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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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My wife and I have a property that was discharged in a bankruptcy

Customer Question

My wife and I have a property that was discharged in a bankruptcy about nine months ago. The bank that holds the primary mortgage has not proceeded to take back the property. We are still listed on the lien. There are about 2 1/2 years of unpaid property taxes on it. My question is this. Is there a certain amount of time that they have to reclaim the property? Because we are still listed on the lien, do we at some point have the right to reclaim the property? If we pay the back taxes, is the property ours after a certain amount of time?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.

In Wisconsin you may have a claim for the property under adverse possession after 20 years.

The lender is not obligated to take the property although the property is collateral for the loan. The bankruptcy discharged your personal liability on the debt.
Customer: replied 8 years ago.
I thank you for your answer. It was a bit general though. Do you have any advice on what we can do with the property? If the bank hasn't reclaimed it and we have no financial obligation due to the Chapter 7 discharge, can we rent it out if the bank doesn't reclaim it? Or, can we rent it out until the bank reclaims it? Can we sell it? I realize that laws vary state by state.
Expert:  Ellen replied 8 years ago.

Thank you for your request for clarification.

If there has been no foreclosure nor deed to the lender or other party, it appears that you still own the property. In such a case, you may legally reside on the property or rent the property out it the same manner that you could prior to the bankruptcy.

You may also choose to sell the property. However if you choose to sell the property, you will need to satisfy the mortgage in full.
Ellen and other Bankruptcy Law Specialists are ready to help you
Customer: replied 8 years ago.

Thank you. That was what I was looking for. I just didn't articulate it the first time.

I will take it from here!

Expert:  Ellen replied 8 years ago.
Thank you. Best wishes for success.