QUESTION
is a bankruptcy trustee bound by any part of the trustee'a act 2000
Asked on Mar 13th, 2013 on Bankruptcy - Alabama
More details to this question:
Bankruptcy trustee took action and sold my former matrimonial home in 2009 using tolata s14 and s335a of insolvency legislation.Despite the fact that the matrimonial divorce trust instrument contained many exclusions to say the property cannot be sold unless trigger events happened, ( which the did not) However, do the restrictions and exclusions contained within any part of the trustee's act 2000 ( 9 & 26 )apply to a T.I.B.?
1 ANSWER
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Divorce is State Law, Bankruptcy is Federal Law; Federal Law always trumps State Law. Thus your bankruptcy agreement has no bearing on your bankruptcy. Let's say wife gets the house and husband has to move out and put house under wife's name. This is fine, but unless mortgage is completely paid off, the deed can not be transfered to wife until the debt from mortgage is covered. This is also the reason bankruptcy does not take into consideration divorce. As for the Act of 2000, I doubt is has any affect as the bankrutcy Code was changed in 2005.
I have responded to your inquiry according to the laws of Massachusetts, where I practice. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options.
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Joseph F. Botelho, Esq. BOTELHO & ASSOCIATES, LLC Attorneys At Law www.massachusettslawyeronline.com 126 Shove Street Unit 202 Fall River, MA 02724 Office: 888-269-0688 FAX: 877-475-8147
Answered on Mar 14th, 2013 at 3:41 PM