Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Display:
Really? I'm surprised, I thought bankruptcy was federal law. The Chapters are all federal and all bankruptcies are adjudicated in federal court since creditors are from far flung states.
by Upstate NY on Sun Feb 17th, 2013 at 05:50:28 PM EST
[ Parent ]
Property and forclosure law are state law.

Hey, Grandma Moses started late!
by LEP on Sun Feb 17th, 2013 at 05:54:55 PM EST
[ Parent ]
Right, but when it comes to bankruptcy, federal laws prevent seizure of home by creditors (if you own it, that is).
by Upstate NY on Mon Feb 18th, 2013 at 08:51:55 AM EST
[ Parent ]
Bankruptcy won't prevent seizure of a property if tne creditor has a valid lien. If it were otherwise, who would make a mortgage loan.

Hey, Grandma Moses started late!
by LEP on Mon Feb 18th, 2013 at 10:13:04 AM EST
[ Parent ]
It depends on the lien.

If it's a creditor and not the mortgage holder, the creditor's lien is wiped out. The asset won't be seized. It's protected. The holder of the title deed however is the true owner of the home, so a foreclosure would be in the works if the mortgage isn't being paid.

by Upstate NY on Mon Feb 18th, 2013 at 11:23:47 AM EST
[ Parent ]

Display:

Occasional Series