Chapter 7 filing and schedules are all in. Meeting of Creditors is scheduled for mid December . Do I make arrangements with the Mortgage Company and Auto Financing company prior to the scheduled meeting of Creditors?
Your creditors should know of your intentions. It will now be up to them to claim the collateral (Condo and Car). They will contact you.
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Remember, the mortgage company still has to go through the foreclosure process in order to take possession of the condo. Your car finance company will probably move more quickly. For either to take action before the case is closed, they will have to bring a motion to lift stay in court. Look for notice of this motion. The notice will also let you know the lawyers representing these creditors. The lawyers are the parties you should direct your inquiries.
I hope this helps.
Steven A. Leahy
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Chapter 7 Bankruptcy Attorney
I agree with my colleague. Note bankruptcy will discharge only pre-petition condo dues. A debtor is liable for post-petition condo dues until the property is foreclosed upon or sold. If a foreclosure is not eminent, a short sale or deed in lieu to your creditor may be appropriate to get your name off the property to extinguish post-petition condo due liability. Furthermore, it is wise to keep the leased vehicle safe from harm until the creditor takes possession of the vehicle.
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The Court would have sent them the Notice of Bankruptcy Filing. You don't have to contact them, but if you want to be sure they received notice, you can fax it to them along with a note that you are surrendering.
The DiGiulio Law Firm, LLC.
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Chapter 13 Bankruptcy Attorney
I agree with all my colleagues, but I'd suggest not being in such a hurry to vacate the condo, unless you already have moved out or you were using it for a rental. If it is your residence, I'd stay until the case is over and the mortgage company gets around to foreclosing. Even if you have to pay your HOA dues and insurance, living mortgage/rent free for some period of time will allow you to save some $ for when you finally do have to move. If you have already vacated, then a deed in lieu or a quitclaim deed may be appropriate.
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