Robert W. Kovacs Jr.'s Answers

What are my options for staying in my home after bankruptcy discharge?

I am not licensed in your state but I can offer some general advice. I am uncertain if you are still in bankruptcy or if your case is closed. The discharge you receive in bankruptcy relieves your personal obligation to repay your debts including your mortgages. However, since your home loan is secured the bank, if you are not paying, can come foreclose. The only way to retain your home in bankruptcy is to keep paying the mortgage. If you are unable to do so it is likely that the...

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Bankruptcy questions

I am not licensed I your state but I can provide some general information. One spouse can file bankruptcy without the other spouse filing. In this situation the non-filing spouse’s credit will not be affected. If you are filing to prevent foreclosure and need the automatic stay on a joint mortgage the co-debtor stay will protect the house from foreclosure. As for the discharge, the filing spouse will get a discharge of her obligation to repay the debt whereas the non-filing spouse...

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Is it legal to open gifts designated for others?

I do not know of any law that makes it illegal to open gifts that are designated for someone else. Perhaps, the tearing of the paper could be seen as some sort of vandalism, but I doubt that the DA will prosecute. For sure, it is a crime to steal the gifts. Good luck, Robert Kovacs

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Can my arrears on my home equity line of credit be discharged w/ a chapter 7 banckruptcy in Massachusetts?

I am not licensed in your state but can offer you some general information. You have to keep paying, and catch up the missed payment, if you want to keep your home. You will receive a discharge of your personal obligation to repay the equity line. However that will not remove the lien from the registry of deeds, thus the bank could still foreclose, and they will if you are not current. You should consult a local attorney who will be able to advice you on your case and state’s laws....

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I just started law school and my house is being foreclosed on, will that prevent my ability to sit for the bar exam???

There are plenty of lawyers with worse things than a foreclosure on their record that are able to practice. I strongly doubt that this will be a problem. Just don’t lie on your bar application, lying is a big deal. Most law schools have a person that helps students with character and fitness issues, find out who that person is at your school and give them a call. If you can not find that person I would try the dean of students, the career office, or just a trusted professor. Good...

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How long should Chapter 7 bankruptcy take in MA?

Your situation seems a little unusual. The typical chapter 7 bankruptcy case should be over within 4 — 6 months of filing the case. However, there are sometimes certain things that hold up the case. The meeting of the creditors is typically 3 — 5 weeks after you first file your case and typically your lawyer will have all the documents necessary for the case trustee before the case is filed. You should call your lawyer and ask him what is going on and find out when the Section 341...

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I am a co-signer on a friend's mortgage, f i file for bankruptcy, can my friend loose her house?

I am not licensed in your state but I can offer some general information. If you file and get a discharge of that debt the bank will not be able to come after you for it. If your friend pays the mortgage on time every month she can keep the house, if she cannot, then she cannot keep the house. Same as without the bankruptcy. You should consult a local attorney to discuss your particular situation. Good luck. Robert Kovacs

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I live in Mi. Will I owe credit card debt if I file Chapter 13?

I am not an attorney in your state but I can offer some general information. Since you received a discharge in chapter seven 5 years ago you will not be able to do that right now. As for chapter 13 you will be able to keep everything you currently have, however, you will have to pay the trustee every month for either 3 or 5 years. After making all your payments you will get a discharge of your debts. The payment is to be reasonable based on your income. You should talk to a lawyer about...

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I owe 145 on my first mortgage and 142 on my line of credit my house was appraised at 200k can i get the remainder discharged

I agree that there is nothing you can do if this is your primary residence. If not then you may be able to cram down the value of the mortgage. You may NOT have to pay the whole amount off over the life of the plan there is a case in Massachusetts that says otherwise. Good luck, Robert Kovacs

Went Chapter 7 in May 2009, did not include my condo, did not reaffirm my mortgage. Can I just walk away? Laid off for over a yr

Whether or not you can just walk away depends on what you mean by “I did not include my condo.” When you file for bankruptcy you are required to list all your assets and all your debts in your bankruptcy schedules. Most homeowners are able to retain their home after filing bankruptcy so long as they stay current with the mortgage payments. Hopefully you or your lawyer had correctly listed your condo as an asset on Schedule A and the mortgage as a debt on Schedule D. If so you should...