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Author Topic: owners in bankruptcy  (Read 5489 times)

Offline branboles

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owners in bankruptcy
« on: February 10, 2004, 11:28:18 am »
Hey folks,

I ran across a property that in which the owners currently are under Chapter 13 bankruptcy protection.  They also owe about $30k in school and county taxes.  The school district and the county have both have cases pending against the property, but they can't touch the property while the owners are in bankruptcy.  To further complicate matters, the owners are still legally married but are in the middle of a divorce.  There is no mortgage on the property and the only liens are the school district and the county.  The wife is currently living in the property and she just wants to move out with her kids and get a fresh start.  I know that if I took over the property and got the taxes and other associated fees up to date, that would release the county and school district liens.  I also know that I would have to deal with both the husband and wife because they are both on the deed.  My question is, how does the bankruptcy affect all of this?  Does it make any difference at all, since they are already in bankruptcy?  Any guidance would be appreciated.  Thanks!

Brandon (in Texas)

Offline jaminvesting

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Re:owners in bankruptcy
« Reply #1 on: February 10, 2004, 04:39:33 pm »
you can not get write off  from the people in bankrupt status you have to taLKM TO THE COURTS THEY WILL GIVE YOU THE PAYOFFS . YOU NEED NOT EVEN TALK TO THE OWNERS UNLESS THEY HAVE WROTE IN THE RESINDENCE AS A PROPERTY THEY WANT TO KEEP. PERSONAL PROPERTY
THE COURTS WILL SAY SELL TO SATICIFY THE JUDGEMENTS OWED.

Offline StacyKellams

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Re:owners in bankruptcy
« Reply #2 on: February 10, 2004, 09:06:00 pm »
Brandon,

If it were me, I'd find a good bankruptcy attorney and take him/her to lunch. These things can get very tricky.
www.RealEstateCourseReviews.com
"Find out which real estate investing courses will really make you money and which ones won't!"

Offline branboles

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Re:owners in bankruptcy
« Reply #3 on: February 10, 2004, 10:32:03 pm »
Thanks for the replies, guys.  I'm going to pass on this one until I get some more experience.

Brandon

Offline tedjr

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Re:owners in bankruptcy
« Reply #4 on: February 11, 2004, 06:13:38 am »
Not that big of a deal. Get contract to sell signed by both owners. Prepare motion to sell real property and send to creditors and trustee and court. You can actually get automatic approval if no objections are filed. In chaper 13 the court will not force the owner to sell and they can make payments on past due mortgages and taxes etc.  I am not an attorney but I can help you do a motion and show you how to file it. I have about twenty others that you can copy and submit.

Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas  78737
512-301-9171 home
512-587-6177 mobile

Ted P. Stokely Jr

San Antonio, Texas

Offline JoeDC

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Re:owners in bankruptcy
« Reply #5 on: February 11, 2004, 09:45:01 pm »
Ted, this may be a stupid question.  But what is a "Motion to Sell"?  Could you explain that for me.  Thanks, Joe.

Offline tedjr

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Re:owners in bankruptcy
« Reply #6 on: February 12, 2004, 09:16:44 am »
Courts deal with motions and orders. You make a written motion or pleading to have your idea or fact or sale heard by the court and you also submit an order for the court to sign approving your motion. If no one objects including the trustee or creditors or the debtors then the motion is usually approved and the order is signed by the judge granting the requested motion. I too was totally confused at first about the process. Do not feel ashamed or stupid for not knowing. I am glad you asked as it shows an eagerness to learn.

Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas  78737
512-301-9171 home
512-587-6177 mobile

Ted P. Stokely Jr

San Antonio, Texas

Offline JoeDC

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Re:owners in bankruptcy
« Reply #7 on: February 15, 2004, 02:13:36 pm »
Ted,  Thanks very much for your help.  Joe.

 




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