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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: 3316
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
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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

  • I am in oklahoma and am being sued for garnishment for a past

    I am in oklahoma and am being sued for garnishment for a past bill... I have a court date set for Dec 2nd to provide paystubs, tax filings, bank statements. I will be out of the country on vacation that has been planned for over a year. I called the law office and they said they would not change it. I know that based upon my salary that they will get a judgement of the maximum OK garnishment of 25%. I was just planning on not going to the court date or providing any documents but I wanted to ask someone if I was cutting my own throat?
  • I am trying to find out whether there is any rule that limits

    I am trying to find out whether there is any rule that limits how far back they can request documents in a 2004 exam. They are asking for 10 years of documents. They are relevant to the creditor's claims, but it is going to be burdensome. That seems like my only defense. Is there a rule or statute that limits how far back they can go?
  • I have a credit card debt which was ruled over 10 years ago

    I have a credit card debt which was ruled over 10 years ago in the divorce court to be paid by my ex. I have not paid anything on this but they have taken money through garnishments. This past September has been 10 years they have just filed with the court another garnishment request. I live in Indiana which makes this a time-barred account. What steps do I take to stop this?
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