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    #1

    Long Story, Need Advice.....

    we are over our head in have filed for Ch7. Our 341 meeting is in october. We have a hand written loan agreement for about 16K that a private individual loaned us for a piece of property. There was no lein written in the loan. This person is the main reason we are filing CH7 as they got a judgement on us after calling the loan when we sold the property. There were not enough proceedes to pay it off. We also have around 26K in CC debt. After he called the loadn he refused 7 regular payments from us so i used the $$ to file Ch7. Anyways i know this jerk is going to file an objection and screw things up. How does this process work? What can i do?? He told me before i filed he would make my life misserable.................................
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    #2
    Our attny told us that the BIG Creditors typically aren't a problem. Chase, Citi, BoA, etc, typically don't bother in most cases.

    It's the little Creditors that give them fits. So you are probably right to be concerned about this person.

    But simply filing an Objection may not make your life Hell. The Creditor has to have basis for their Objection. And even if the Creditor's Objection holds and he/she gets to proceed, you will be allowed the opportunity to defend yourself.

    What were the terms of payment described in your Handwritten Loan agreement?? Were you supposed to be making payments all along?? Was there an interest rate with a monthly or annual payment and/or a balloon due in so many years?? If/When you sold the property you were to repay how much when??

    Was it expressly stated in the Handwritten agreement that there would be no lien filed against the property??

    Do you have proof that you tried, in good faith, to make payment arrangements with this Creditor and he/she refused to work with you??

    Lots of variables that can affect the outcome should this Creditor decide to proceed with filing an Objection.
    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

      #3
      Originally posted by bankrupt_boy View Post
      we are over our head in have filed for Ch7. Our 341 meeting is in october. We have a hand written loan agreement for about 16K that a private individual loaned us for a piece of property. There was no lein written in the loan. This person is the main reason we are filing CH7 as they got a judgement on us after calling the loan when we sold the property. There were not enough proceedes to pay it off. We also have around 26K in CC debt. After he called the loadn he refused 7 regular payments from us so i used the $$ to file Ch7. Anyways i know this jerk is going to file an objection and screw things up. How does this process work? What can i do?? He told me before i filed he would make my life misserable.................................
      Hi BK boy,

      If there's no lien (certainly don't sign one now!!) it's an unsecured loan, no different than a credit card, etc. He has no power over you.

      Best of luck, keep your head up!

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        #4
        By the way, there's a specific procedure you will have to follow to undo that judgement -- if you don't it WILL survive your bankruptcy.

        It's not a big deal - just a filing with the court. Talk to your attorney and stay on top of him to deal with this judgement.

        Comment

          #5
          We'll the guy in questions son has called 2X today and left 2 messages on my cell phone. I have not listened to the messages yet and will not until i am sitting with my attorney with a tape recorder. What are my options now????

          Comment

            #6
            Originally posted by bankrupt_boy View Post
            we are over our head in have filed for Ch7. Our 341 meeting is in october. We have a hand written loan agreement for about 16K that a private individual loaned us for a piece of property. There was no lein written in the loan. This person is the main reason we are filing CH7 as they got a judgement on us after calling the loan when we sold the property. There were not enough proceedes to pay it off. We also have around 26K in CC debt. After he called the loadn he refused 7 regular payments from us so i used the $$ to file Ch7. Anyways i know this jerk is going to file an objection and screw things up. How does this process work? What can i do?? He told me before i filed he would make my life misserable.................................
            Well since the loan was not sucured it will be listed as a unsecured debt. Don't worry.

            Comment

              #7
              Originally posted by bankrupt_boy View Post
              We'll the guy in questions son has called 2X today and left 2 messages on my cell phone. I have not listened to the messages yet and will not until i am sitting with my attorney with a tape recorder. What are my options now????
              Review the messages with your attorney. He should be contacting him and advising that you filed and not to call.

              Comment

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