my company name?
  • Good afternoon. I have a somewhat advanced bankruptcy question. On

    Good afternoon. I have a somewhat advanced bankruptcy question.
    On Oct 15 2013 I had sued a former attorney for malpractice in the district of Columbia and the claim amount demanded was $1 million. that case is still proceeding and we have just finished discovery. I am representing myself pro se.
    On November 6, 2014 I filed chapter 7 bankruptcy in US bankruptcy Court in Alexandria VA. I am a resident of Virginia.
    I understand that the automatic stay under 11 usc 362 is not applicable to actions initiated BY the debtor and that is what has happened - the malpractice case proceeds.
    I also understand that I can turn the malpractice claim over to the bankruptcy trustee to prosecute. Is that true? What becomes of this claim?
    I filed a Motion with the bankruptcy Court for them to stay the bankruptcy proceeding pending the outcome of the malpractice complaint. Is the bankruptcy Court likely to stay their proceedings?
    Thanks very much.
  • I just filed a chapter 7 while the mortgage company sent me

    I just filed a chapter 7 while the mortgage company sent me foreclosure letter,do I still have time to negotiate modification ,I obviously wrote off all debt that I owee them back mortgage for 3 years
< Last | Next >
View More Bankruptcy Law Questions