Comments on: Surrendering Property in Bankruptcy http://www.bankruptcymastery.com/surrendering-property-in-bankruptcy/ Becoming a better bankruptcy lawyer Tue, 31 Jan 2012 21:59:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Lupe http://www.bankruptcymastery.com/surrendering-property-in-bankruptcy/comment-page-1/#comment-1268 Lupe Fri, 25 Nov 2011 18:35:00 +0000 http://www.bankruptcymastery.com/?p=9#comment-1268 Hi Cathy, I just wanted to know if someone should file Chapter 7 Bankruptcy before or after surrendering their "underwater" property (one with value < $ amount owed); or does it matter. The reason I ask is because I want to surrender my home, start fresh, & not have to worry about the "Non-Exempt" $ amount still owed. I am afraid that if I file Chapter 7 before I surrender the house, I will NOT be able to discharge the balance. Is this true? HOWEVER, a BK attorney told me this wasn't true. Now I don't know if he was just trying to convince me to file or if he was being honest. Hi Cathy,

I just wanted to know if someone should file Chapter 7 Bankruptcy before or after surrendering their “underwater” property (one with value < $ amount owed); or does it matter.

The reason I ask is because I want to surrender my home, start fresh, & not have to worry about the "Non-Exempt" $ amount still owed.

I am afraid that if I file Chapter 7 before I surrender the house, I will NOT be able to discharge the balance. Is this true? HOWEVER, a BK attorney told me this wasn't true. Now I don't know if he was just trying to convince me to file or if he was being honest.

]]> By: Karen_hineman http://www.bankruptcymastery.com/surrendering-property-in-bankruptcy/comment-page-1/#comment-1248 Karen_hineman Mon, 24 Oct 2011 16:28:00 +0000 http://www.bankruptcymastery.com/?p=9#comment-1248 So how do you transfer title of a debt that you (as the co-debtor) are now alone responsible for payment, where as the second party discharged their debt in bankruptcy. The property has been abandoned back to the debtor, and the debtor refuses to sign a transfer of title, but as the co-debtor I am alone responsible for paying the mortgage on the property in full.  Where is the relief for the co-debtor in bankruptcy? So how do you transfer title of a debt that you (as the co-debtor) are now alone responsible for payment, where as the second party discharged their debt in bankruptcy. The property has been abandoned back to the debtor, and the debtor refuses to sign a transfer of title, but as the co-debtor I am alone responsible for paying the mortgage on the property in full.  Where is the relief for the co-debtor in bankruptcy?

]]> By: Cathy http://www.bankruptcymastery.com/surrendering-property-in-bankruptcy/comment-page-1/#comment-1239 Cathy Fri, 14 Oct 2011 13:08:00 +0000 http://www.bankruptcymastery.com/?p=9#comment-1239 The debtor's intention with respect to property is not a conveyance.  The filing of the case may transfer the property to the trustee in bankruptcy, but on abandonment, it returns to the debtor. The fact that neither the statement of intentions nor relief from stay relieves the debtor of ownership and responsibility for property has been front and center in one of my cases where the debtor's rental property, slated for surrender, was in violation of city codes.  As record owner, the debtor was apparently responsible, and it took an adversary proceeding against the lender who had relief from stay to accelerate the foreclosure. The debtor’s intention with respect to property is not a conveyance.  The filing of the case may transfer the property to the trustee in bankruptcy, but on abandonment, it returns to the debtor.

The fact that neither the statement of intentions nor relief from stay relieves the debtor of ownership and responsibility for property has been front and center in one of my cases where the debtor’s rental property, slated for surrender, was in violation of city codes.  As record owner, the debtor was apparently responsible, and it took an adversary proceeding against the lender who had relief from stay to accelerate the foreclosure.

]]> By: Darin http://www.bankruptcymastery.com/surrendering-property-in-bankruptcy/comment-page-1/#comment-1238 Darin Thu, 13 Oct 2011 17:49:00 +0000 http://www.bankruptcymastery.com/?p=9#comment-1238 Hi Cathy - Your blog above has been helpful - but I'm wondering if the homeowner loses beneficial title on the home if the elect to surrender the home in a chapter 7?  Would they be able to sell the house and transfer insurable title? Thank you - Darin Hi Cathy -

Your blog above has been helpful – but I’m wondering if the homeowner loses beneficial title on the home if the elect to surrender the home in a chapter 7?  Would they be able to sell the house and transfer insurable title?

Thank you -
Darin

]]> By: BankruptcyBill.us » Blog Archive » BLT (Bankruptcy Lawyer Topics): “Foreclosure” – by Matt Leichter, Esq. http://www.bankruptcymastery.com/surrendering-property-in-bankruptcy/comment-page-1/#comment-694 BankruptcyBill.us » Blog Archive » BLT (Bankruptcy Lawyer Topics): “Foreclosure” – by Matt Leichter, Esq. Fri, 01 Oct 2010 17:33:46 +0000 http://www.bankruptcymastery.com/?p=9#comment-694 [...] Surrendering Property in Bankruptcy [...] [...] Surrendering Property in Bankruptcy [...]

]]> By: Mr Bob http://www.bankruptcymastery.com/surrendering-property-in-bankruptcy/comment-page-1/#comment-667 Mr Bob Thu, 09 Sep 2010 02:34:49 +0000 http://www.bankruptcymastery.com/?p=9#comment-667 ok.. in a chapter 7 bankruptcy the judge advised not to affirm the debt and released property from stay.. discharged the debt almost 2 years ago.. I commenced litigation without a stay. Bank didn't claim asset and neither did trustee.. who's property is it? Would it not be the Occuppant ok.. in a chapter 7 bankruptcy the judge advised not to affirm the debt and released property from stay.. discharged the debt almost 2 years ago.. I commenced litigation without a stay. Bank didn’t claim asset and neither did trustee.. who’s property is it? Would it not be the Occuppant

]]> By: Phil http://www.bankruptcymastery.com/surrendering-property-in-bankruptcy/comment-page-1/#comment-296 Phil Wed, 28 Apr 2010 23:07:47 +0000 http://www.bankruptcymastery.com/?p=9#comment-296 What about utilities? Can a City go after debtor for utitlities bills post filing and until formal transfer? What about utilities? Can a City go after debtor for utitlities bills post filing and until formal transfer?

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