Bankruptcy - Subject To
It has been a pretty active week:
I have three appointments in the next three days with people in danger of foreclosure. All of which have filed for bankruptcy. Two of the three have not had them discharged yet(what does that mean?) .
How do I handle these appointments though they have all filed for bankruptcy? Can I still help them?
My first appointment is Thursday, so I need some answers fast.
Thanks for your help,
Nate
[addsig]
Find out which form of Bankruptcy each of these people has filed (chapter 7 or 13).
Discharged means that the entire bankruptcy process has been completed.
With the one that was discharged, you can do business as usual with the seller.
With the other two, you will need to deal with the bankruptcy trustee as well as the seller. A property that has been included in a bankruptcy cannot be sold with the permission of the bankruptcy trustee.
Definitely see all of these people and find out their situation.
Find out what the bankruptcy laws are in your state as well (i.e. how much, if any, equity is exempt from a bankruptcy, etc.).
Good luck and let us know how it goes.
Thanks a bunch.
Nate
[addsig]
You bet Nate. Let us know how it goes. Good luck!