Posted on: 28th Sep, 2010 10:47 am
we filed a chapter 13 to save first house from foreclosure, and 1 and a half yrs ago, middle ways through it foreclosed anyways as we could not keep up.
then the job went to a new system that allowed us to take money out of our 401k( a loan to self) and with that money we bought a fixer upper house for cash. 30k...
now we are being sued for deficiency on the foreclosed house and considering converting the 13 to a chapter 7 to resolve the lawsuit.
If we do that,Will they want to take our paid in cash house- and 2 cars paid in full for creditors.
then the job went to a new system that allowed us to take money out of our 401k( a loan to self) and with that money we bought a fixer upper house for cash. 30k...
now we are being sued for deficiency on the foreclosed house and considering converting the 13 to a chapter 7 to resolve the lawsuit.
If we do that,Will they want to take our paid in cash house- and 2 cars paid in full for creditors.
Hi anntower,
You will have to list your paid in cash house and 2 paid in full cars as your asset when you file Chapter 7 bankruptcy. The bankruptcy trustee may liquidate them in order to pay off your creditors.
Thanks
You will have to list your paid in cash house and 2 paid in full cars as your asset when you file Chapter 7 bankruptcy. The bankruptcy trustee may liquidate them in order to pay off your creditors.
Thanks