Tom Steven Hyde's Answers

Will my son (TIC co-owner) be responsible for paying the full mortgage, after I file for Chapter 13?

IF your plan is to save the property in your Ch 13, your plan will require that you make ongoing mortgage payments and restructure your arrearage over the lenght of your plan. Thus, your son should not be contacted for payment. If you plan to surrender the property then, YES, it will be your son who is contacted for the deficiency after the foreclosure. Secondly, the mortgage company does not foreclose on a "share". The property as a WHOLE is foreclosed. You are both jointly and...

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Ch 13 credit conversion with confirmation from debtor

Don't think that a transfer of assets will protect you from the bankruptcy trustee. Transfers of assets within a specfici amount of time, typically two years that are not in the usual course of business stand to be avoided by the court and you may end up having nothing to show for your money or effort. Your initial rental agreement as a commercial landlord should have had clauses already drafted into it regarding the landlords ability to take fixtures and contents to cover back rent.

I filed bankruptcy and my investment property was foreclosed

Depends. Depending on the legal decisions of your circuit, you are likely to be held responsible for all homeowners or condo fees UNTIL your condo is sold at auction. It is typically best to continue paying those fees and seek to get your condo sold ASAP. Depending on the foreclosure laws of your state, for example in Washington State, foreclosures can take upwards of 4-5 months from date of notice.

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Can we sue a person that is currently in Chapter 13 BR?

First of all, corporations are not entitled to Chapter 13 relief. If he has filed a personal bankruptcy and your cause of action would have arisen prior to his bankruptcy, you can be barred from recovery depending on type of claim you may claim. Debtors who file a chapter 13 or even a chapter 7 for that matter do NOT necessarily have to list everyone they owe if they inadvertantly omit a creditor. Here in Western District of Washington and the Ninth Circuit we are bound by several decisions...