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I have filed chapter 7 bankruptcy in Arizona. Five years…

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I have filed chapter...
I have filed chapter 7 bankruptcy in Arizona. Five years ago I sold my mobile home in California and I carried back the loan. The loan is for about $65000 at this point. I owe about $30000. The trustee is now saying that she will contact my borrower and have them make payments to her. Can she take the monthly income I receive from this loan? If so, how long will she take it for? Will she try to sell the loan to someone else? If so, does she have to sell it for the full price, and will I get the rest of the money once she's paid off my creditors? Also, can she force the borrower to pay the loan in full? What if the loan far exceeds the amount of unsecured debt that I owe?
Submitted: 8 years ago.Category: Bankruptcy Law
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Answered in 1 day by:
6/12/2010
Bankruptcy Lawyer: Fran-mod,
 replied 8 years ago
Fran-mod
Category: Bankruptcy Law
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Bankruptcy Lawyer: cfortunato, Attorney replied 8 years ago
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
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Hi JACustomer,
Since the property you sold is not exempt property, the trustee can and will take it, in the form of the agreed-upon monthly payments.
She can take the monthly payments until the creditors are paid in full.
She can try to sell the loan to someone else, but cannot sell it for less than the $65,000 owed, and you are due any excess money after all creditors are paid off.
She cannot force the borrower to pay the loan in full.
I think I answered everything. Please let me know.
Thank you!



Edited by Christina Fortunato, Esq. on 6/12/2010 at 5:43 PM EST
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