Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do: (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.

Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

partners going Chapter 7

  • Filter
  • Time
  • Show
Clear All
new posts

  • partners going Chapter 7

    My wife and I own 2 rental properties with another couple which is filing chapter 7. We are all listed on the deed. These properties have had and continue to have a negative cash flow. One property is not worth what the mortgage is on it. One property is owned without a formal mortgage on the books. (Note both couples have business lines which were used for this.) Trustee meeting is on Tuesday. Partners have not even spoke since December. What do I ask trustee. How do I get the trustee to abandon these properties. I need to sell these before it drives me to bankruptcy.

    any help would be appriciated.


  • #2
    I am in a similar situation although I am the one filing bankruptcy. The Trustee, more than likely, is not going to have any interest in the property where the mortgage exceeds market value, because they are only looking for assets that can be liquidated.

    I own a rental property with a family member. I took out a mortgage on the rental, the other owner's portion was financed via a primary home equity loan, so the property has substantial "equity," even though it really doesn't. The attorney told me that even though this is my mortgage, and technically, I have no equity because the mortgage represents my half, that the Trustee will seize the property, force a sale, pay off the mortgage, and then give half of the proceeds to the other owner. They don't give a squat about how the other owner financed their portion unless it's secured by the property in question. The problem I'm having with this is that since the market has fallen, the other owner is going to take a big hit since she will still be paying on a substantial primary home equity loan and will not have any rental income with which to pay it. She will most likely only realize $10,000 - $20,000 from the Trustee sale.

    I asked the attorney as well if there was any possibility that she could try to explain to the Trustee the situation, and the attorney advised that it would be to no avail.

    I, too, would like to know if anyone has been in this situation and how understanding the Trustees have been with regard to a non-filing party's interest in a property.


    • #3
      Can the trustee sell

      How can the trustee force me to sell if my partners are going bankrupt and I am 50% owner. Are they somehow going to try to force me to buy my partners out?


      • #4
        Yes, under Federal law, they treat you all like secondary creditors and/or secondary lien holders of property.. and FORCE selling/dissolution/distribution of all assets... no matter what, who, which, when & why?..


        • #5
          That's what I was afraid of ......

          As far as trying to "force you to buy out your partners," my understanding is that the Trustee cannot force you to do that, however, that may be the best thing. My attorney did say that a lot of times before seizing the property and selling it at an auction, oftentimes they will come to the other owner and ask if they're interested in purchasing the other portion, it's much cleaner and less work for them. Since it sounds like the second property in question is owned "free and clear," even though there are lines of credit which were used to purchase it, you may be able to buy out your partner at a substantially reduced price if you speak with the Trustee, then you would be 100% vested and even have equity as well.

          I wish that were my situation, that my mortgage were elsewhere, i.e., line of credit on a different home, however, my mortgage is actually secured by the property so there is no way that the other owner of this property could ever buy me out because she would have to pay off the mortgage.


          Unconfigured Ad Widget