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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Bankruptcy exemptions Posted by Ward-CA- on October 09, 2003 at 11:27 AM In Reply to: coming out of chapter 7 posted by Jason on October 08, 2003 at 8:49 AM : I have seller who is going into foreclosure. He says that he was unaware of the foreclosure on the property and that he thought the property was taken care of with the chap 7 bk. Now he is surprised of this foreclosure. He says the chap 7 is "done" and over. I asked what his bk attorney said about this and he said that there was equity in the home and that he could get it if he sold it. What does everyone think is going on here? I thought that iin a ch 7 bk if the property is included, isn't it sold to pay off the debt? : Thanks : Jason =============== Jason, Bankruptcy laws and procedures were created to protect debtors from avaricious lenders. Some of those protections are intended to keep a roof over the head of the debtor's family and allow the debtor a keep her trade tools so she can continue to earn a living, etc. Thus it's quite common to allow a debtor keep certain items, such as her house, car, trade tools, clothing/uniforms, etc. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I have seller who is going into foreclosure. He says that he was unaware of the foreclosure on the property and that he thought the property was taken care of with the chap 7 bk. Now he is surprised of this foreclosure. He says the chap 7 is "done" and over. I asked what his bk attorney said about this and he said that there was equity in the home and that he could get it if he sold it. What does everyone think is going on here? I thought that iin a ch 7 bk if the property is included, isn't it sold to pay off the debt? : : Thanks : : Jason : =============== : Jason, : Bankruptcy laws and procedures were created to protect debtors from avaricious lenders. Some of those protections are intended to keep a roof over the head of the debtor's family and allow the debtor a keep her trade tools so she can continue to earn a living, etc. : Thus it's quite common to allow a debtor keep certain items, such as her house, car, trade tools, clothing/uniforms, etc. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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