Matthew T Foley’s Answers

Matthew T Foley

Tucson Bankruptcy Attorney.

Contributor Level 7
  1. If I file Chapter 7 in AZ, will my ex-husband lose the (rental) house he had before marriage, since my name is still on title?

    Answered over 2 years ago.

    1. James Portman Webster
    2. Dorothy G Bunce
    3. Matthew T Foley
    4. Diane L Drain
    4 lawyer answers

    I would not quit-claim the property prior to filing bankruptcy. Rather, there is a specific provision within the bankruptcy code that may assist you. Specifically, 11 U.S.C. Section (d)states: "Property in which the debtor holds, as of the commencement of the case, only legal title and not an equitable interest, such as a mortgage secured by real property, or an interest in such a mortgage, sold by the debtor but as to which the debtor retains legal title to service or supervise the...

    2 lawyers agreed with this answer

    1 person marked this answer as helpful

  2. I have 2 mortgages on my house in AZ, 1st and HELOC.HELOC was used as a 100% purchase money, is this covered by anti-deficiency?

    Answered over 3 years ago.

    1. Matthew T Foley
    2. Jonathan A Millet
    3. Jesse David Conway
    3 lawyer answers

    Purchase money is covered by Arizona's anti-deficiency laws. If you decide to let the home go, you may want to speak with an attorney discuss the best option (i.e. short-sale, vs. deed-in-lieu, vs. foreclosure). Many families short-sale their homes and provide settlement payments on a second mortgage that is covered under our anti-deficiency laws or is otherwise non-recourse. There are several exceptions to the anti-deficiency laws, which include HOA fees and VA loans. If you'd like...

    1 lawyer agreed with this answer

  3. Land Mortgage Underwater...should I foreclose?

    Answered over 3 years ago.

    1. Daniel Seth Riley
    2. Matthew T Foley
    2 lawyer answers

    Yes, and depending upon the lender, it is quite likely. Prior to letting the property go, it would be beneficial to meet with a bankruptcy attorney to explore options. It is helpful to know in advance whether you can file a chapter 7 or chapter 13 bankruptcy. With this knowledge, you can then determine whether it makes sense to settle the debt, versus filing bankruptcy. Typically, these scenarios are resolved with a cost/benefit approach, with an attorney advising off each option. It...

  4. Is it possible to get a late payment report from a collection agency removed from my credit report?

    Answered over 3 years ago.

    1. Matthew T Foley
    2. Dorothy G Bunce
    3. Michael John Primus
    3 lawyer answers

    Yes, you could file a lawsuit seeking declaratory relief. However, this may be expensive and impractical. That said, there is good news and bad news. To start with the bad news, it is very difficult to permanently remove derogatory remarks from a credit report through the "disputing" process. Most creditors will not remove them, even as a condition of settling debt. If you dispute them, they often re-emerge. To end with the good news, a derogatory remark, typically only reports for 2...

    1 person marked this answer as helpful

  5. How to file a challenge of certain debts

    Answered over 3 years ago.

    1. Matthew T Foley
    2. Mitchell Paul Goldstein
    3. Lysbeth Goodman
    3 lawyer answers

    The notice you received is meant to be general in nature and provides you with minimal advice, including deadlines to object. However, to object, you must have a legal basis. If the debt was incurred without fraud or misrepresentation, and you ex-boyfriend simply needs debt relief, the bank account is a dischargeable debt. If you'd like to review "exceptions to discharge", you can use the Internet to review bankruptcy code section 523 (11 U.S.C. Section 523). If your specific question is...