General Discussion

Stallion

(6,642 posts)

7. Usually the Owner Files Motion to Lift the (Bankruptcy) Stay

Wed Oct 11, 2017, 11:59 PM

Oct 2017

so he can continue to post property for foreclosure. He will need attorney to prepare Motion. From there it gets more complicated based on whether its a business or just residential property, whether bankrupt files Ch. 7 (liquidation) or Ch. 11 (Reorganization) or Ch. 13, whether the bankrupt has equity in property, the other types of creditors, whether the property will be abandoned by the business (if any) etc. Usually a mortgagee (owner) has priority over most creditors-maybe not the IRS. Could be a second lien holder situation too which brings in more complications. Owner could have subordinated original mortgage to second lienholder

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bankruptcy question [View all] Kali Oct 2017 OP

The original property owner has a claim in bankruptcy court. former9thward Oct 2017 #1

no, it is a neighbor Kali Oct 2017 #2

Hopefully owner has a mortgage in property. Sneederbunk Oct 2017 #3

you mean a regular mortgage? Kali Oct 2017 #4

Somebody has a mortgage if there is a foreclosure. Sneederbunk Oct 2017 #5

I am sure they have one (or more) by now Kali Oct 2017 #6

Usually the Owner Files Motion to Lift the (Bankruptcy) Stay Stallion Oct 2017 #7

there might be some mechanic liens Kali Oct 2017 #9

OMG OMG OMG! snort Oct 2017 #11

a tiny local small time wannabe, maybe Kali Oct 2017 #12

Are the payments only to the original owner? PoindexterOglethorpe Oct 2017 #8

that I don't know for sure, but from the way things went this summer it kind of seems like Kali Oct 2017 #10

You are missing a lot of information. PoindexterOglethorpe Oct 2017 #13