Bankruptcy Law

Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Bankruptcy Law

I went bankruptcy in December. I have an SBA diaster loan on

Customer Question
my home. It was included...
I went bankruptcy in December. I have an SBA diaster loan on my home. It was included in my bankruptcy. I was instructed to continue making payments while I was in bankruptcy. For 2 years I was making payments sometimes I would miss a payment but I never stop payiing. SBA never contacted me after my bankruptcy was discharged to let me know what I needed to do. I made a payment in August 2012 and I contacted SBA. I would call them and they would only say just make a payment. I never received anything in writing. approximately 10 days ago I called and talked with a representative and she stated that they had written my loan off. She also stated I could make 12 voluntarily payments and request a reinstatement. Just trying to see where do I go from here.
Submitted: 5 years ago.Category: Bankruptcy Law
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 13 minutes by:
10/5/2012
Bankruptcy Lawyer: Roger, Attorney replied 5 years ago
Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31,870
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Verified

Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney in Mississippi.

Just because the loan has been written off doesn't mean that the debt has been cancelled. Instead, this means that the creditor has given on trying to recover the debt, debt and it has possibly sold the debt to a third party.

If you want to keep your home, you'll have to continue to make the payments, but you also need the lender to reinstate your loan and have it showing as being in good standing on your credit report.

SBA loans are different because they're government debts and have a bunch of wierd regulations and requirements that you would not face with a traditional loan. Therefore, I would recommend that you ask your contact at the SBA to send you something in writing stating what you need to do to reinstate the loan and to provide some type of agreement that you can sign stating that your loan will be reinstated after you make the agreed payments.

Until you do this, the lender could technically foreclose on your property at any time. Even if you've missed one payment, the lender can foreclose. Thus, you need to get something worked out and get it in writing so you have a guarantee that if you make the payments as agreed, you'll have a fully reinstated loan.

Thus, your next step is to ask the SBA to give you something in writing that says if you make these voluntary payments that your loan will be reinstated.

Ask Your Own Bankruptcy Law Question
Bankruptcy Lawyer: Roger, Attorney replied 5 years ago

Hi - there were a few typos that I need to correct. I've got a new computer and my fingers are too fat for the keys!! I apologize for the mistakes.

 

Here it is again:

 

Just because the loan has been written off doesn't mean that the debt has been cancelled. Instead, this means that the creditor has given UP on trying to recover the debt, and it has possibly sold the debt to a third party.

If you want to keep your home, you'll have to continue to make the payments, but you also need the lender to reinstate your loan and have it showing as being in good standing on your credit report.

 

SBA loans are different because they're government debts and have a bunch of weird regulations and requirements that you would not face with a traditional loan.

 

Therefore, I would recommend that you ask your contact at the SBA to send you something in writing stating what you need to do to reinstate the loan and to provide some type of agreement that you can sign stating that your loan will be reinstated after you make the agreed payments.

 

Until you do this, the lender could technically foreclose on your property at any time. Even if you've missed one payment, the lender can foreclose. Thus, you need to get something worked out and get it in writing so you have a guarantee that if you make the payments as agreed, you'll have a fully reinstated loan.

 

Thus, your next step is to ask the SBA to give you something in writing that says if you make these voluntary payments that your loan will be reinstated.

Ask Your Own Bankruptcy Law Question
Bankruptcy Lawyer: Roger, Attorney replied 5 years ago

Hi -

Please let me know if you have any additional questions. Also, please positively rate our conversation so I may receive credit for my time. Thanks!

Ask Your Own Bankruptcy Law Question
Ask Roger Your Own Question
Roger
Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31,870
31,870 Satisfied Customers
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters

Roger is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

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

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.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, 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!!

ElaineAtlanta, 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.

TonyApopka, 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

< Previous | Next >

Meet the Experts:

Terry L.

Terry L.

Attorney

2,679 satisfied customers

Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

cortrightlaw

cortrightlaw

Attorney

511 satisfied customers

Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

JoeLawyer

JoeLawyer

Attorney

376 satisfied customers

Attorney in the practice of Bankruptcy Law since 1996

A.J.

A.J.

Attorney

262 satisfied customers

Experienced consumer bankruptcy attorney.

Fritz

Fritz

Attorney

209 satisfied customers

Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases

Law Girl

Law Girl

Attorney

153 satisfied customers

I am an attorney.

Paul K, Esq.

Paul K, Esq.

Attorney

141 satisfied customers

10 years Exp., Great customer service, Prompt responses.

