Bankruptcy Law

Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Bankruptcy Law
This answer was rated:

I asked you a question yesterday and have another. My brother,

the executor of my mother's...
I asked you a question yesterday and have another. My brother, the executor of my mother's will is considering filing for bankruptcy related to his own debt issues. My mother had a reverse mortgage (RM) on her paid-for home. Both the home and the RM are only in her name. She did not give up the deed to the house. We still have it. She passed May 30, 2012. The reverse mortgage has yet to be paid back because my brother had not filed with the county probate to be recognized as personal rep of the estate until last month and therefore, nothing was done toward the sale of the house (he lives there as I indicated in earlier email). Consequently, the creditor filed in February to foreclose and put the house up for auction in late June, 2013. One response given by a foreclosure attorney in an introductory meeting with my brother was to file for bankruptcy. My mother had debts totaling $12K other than the reverse mortgage. The RM debt is being clarified by petition but its probably $100k including attorney fees for filing for foreclosure. The house's appraisal value is about $145K. By the time we pay all debts and fees related to selling of the house, there will be very little left to distribute to three siblings as indicated in the will. If my brother files for bankruptcy, how does that impact the estate since he is the executor? Will the debt against the house be included or will it remain separate, outside the confines of a bankruptcy process? Is filing bankruptcy related to the estate even a possibility which my brother is wondering about?
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 15 minutes by:
3/28/2013
jbwarren1969
jbwarren1969, Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,250
Experience: 15 years of experience practicing law and small business owner
Verified
Thank you for requesting me to assist you with your question. I am going to opt out answering this question and recommend your question be answered by a bankruptcy attorney. A lawyer that is familiar with bankruptcy law should be online shortly to assist you.
jbwarren1969
jbwarren1969, Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,250
Experience: 15 years of experience practicing law and small business owner
Verified
jbwarren1969 and 87 other Bankruptcy Law Specialists are ready to help you
Ask your own question now
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
Verified
Hi - my name is XXXXX XXXXX I'm a Bankruptcy attorney here to assist you.

Are you asking about a Bankruptcy filing for your brother personally (he cannot file as an executor) or for your mother's estate?

Is the intention to postpone the foreclosure sale? Or to discharge your mother's debts? Or something else?
Ask Your Own Bankruptcy Law Question
Customer reply replied 4 years ago

The intention is to postpone the foreclosure sale. We are aware it is possible to file for an extention but aren't sure just what that would entail. My brother is considering filing for the extension now instead of waiting til near the 15 day prior-to-auction date for filing intent to cure. My brother was considering filing for bankruptcy personally prior to the development of his role as executor because of his own debt issues. Since he is an executor the question arose as to the impact on the estate, if any, should he file while he is the executor of an estate.
But I see from your response that he cannot file as an executor which implies an answer to the impact on the estate should he file personally. Just yesterday my brother revealed that my mother had debts beyond the reverse mortgage (credit card and hospital even though she was on medicaid). So we are wondering if there is a way to discharge any of her debts or if they must be paid through the estate until all are paid or the funds available through the estate run out before all debt is paid.

Thank you for your response.

If your brother files a Bankruptcy for himself, the foreclosure process will be affected by the automatic stay that goes into effect as soon as a Bankruptcy is filed. To continue with the foreclosure, the lender would have to file a costly motion requesting the Bankruptcy court for relief from the automatic stay, or they would have to wait until your brother's Bankruptcy case is discharged or closed (usually 4-6 months after the case is filed).
The reason the foreclosure would be affected is not because your brother is the executor, but because your brother has a personal interest in the property - which might have to be surrendered to the Bankruptcy court (his interest only).

However, your brother's duties as a executor would not be affected by his Bankruptcy filing.
Yes, your mother's debts would have to be paid from the home's equity (the difference between the home's current value, and the balance on the reverse mortgage).
It is also not possible for an estate to file a Bankruptcy. In other words, unfortunately, it would not be possible to discharge your mother's debts in a Bankruptcy.

Ask Your Own Bankruptcy Law Question
Customer reply replied 4 years ago

Thank you for your response. It was very helpful and gave us the answers we need. I notice above this reply box it says "don't forget to press the green accept button." I don't specifically see a green accept button but I would rate your responses as timely and complete and would consider your service as excellent. I will go ahead and click on the rating button that seems to be connected to a response by J.Warren to my initial question of which he passed along because it was not about estate law. It will be "excellent" and applies to you as well as him. Thank you again. You will likely hear from me again. I am trying to help my brother who does not have a computer so he cannot use this service directly.


 


 

Customer reply replied 4 years ago

Reading again your answer, I do have another question. We understand that filing for foreclosure by the lender will result in the addition of the legal fees for doing so to the amount owed to the lender for the reverse mortgage. Would the costly fees to file a motion for relief also be passed along to the estate thus not discouraging the lender from filing the motion?

