Ohio Bankruptcy Legal Questions

First things first: it's almost always worth it to hire a skilled bankruptcy lawyer to help you. There is appellate authority that the increase in value of an asset which the debtor has exempted belongs to the debtor. Arguably, the Supreme Court of the United States raised a question about that doctrine some time back, and you need to check what the rule is in your federal circuit and district. It sounds like the Trustee held the case open precisely to market that asset. If you offer him money more or less equivalent to what he would net from the sale of the house (after costs of sale and your exemption), then there is a reasonable chance that he will decide to take the money instead of trying to market the house. Find a good lawyer to state and argue your case.... Read More

From when a bankruptcy case opens until the case is closed or the trustee abandons property, the property is controlled by the trustee. If the value increases, the trustee can sell the property at the increased value and use the proceeds of that sale to pay the his fees and the creditors. Trustees are ALWAYS open to negotiating a cash payment rather than the sale of property. Property sales are expensive - realtor commissions, appraisals, closing costs - and uncertain - sometimes there are no buyers when a property is put on sale. By negotiating a settlement for cash instead of selling the property, the trustee avoids all these problems.... Read More

It should be possible to sell your home without reinstating the mortgage, but the lender certainly will want their money. Whether the proceeds need to be reported in your prior bankruptcy would depend on the way your previous case was filed and any conditions attached to the discharge. You should check with a bankruptcy lawyer to make sure you do not lose your homestead exemption.... Read More

Yes you are off the hook from the mortgage debt. But you are still on the hook for property taxes/yard maintenance/city fines...up until title(the deed) changes hands. You see up until the mortgage company forecloses the property is still owned by you. YOU ARE ON TITLE....THE DEED So I'd call the lender and see if they will take the property back by deed in lieu of foreclosure. That quickens things up quite a bit.... Read More

Your question shows how important it is to have a well-informed lawyer represent you in a bankruptcy case. You can probably enter into the contract before discharge. You can probably keep any profit above the exempt equity. But you should consult a lawyer who has done many bankruptcies in your federal district to be sure.... Read More

I wonder why you think bankruptcy was a 'mistake.' For many people it's practically a lifesaver. In any event, your question comes up frequently among bankruptcy lawyers, and the consensus is that you have to reply truthfully, even about a BR which no longer appears on your credit record. You can certainly include a statement that the discharge was 15 years ago.... Read More

You can't get money from him if you can't find him. In any case, how would he know of harassing calls you receive if you don't tell him. Why not write each of the harassing creditors, telling them of the bankruptcy by case number and federal district, and the date of the discharge? You could also tell them that it is a contempt of court to demand payment on a discharged debt. Good Luck.... Read More

1. It's too late to reaffirm the debt, since a reaff. must be filed before you get your bankruptcy discharge. 2. Is a deed in Lieu advisable? That depends on a lot of facts which you have not stated such as how much you would like to keep the house, the cost of the monthly payments as against renting a decent place, or perhaps buying one, and so on. 3. While the bank may send you a 1099 reflecting forgiven debt, you are not bound by it. What many tax preparers seem not to know is that if a debt is discharged in a bankruptcy, there are no tax consequences for you, even if a debt forgiven outside of bankruptcy may sometimes give rise to taxable income. (And in such case the only taxable part of the forgiven debt is the part that leaves you balance-sheet solvent). Good Luck... Read More

There are many things someone CAN do, but it sounds like what you are asking is if it is OK to defraud creditors by giving away your property. Google REAL HOUSEWIFE'S BANKRUPTCY to see how many of these gals wound up going to PRISON believing that their celebrity status made them immune to the law. And take a look at the provisions of the UNIFORM FRAUDULENT TRANSFERS ACT as well. Prison is not the fun it sees to be on TV.... Read More

Saying that you are worried about getting screwed is probably not an appropriate way to express yourself to any attorney in an online forum. It makes you look paranoid and to many, it is offensive language. I have handled many cases in which motor homes or travel trailers are claimed in bankruptcy as protected by the homestead exemption. But you have to know how to dot the Is and cross the Ts correctly for the homestead to be recognized under Nevada law. The county recorder has a homestead form you can download, but you must complete it carefully to meet the requirements of state law.... Read More