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Christian Somodevilla

Christian Somodevilla’s Answers

5 total

  • I own few thousand in condo dues in FL if I fill for bankruptcy can they take my condo

    I own over 30,000 in debit and 4,000 in condo dues if I file bankruptcy can they take the condo away form me. I have no mortgage on it

    Christian’s Answer

    The filing of the bankruptcy will not extinguish the perfected lien the condo association has on the unit. This means that if you don't work out some sort of agreement with the association, they can foreclosure on your unit. Most associations are willing to set up a payment plan, or as other's have mentioned, you can do a chapter 13 and pay those over the course of the 4 year plan. However, if you only owe $4,000 to the association, it is likely not worth doing a chapter 13 over due to the attorney's fees.

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  • How do website domains come into play with Chapter 7 bankruptcy?

    I am considering Chapter 7 bankruptcy. I own a few domains I would ideally like to keep, so I am curious as to what could happen to them during the process. Is there an exemption that can be made to help me keep these? On that note, how does one d...

    Christian’s Answer

    As with almost everything in bankruptcy, it depends on the value of the domain, if any. There is no specific exception for a domain, but depending on what other personal property you have, you can use the $1000 personal property exemption on the domains (they are considered personal property) or if you don't have a homestead, you can use the $4000 wild card or super exception.

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  • Is social security income exempt in a chapter 7 bankruptcy filing ?

    My only income is social security. Would the trustee need bank statements?

    Christian’s Answer

    Social Security income is exempt by Federal Statute and the trustee would not be able to make a claim on it. You will need to provide between 3 and 6 months of bank statements to the trustee prior to the 341 meeting of creditors. Different trustees requite different amount of months.

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  • What can a secured debtor face in a Chapter 7 bankruptcy proceeding?

    I sold my house few years ago. Financed it myself. Mortgage recorded ,therefore it's secured debt obligation. Now the purchaser filed Ch.7 bankruptcy to discharge medical bills. His homestead, an cerain value in his car, and a fix amount of his we...

    Christian’s Answer

    As a secured creditor, you still have rights against the property even though if the debtor's personal responsibility of the debt is discharged. If you have a valid lien on the property, you can still foreclose but there are steps required with the court before you can do so. In a case like this, I highly recommend seeking local counsel.

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  • Bank wants me to surrender my vehicle on 1/6/2014.

    Filed chapter 7 . Asked the bank to lower the payment. They refused. I have not heard from the trustee regarding this surrender. Do I wait on him to move forward or go ahead and surrender the vehicle?

    Christian’s Answer

    As has been addressed already in some of the answers, it depends on the situation. If the bank already received relief from the stay and the Trustee did not object, it is likely there is no equity in the vehicle. If you can, you should check the docket of your case to see if the Trustee has abandoned his/her interest in the vehicle. From your question, it appears that this was not addressed at the 341 Meeting of Creditors, which is done by some trustee's for liability purposes.

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