Thank you for the excellent rating.

The cost to file a Motion for Relief from the Automatic Stay would normally not be allowed to be passed to the estate, unless the lender had a good reason for filing the motion instead of waiting the 4-6 months until the Bankruptcy case is discharged. (A good reason would be the property will be worth significantly less if the lender has to wait.)

cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
Verified
cfortunato and 87 other Bankruptcy Law Specialists are ready to help you
Ask your own question now
Ask cfortunato Your Own Question
cfortunato
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
8,023 Satisfied Customers
Experience: Bankruptcy professor.

cfortunato 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
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
984 satisfied customers
I had a hearing in bankruptcy court- does this mean I wasn't
I had a hearing in bankruptcy court- does this mean I wasn't supposed to defend myself against the one who called for the hearing?… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I filed a chapter 13 bankruptcy petition in 2012. It was
I filed a chapter 13 bankruptcy petition in 2012. It was converted to a chapter 7 and I received a discharge of debt under USC 727. In 2016 I filed another chapter 13, and the same creditors who didn'… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I filed a Chapter 13 petition in 2012 which was converted to
I filed a Chapter 13 petition in 2012 which was converted to Chapter 7 and I received a discharge in 2015. While a case was still opened I filed a another 13 in 2016. The same alleged secured creditor… read more
socrateaser
socrateaser
1,031 satisfied customers
Rule 1009 all petitions, lists and scheduled statements and
Rule 1009 all petitions, lists and scheduled statements and admendments should be verified or contain unsworn delcaration to filed what is this… read more
Ray
Ray
Lawyer
Doctoral Degree
30,899 satisfied customers
Files his Chapter 7 petition and fails to include a creditor
John files his Chapter 7 petition and fails to include a creditor whom he borrowed $5K from for an educational loan. He wants to amend his petition to include the creditor before his creditors meeting… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,679 satisfied customers
I filed a volunteer chapter 13 bankruptcy petition. I
I filed a volunteer chapter 13 bankruptcy petition. I converted my petition to a chapter 11. I was later converted to a chapter 7 by the bankruptcy court. It was a asset liquidation case which consist… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
I filed a chapter 13 bankruptcy petition in the district of
I filed a chapter 13 bankruptcy petition in the district of Connecticut. It was converted to asset case under chapter 7. The trustee filed a "notice of pendency of bankruptcy case" on the land records… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I received a letter from the united states bankruptcy court
i received a letter from the united states bankruptcy court southern district of new york … read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
35,358 satisfied customers
After a Chapter 7 Bankruptcy, an Equity loan was reaffirmed,
After a Chapter 7 Bankruptcy, an Equity loan was reaffirmed, but only by the husband. The wife never signed. Does this mean that the loan company now has lost consent? In her not reaffirming the loan … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I filed bankruptcy and just received a notice saying
hello. I filed bankruptcy and just received a notice saying sheriffs notice of bankruptcy procedures. pursant to a creditors instructions under a writ of execution , the sheriff levied on and is curre… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
What happens if a debtor files a chapter 13 petition and
What happens if a debtor files a chapter 13 petition and includes only two executory contracts on the schedules. Then, the debtor moves to convert to chapter 11 and files an amended set of schedules b… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
Not a duplicate** Must a creditor petition the bankruptcy
Not a duplicate**Must a creditor petition the bankruptcy court to pursue a judgment lien for post-petition debt/arrears? Are they violating the automatic stay if they do not get permission from the ba… read more
Maverick
Maverick
Doctoral Degree
6,134 satisfied customers
I NEED TO FILE A PETITION IN A BANKRUPTCY CASE. I don't know
I NEED TO FILE A PETITION IN A BANKRUPTCY CASE. I don't know if I'll need a lawyer or not. I am a creditor and I sold my business to another person 21/2 yrs ago. She has several creditors but the othe… read more
socrateaser
socrateaser
1,031 satisfied customers
Bankruptcy court trial hearing Brief needed. I am a
Bankruptcy court trial hearing Brief needed. I am a Creditor, already finished a Rule 2004 exam on Debtor, out of court. I must file brief and exhibits by this Friday.… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I filed an initial "emergency" petition for chapter 13 and
I filed an initial "emergency" petition for chapter 13 and the rest of my documents are due tomorrow and I don't have all them ready, i filed without an attorney. I am trying to figure out how to get … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,393 satisfied customers
I received notice from the Trustee of an "Order Striking
I received notice from the Trustee of an "Order Striking Filing For Failure To Comply With Required Procedures".I believe the problem is with a creditor who had an undeliverable address, however, I ha… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
Can I withdraw my Petition for Bankruptcy, Chapter 7, filed
Can I withdraw my Petition for Bankruptcy, Chapter 7, filed on December 12, 2016? If so, what are its effects. … read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 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