QUESTION

My house bunt down and insurance paid the house can the old debtors come take my land to pay off all my old debts?

Asked on Jan 16th, 2013 on Bankruptcy - Colorado
More details to this question:
N/A
Report Abuse

9 ANSWERS

You need to be more specific. The mortgage is paid off? The land is owned free and clear? If you have judgments, have liens been put on the property? You may want to consider filing bankruptcy if these things are occurring if you want to keep the land, you are working and don't want to be garnished, etc.
Answered on Apr 10th, 2013 at 2:55 PM

Report Abuse
Bankruptcy Attorney serving Plantation, FL at Moffa & Breuer, PLLC
Update Your Profile
Not enough information.
Answered on Apr 10th, 2013 at 2:55 PM

Report Abuse
Bankruptcy Law Attorney serving Austin, TX at Law Office of Susan G. Taylor
Update Your Profile
I don't believe that raw land can be considered a homestead. If you don't rebuild or place a manufactured home or recreational vehicle in which you live on the property, it will probably be subject to execution of a judgment. If you can file under the federal exemption scheme, you might have a wildcard sufficient to protect it from your creditors in a chapter 7 bankruptcy.
Answered on Jan 22nd, 2013 at 12:20 AM

Report Abuse
Construction Litigation Attorney serving Mission Viejo, CA at Law Office of Christian F. Paul
Update Your Profile
It's a little hard to tell what you mean by "old debtors" in this question, but if you mean your creditors, people that you owe money to, here is a general answer: Your creditors are entitled to ask you for what you owe them, unless you have filed a bankruptcy petition, in which case the bankruptcy trustee and court will make the determinations. Assuming no bankruptcy, any creditor who is not paid is entitled to sue you for the debt, although the statute of limitations could bar the suit if the creditor waits too long. If a creditor sues you and wins a judgment against you, then the creditor (now known as the judgment creditor) is allowed to try to collect the judgment against you (now the judgment debtor) by various methods such as wage garnishment, bank levy, etc. One other way, not often used because of the expense, is to levy on real property, putting it up for sale to pay off the judgment. If your land has equity in it, and a creditor has a judgment against you, then it's possible that the judgment creditor would seek to have the property sold to satisfy the judgment. I hope this answered your question. Good luck to you.
Answered on Jan 17th, 2013 at 8:12 PM

Report Abuse
Bankruptcy Attorney serving Las Vegas, NV at A Fresh Start
Update Your Profile
Huh? If the house was financed with a mortgage, unless the insurance proceeds paid off the entire mortgage balance, the mortgage company can still foreclose on you. Next time you ask a question, please provide more details. Your question was posted in the bankruptcy section & I don't know if you have been in a bankruptcy or not.
Answered on Jan 17th, 2013 at 8:11 PM

Report Abuse
Bankruptcy Attorney serving Kalamazoo, MI at Debt Relief Law Center
Update Your Profile
Possibly, it depends on how much the land is worth. Contact a bankruptcy attorney for a consultation.
Answered on Jan 17th, 2013 at 8:10 PM

Report Abuse
Debtor Bankruptcy Attorney serving Middletown, NY
2 Awards
My answer is based upon the following assumptions: (1) that you previously obtained a bankruptcy Discharge, and (2) that your question is whether the creditors whose debts were previously discharged can now proceed against your insurance proceeds. The answer is "no", with the proviso that if a particular debt was not discharged in bankruptcy for some reason, the holder of said debt might have recourse if the net insurance proceeds that you received exceeded the applicable homestead exemption (Note: this scenario is pretty unlikely).
Answered on Jan 17th, 2013 at 8:09 PM

Report Abuse
Appellate Attorney serving Grosse Pointe Farms, MI at Musilli Brennan Associates, PLLC
Update Your Profile
Generally yes, they have their rights to attempt to collect.
Answered on Jan 17th, 2013 at 8:08 PM

Report Abuse
Depending on what state you live in, your insurance proceeds from the destruction of your property may be protected.
Answered on Jan 17th, 2013 at 8:08 PM

Report Abuse

Ask a Lawyer

Consumers can use this platform to pose legal questions to real lawyers and receive free insights.

Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.

0 out of 150 characters