Investment Property and Filing Chapter 13

by LawGina | Jul 25, 2015 | Bankruptcy

During the height of the market, many people purchased investment properties that they could no longer afford. As a consequence, if the mortgage is not paid, the lender will initiate foreclosure proceedings. There are options available that will allow you to keep both your homestead and your investment property and save money in the process. For example, if your investment property in underwater, you are delinquent on the mortgage and you owe the lender $150,000 but the appraised/fair market value of the property $80,000 you can “cram down” the mortgage payment and pay the lender back $80,000 + 5.25% interest over a 5 year period, keep the property and potentially wipe out the $70,000 to the lender.

Am I required to Disclose my Car Accident to the Bankruptcy Trustee?

by LawGina | May 15, 2015 | Attorney News

Your injury claim is an asset of the bankruptcy estate. It is very important to keep both your personal injury and bankruptcy attorney informed to best protect your interests. In both a Chapter 7 and Chapter 13 bankruptcy, if the claim arose prior to filing, you must disclose your injury claim on the bankruptcy petition. If your claim arose after your filed your bankruptcy petition, it must still be disclosed to the Chapter 13 trustee BUT NOT in a Chapter 7 case. If your injury occurs after you filed for bankruptcy, even the day after you file, it does not become part of the bankruptcy estate.