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Consumer Bankruptcy : Chapter 7, Chapter 13, Protection From Claims of Creditors
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  #1  
Old 04-03-2003, 06:47 AM
karneann
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Question

Chapter 13 and asset


What is the name of your state? Florida
I am in process of preparing for 13, in order to prevent forced sale of lot (to unknown party) which is held joint tenant in common, money still owed on same, what would satisfy the trustee regarding sale of my interest prior to filing? Monies paid to creditors, name off title, etc.
  #2  
Old 04-03-2003, 07:50 AM
kevinss
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Are you saying you've sold your interest or are planning to?
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Old 04-03-2003, 08:01 AM
karneann
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Want to plan what will protect the other party, have not done it yet.
  #4  
Old 04-03-2003, 08:10 AM
kevinss
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In a BK13 you can sell off your interest and it won't matter to the trustee. You aren't filing 7, so you aren't trying to 'sell off assets.' In any event, you can reaffirm with the lender on the joint property unless there's a clause in the contract that states BK13 presence is grounds for default.
If you do sell off, your trustee will see the monies you gained from that sale and apply it to your repayment plan for the purpose of the lump-sum payout.

Last edited by kevinss; 04-03-2003 at 08:14 AM.
  #5  
Old 04-03-2003, 08:32 AM
karneann
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Thank you. I had been told that the lot was a "luxury" as I already jointly own a home with land. In FL home with land is exempt within certain limits. At what point do you find out what the trustee will or won't allow me to keep?
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