I have a question about filing Chapter 7 bankruptcy. My parents filed for Chapter 7 bankruptcy about 2 years ago and it went through successfully.. we got rid of pretty much all debt and got to keep our house. I have a question though.. we were able to keep our house which was under it's 2nd mortgage and is still right now. We are paying monthly payments for the mortgage. After the bankruptcy was filed and our debts were discharged, we were told all leins on the house would be released too.. 2 years later this does not seem to be the case. My parents are trying to put up our house for collateral to get a loan for a new business but the loan is put on hold because they say that there 8 leins on our house currently. I"m confused.. can anyone help me?
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Do you know exactly what the liens are for or who place the lien?Bankruptcy History:
Chapter 7 filed - 10/12/2005 - Asset
Discharged - 02/16/2006
Case Closed - 11/08/2007
A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain
All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation. -
If you don't know who placed the Liens and what they are for, you might need to make a trip to the Court House. Find out what's been filed against the Deed/Title of the house.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...Comment
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yeah, my parents are going to go to the court house to see what is going on. one of the liens is from the IRS but after they filed for bankruptcy they received a letter saying that the lien was taken off and they were clear of any debts to them.. so i odn't know why the paperwork would be wrong for that. the other liens were from other trustees...Comment
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is it usually impossible to rid of all the liens when you file for chp. 7? so basically they let you keep the house with liens on it still?Comment
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