I'm trying to save our home, we have an adjustable. We're trying to get our lender to reduce our payments( with my lawyer)if we had to file suit against our lender for fraud on our loan docs, and won , and money was earned victoriously,during bk7 can the creditors keep any money won to pay the debts i owe. I hear that homes have nothing to do with filing bk7, i guess it's a whole different ball game. i have a bk and mortgage lawyer working on my case. One for my home and the other for my bk7. My tax return is paying for my legal fees!
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Yes, if you were awarded damages in the lawsuit and filed chapter 7, those damages would be subject to the BK and would likely need to be turned over to the trustee for distribution to your creditors.
Any lawsuit that is, or could have been commenced prior to you filing BK is part of the BK estate and therefore any award from that suit can be taken by the trustee unless there is some asset exemption to exempt said award. -
ok lets say i won enough money to pay off all of my debt,and still in the bk7 process, what happens,am i clear of bk or am i still in it? i'm just dreaming, but not impossible.Comment
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Originally posted by DM1 View Post
The trustee will take any winings and distribute to creditors. If there isn't enough to make them 100% whole, the balance is discharged.Comment
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