< Previous | Next >

Related Bankruptcy Law Questions
I am the buyer on a land contract. The seller wants to get
I am the buyer on a land contract. The seller wants to get out of the contract to go with another offer/contract. They have threatened to file bankruptcy if we do not accept a small fee to walk from o… read more
DrakeLAW
DrakeLAW
Juris Doctorate
973 satisfied customers
Law Educator, Esq. (ONLY) (This is on the affirmative
Law Educator, Esq. (ONLY)(This is on the affirmative defenses)This is my first defense below There are overwhelming newly discovered clear and undeniable evidences that proved that the plaintiff Commi… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Law Educator, Esq. (ONLY) This is on the Answer I just
Law Educator, Esq. (ONLY)Good morning,This is on the AnswerI just included the case law to this part of the fraud defense is it okay?There are several newly Discovered evidences found, that clearly an… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I was issued a complaint and summons gor a reposession for
I was issued a complaint and summons gor a reposession for degaulting on my lease. I paid my myppast due my lesse is current on my vehicle. Could they withdrae the small claim … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,327 satisfied customers
If a wife wants to file banckruptcy singlary, without her
if a wife wants to file banckruptcy singlary, without her husband what wlll happen to the joint house? and any joint credit cards/ or his personal credit cards? thanks… read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
35,307 satisfied customers
When applying for Bankruptcy-- what questions should I be
When applying for Bankruptcy-- what questions should I be asking a lawyer?? This is the case: 23 year old Student with no assets - Student loans and Credit Card debt that they can not afford to pay of… read more
DrakeLAW
DrakeLAW
Juris Doctorate
973 satisfied customers
Law Educator Esq. (ONLY) (This is on bankruptcy) When should
Law Educator Esq. (ONLY) (This is on bankruptcy) When should I be thinking of filing bankruptcy? do I have to wait until judgment is given on the foreclosure case before I file bankruptcy? Can I still… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Received a notice of automatic dismissal without the entry
Received a notice of automatic dismissal without the entry of a discharge. for failure to file documents. a/b, D, E/F,I,J,J2,statement of your current monthly, income BUT I filed these forms but at 2 … read more
DrakeLAW
DrakeLAW
Juris Doctorate
973 satisfied customers
I just started a chapter 13 bankruptcy and the lawyer told
i just started a chapter 13 bankruptcy and the lawyer told me how much i would pay for 5 years. i called his office about week later and told one the assisstants that i amm short on money and ask if i… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,679 satisfied customers
I own a business that had a couple of rough years in 2013
I own a business that had a couple of rough years in 2013 and 2014. In 2015 and 2016 I did manage to make a profit, but I again lost money in 2017. With negative income over the past 5 years and with … read more
LegalGems
LegalGems
Juris Doctorate
10,665 satisfied customers
Very important question - thank you in advance: A guy who is
Hi, very important question - thank you in advance: A guy who is a film distributor ripped us off and filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court. I never got notice of this as the Cou… read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,327 satisfied customers
Educator only: defendants filed a response in the bankruptcy
For Law educator only:Hello sir, defendants filed a response in the bankruptcy court. Can you please help me understand this one?Thanks… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Sorry I just lost what I wrote so I'll try to rewrite. I'm
Hi... sorry I just lost what I wrote so I'll try to rewrite. I'm basically looking into Chapter 13 in order to save my home. I don't have an exact auction date at this point and I'm hoping there is a … read more
DrakeLAW
DrakeLAW
Juris Doctorate
973 satisfied customers
I filed bankruptcy a tear ago and it still hant been
I filed bankruptcy a tear ago and it still hant been discharged because the trustee has a 3000 dollar check to dispurse. Hoe long does it take and is there a time limit? … read more
DrakeLAW
DrakeLAW
Juris Doctorate
973 satisfied customers
Situation. My wife's ex husband is filing for bankruptcy.
Situation. My wife's ex husband is filing for bankruptcy. Chapter 7 He owes his ex wife 40000$ For her legal fees which was stated specifically because she had a need to get an education because she w… read more
DrakeLAW
DrakeLAW
Juris Doctorate
973 satisfied customers
My employer of 9+ years declared Chpt 11 in June of 2017. I
My employer of 9+ years declared Chpt 11 in June of 2017. I was in possession of a "stay-bonus" which was payable contingent on the sale of company. I am not a SR level executive, nor was I provided t… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Is it normal for a DOJ lawyer that is assigned to a
Is it normal for a DOJ lawyer that is assigned to a bankruptcy case to ignore evidence that the debtor is (and has been) depositing and transferring large amounts of cash from the debtor in possession… read more
Roger
Roger
Attorney
31,870 satisfied customers
Can i file a cap 13 to save my home when I've already filed
can i file a cap 13 to save my home when I've already filed a cap 7 and it was discharged 2015? also, we surrendered the property during this process … read more
INFOLAWYER
INFOLAWYER
Partner
Doctoral Degree
56,261 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x