You inadvertently left off a law suit worth $150,000.00? You will probably still get your discharge but the trustee will hire the lawyer that is suing and settle the case and pay off your creditors. On the positive side, if there is anything left off after the settlement it will go to you. While you amend your schedules make sure to claim as much of the asset as exempt as possible.
It sounds like your assets will exceed the exempt assets allowable in New York for a Chapter 7 case amongst other apparent issues. Since the devil is in the details, you need to identify each house by fair market value and the outstanding mortgage balance to determine what your actual equity is. In addition, the Courts are not keen on keeping more real estate than your actual residence and not paying your debts.
I guess you are asking if the trustee can do what he or she is doing & the answer of course will be decided by the judge.
The issue is why you did not list the personal injury case in your bankruptcy petition?
If it was an honest mistake, such as you had no intention of starting a law suit (assuming none had been started when you filed bankruptcy OR you thought the question in the Statement of Financial Affairs regarding law suits did not mean personal injury suits, whether because the...
Federal laws are written in what are called “Titles”. Within each “Title” is a “Code”. Each Code has its own “Chapters” and within each “Chapters” are “Sections”.
It is sort of like a set of books. Each book has its own Title; within each book are Chapters and every Chapter has a paragraph (Section).
The law of bankruptcy is called “Title 11”.
The bankruptcy Code contains Chapter numbered 1,3,5,7,9,11,12,13 and 15. Chapters 2,4,6, and 10 are intentionally left blank for possible...
First, Congratulations on not reaffirming your mortgage. It is ALWAYS a dumb idea.
You can feel free to walk away or live in the house until it is sold in foreclosure and pocket all the mortgage payments not made.
Yes, filing chapter 7 will stop the foreclosure but it will not help you in repaying the arrears to the party that commenced the foreclosure. For that you will need to file a Chapter 13 case and propose a plan to repay the arrears.