Help With Finding Info On A House In Bankruptcy Status
Hi,
I live on Lake Norman NC. My neighbors recently split up and thier house was included in the husbands bankruptcy. It is a beautiful 3 bedroom with game roon and hot tub. About 3000sf. It is waterfront property.
What happens to the house now that the bankruptcy is done? Seems to me that it should go fairly cheeply and may be a potentilay good investment. THanks for any info!! 
Several things can happen in the BK case. One thing is that they do not go for cheap most of the time. In a chapter 7 case where the asset is given to the trustee to sell, the trustee will ask full price which will include the loan balance and any recorded judgements plus late fees and back payments and attorney fees and will list with a Realtor who will add on a fee too. If a Chapter 13 case the owner may keep it and make up back payments over a plan term. If he makes all the payments he is discharged from BK and can continue to keep the house. If he fails to make plan payments the case may be dismissed and then the lender may file foreclosure. You may present an offer in a 7 case at less than payoff but the lender or owner has the right to object to the sale if it is against their interest. The trustee will also have to present the offer to the court in form of a motion and order to sell.
Good LUCK and Thank You
Hope this helps some
Ted Jr