QUESTION

If I file bankruptcy, will that stop the sale of the building or if it is sold and I file, will it be taken back to pay towards to what I owe?

Asked on Aug 21st, 2015 on Bankruptcy - Michigan
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4 ANSWERS

Commercial & Bankruptcy Law Attorney serving Powell, OH at Ronald K. Nims
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I assume that you mean that you're in foreclosure. If you file bankruptcy before the sale, it will stop the sale. It's too late once?the sale occurs.
Answered on Aug 25th, 2015 at 7:00 PM

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Bankruptcy Attorney serving Las Vegas, NV at A Fresh Start
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This is a common reason why someone might consider filing bankruptcy, but bankruptcy is not going to get you a free building. You will need to propose a court approved plan to resolve whatever financial problems have led to the threat of the sale of this building. Which is why you need specific advice in person from a bankruptcy attorney.
Answered on Aug 25th, 2015 at 6:17 PM

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Sorry insufficient information. If you own the building directly (and not through an LLC or other corporate entity) the equity you have in the building, generally becomes part of the bankruptcy estate. You might not have much equity, and perhaps some or all of it can be exempted. You would truly benefit from a consultation with an experienced bankruptcy lawyer. It's generally worth the investment to have some who knows the system and its details advising and representing you.
Answered on Aug 25th, 2015 at 3:13 PM

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Appellate Attorney serving Grosse Pointe Farms, MI at Musilli Brennan Associates, PLLC
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Generally all of your assets and liabilities, with only statutory exceptions, are taken into account in a bankruptcy. Generally the building, or the proceeds of its sale, are available to pay the obligations to your creditors to the extent they can.
Answered on Aug 25th, 2015 at 9:51 AM

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