DEFAULT

Property after bankruptcy Ypsilanti

property after bankruptcy Ypsilanti

Generally, property taxes at least a year old can be eliminated through Chapter 7. Any property taxes less than a year old on the date of bankruptcy filing can't be included in a Chapter 7. Bankruptcy is a complicated process but I will take the time to explain it to you in a way that will make it understandable. Click here to get an overview of bankruptcy. Then call me at () Once you file your bankruptcy petition, all of your property becomes part of your "bankruptcy estate." You are permitted to keep assets that are exempt from liquidation by state or federal law. Since the bankruptcy estate is created at the time you file your petition, property that you acquire after you seek bankruptcy relief is generally not part of the estate and therefore not subject to liquidation. property after bankruptcy Ypsilanti

Generally, if you acquire property after you file your petition, it will not be subject to liquidation as part of your bankruptcy estate. Once you file your bankruptcy petition, all of your property becomes part of your "bankruptcy estate. Since the bankruptcy estate is created at the time you file your petition, property that you acquire after you seek bankruptcy relief is generally not part of the estate and therefore not subject to liquidation.

When you file your petition for bankruptcy, you are immediately entitled to an automatic stay of any collection activities by your creditors, which prevents them from taking any steps to get you to pay your debt. The automatic stay prohibits creditors from calling you about your debt, sending you threatening letters, making notations on your credit report and filing lawsuits to collect the debt.

However, the automatic stay does not protect any property that you buy on credit after you file for bankruptcy. Therefore, if you default on a new loan, the creditor can send the debt to a collection agency, sue you or repossess the property since it is not protected by being part of your bankruptcy case.

Cavender, who along with Jim Chaconas represented Douglass Ellman , the US Bankruptcy Court Trustee, said that there was a lot of interest in this property from across the country. Unfortunately since they let some of the best buildings go into disrepair that scared some of the potential buyers off.

He added that despite the dilapidated condition of some of the buildings, the bidding on the property was aggressive, with nearly 10 companies taking part in the auction held in September. Nearby River's Edge Apartments , also on LeForge Road, was purchased in June for an undisclosed amount and is going to be re-branded and re-developed by its new owners. Colliers also is representing Ellman in the sale of the remaining Kircher properties that are being managed as part of his Chapter 11 bankruptcy proceedings.

Capital Investment Company declined to discuss its plans for development of the property for this article.

Ben Freed covers business for AnnArbor. You can sign up here to receive Business Review updates every week. Reach out to Ben at or email him at benfreed annarbor. Follow him on twitter BFreedinA2. This is a steal for the company purchasing.

And though bankruptcy is used to eliminate some types of liens through a separate court action, property tax liens survive bankruptcy and can't be eliminated. In other words, if your property taxes are eliminated in bankruptcy the property tax lien on your home will remain. Because bankruptcy can't eliminate property tax liens, you'll have difficulty selling your home unless you eventually settle those liens. Property tax liens are superior liens, ranking ahead of mortgage liens, and create clouds on a property's title.

Surviving post-bankruptcy property tax liens can make a property's title unmarketable, meaning the property can't be sold until those liens are paid. If you manage to keep your home after bankruptcy, its surviving property tax liens must be paid if you eventually sell it.

Many times, when owners sell their properties, any liens on them are automatically paid from sale proceeds. Eliminating taxes in bankruptcy is complicated and experts advise seeking skilled legal help to do so. While bankruptcy eliminates liability for a property tax debt, it doesn't eliminate responsibility for that debt, as reflected in the lien that remains.

Property tax liens are secured by the properties owing those taxes, meaning the taxes are also secured debts.

1 thoughts on “Property after bankruptcy Ypsilanti

Leave a Reply

Your email address will not be published. Required fields are marked *