Chapter 7 Form B8 - I am surrendering a Condo and leased vehicle. When do I contact the Creditors in these two instances?
Miami, FL |
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.
This response does not create an attorney-client relationship. Unless you are already a client of the Law Office of Preston H. Oughton, pursuant to an executed fee agreement, you should not use, interpret, or rely on this response as legal advice or opinion. Do not act on any information in this response without seeking legal advice. Preston H. Oughton email@example.com (904) 854-6336.
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
Please note that the above is not intended as legal advice, it is for educational purposes only. No attorney-client relationship is created or is intended to be created hereby. You should contact a local attorney to discuss and to obtain legal advice.
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.
If you agree with this answer, please mark it as helpful. If your matter is one in which you believe you need attorney representation and concerns either Florida law or bankruptcy law, please contact my office at 941-907-4774 or visit us at http://www.chrissmith.com.
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.
----- Reply message -----
The DiGiulio Law Firm, LLC.
Atlanta, Marietta, Lawrencevile, Duluth, Alpharetta, Buckhead
The information you're reading is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, or other communications should be taken as legal advice for any individual case or situation. Viewing the general information here does not constitute an attorney-client relationship. Please contact 770-309-9551 for additional questions or to schedule for your free phone consultation. If this question or answer pertains to bankruptcy, please be advised that we are a federal debt relief agency. One of our areas of practice is to help people file for bankruptcy relief and protection under the U.S. Bankruptcy Code.
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.
DISCLAIMER: This message is intended as a general discussion of legal issues and not as a statement of fact, legal advice or a legal opinion. No attorney-client relationship is created by this message. Do not act or rely upon law-related information in this communication without seeking the advice of an attorney licensed to practice in the relevant area.
I am a Federally Designated Debt Relief Agency
under the United States Bankruptcy Code.
I proudly help people in financial need file bankruptcy cases.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication (or in any attachment).