Assets And Property In Bankruptcy

02 Dec Chapter 13 Bankruptcy And Home Owners Associations

abandoned homeIn Florida, home owners associations (HOAs) can be a blessing for some and a problem for others. When you add a Chapter 13 bankruptcy into the mix, the HOA can become a legal nightmare. According to the recent case of In Re Rosa, the chapter 13 plan and the confirmation order could change the relationship between the two. Imagine that you retired, purchased a beautiful home in a gated community in order to live the stress free life. The HOA now takes care of the lawn, cable, pest control, etc. Well, life changes or the economy changes or you have medical bills or there is a loss of job and you are forced to file bankruptcy. You have to make a choice: either keep the home and the HOA or let it go and deal with the HOA. If you file a chapter 13 bankruptcy petition and schedules, you also have to file your plan of reorganization. Your chapter 13 plan must tell the secured creditor exactly how you are going to deal with their collateral. Well, if you are going to keep the home, it really isn't a problem because you are still obligated to pay the HOA. If your Chapter 13 plan states that you are going to surrender the collateral back to the mortgage holder, that is good news to the secured creditors, but what about the ongoing HOA obligation? In other words, is the chapter 13 debtor still obligated to pay the ongoing HOA dues even though he or she has expressed their intention to surrender the property.
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29 Nov After-Acquired Property in Chapter 13: Whether to Amend the Schedules is No Longer in Doubt

Debate has long raged over the question whether property acquired by a chapter 13 debtor after the initial case filing must be listed in the bankruptcy papers by amending them. Two recent appeals court cases appear to have made clear that amendment of the bankruptcy...

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07 Feb Bankruptcy and PayPal

When you file for bankruptcy you must fill out a set of forms. One of those forms is titled Schedule B where you MUST list all your personal property. This means listing everything you own whether it is above the earth, below the earth or in another country. One asset that is often overlooked is money. Money in the form of cash stored throughout a residence, an un-cashed check, funds in a bank account located in another country or in an account that is housed on the Internet.
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18 Jul Bankruptcy and the Unknown Asset

If you are filing for bankruptcy but you have an asset that you don't have information about, can you just put down "unknown" and leave it at that? That depends. The short answer is that youcanfile your bankruptcy case without all your information, meaning it ispossibleto do it, however I don't recommend it under most circumstances.

File at your own risk if you file without knowing all the answers

First and foremost, filing bankruptcywithout having all the information you need couldget you into a lot of trouble or complicate your case, depending on the circumstances, why, and how it is done. You don't want your case to turn into a train wreck, but sometimes you don't have a choice.
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22 Feb Should You Pay Off Your Car Prior to Filing for Bankruptcy? The Answer May Surprise You.

During the course of an intake interview a new client posed the following question to me - "I have only two payments left on my car. Should I pay it off prior to filing for bankruptcy?" Logically, paying off a car prior to filing would seem to make sense. In a Chapter 7, you can avoid the hassle of the reaffirmation agreement process and in a Chapter 13, you can avoid tying up your car title for months or years. Alas, when you enter the alternate universe known as bankruptcy, traditional rules of logic do not apply.
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