Assets turned over in bankruptcy

[robinsj]

Well I will make sure I keep everyone posted as to if they come and get it or not.... we haven't been contacted by anyone. If they come and get it, its fine, we will get another one another time... if they don't, well obviously that is just fine too!!

[robinsj]

We still haven't heard from anyone about this piano, we are getting ready to move out of our house, so we will move the piano with us..... I would have thought they would have contacted us by now, being we are almost a month after discharge....

[justbroke]

We still haven't heard from anyone about this piano, we are getting ready to move out of our house, so we will move the piano with us..... I would have thought they would have contacted us by now, being we are almost a month after discharge....

I know, it is strange. Maybe they'll never ask for it back.

[CCCrazy]

justbroke, liens are forever? Isn't a lien like a judgment and it depends on the state whether it's renewable or not? like if a state had a law stating that judgments last for 20 years, wouldn't a lien drop off a house in 20 years then?

[justbroke]

justbroke, liens are forever? Isn't a lien like a judgment and it depends on the state whether it's renewable or not? like if a state had a law stating that judgments last for 20 years, wouldn't a lien drop off a house in 20 years then?

Liens survive bankruptcy, unless they are avoided by filing and winning a contested matter.

A lien is not a judgment, but an outcome of a judgment. The judgment is just the Court's order that the plaintiff proved their case and that the defendant owes the plaintiff. The plaintiff then asks for a lien in order to attach to the defendant's property (homes, cars, bank accounts).

Judgment liens are special in that they may expire under State non-bankruptcy law. The period of time differs from State to State. Some States even allow renewals, further extending the life of a judgment lien.

When I stated liens are forever, I was being very generic.

[ssdsco]

Liens survive bankruptcy, unless they are avoided by filing and winning a contested matter.

From what understand to win the "contested matter" you have to get an appraisal, prove you have equity in the asset and that the lien impairs a BK exemption for that equity such as your household exemption. My attorney is doing this as part of his normal fee so apparently it's not a big deal. I will incur an expense for the appraisal.

[justbroke]

From what understand to win the "contested matter" you have to get an appraisal, prove you have equity in the asset and that the lien impairs a BK exemption for that equity such as your household exemption. My attorney is doing this as part of his normal fee so apparently it's not a big deal. I will incur an expense for the appraisal.

You have a good lawyer and/or his fees cover this. For everyday property, like home furnishings, an real appraisal isn't necessary. However, for real property and vehicles, a professional appraisal is highly recommended.

[robinsj]

Just thought I would post a little update saying that we have yet to hear from anyone regarding the piano. So it has been almost 3 months from discharge and not a single letter or phone call. We shall keep waiting. Only thing I hate about it is waiting on pins and needles wondering if they will ever call.

[justbroke]

Just thought I would post a little update saying that we have yet to hear from anyone regarding the piano. So it has been almost 3 months from discharge and not a single letter or phone call. We shall keep waiting. Only thing I hate about it is waiting on pins and needles wondering if they will ever call.

interesting...

[robinsj]

It is very interesting, I wish I knew what was going to happen with it. This is the only door we have left open from our bankruptcy case.

Also, on a side note, just wanted people to know what a crock it is hearing everything on tv about mortgage companies working with people to keep there houses. We bought our house in 2006 for $649,000. We tried everything to work with the mortgage company to keep it. They would not work with us if our life depended on it. We moved out, it went up for auction March 7th. Didn't sell at auction. Listed with a realtor for and sold within two weeks for $349,000.... All I can say is what a joke!

[StartingOver08]

Also, on a side note, just wanted people to know what a crock it is hearing everything on tv about mortgage companies working with people to keep there houses. We bought our house in 2006 for $649,000. We tried everything to work with the mortgage company to keep it. They would not work with us if our life depended on it. We moved out, it went up for auction March 7th. Didn't sell at auction. Listed with a realtor for and sold within two weeks for $349,000.... All I can say is what a joke!

This is happening all over south Fl too. The banks are not cooperative in any way, shape or form. They don't have to be, they have already received their bailout and are making record profits this year - look at Wells Fargo!

[eddiep]

Stupid question, why didn't the piano become an asset?

[robinsj]

Well, there was a loan on it. We bought it for about $36,000, there was $28,500 left on the loan. So it wasn't really an asset because it had a loan tied to it. We said we would give it up in the bankruptcy last october when we filed. Haven't heard anything since, and actually when we stopped making payments on it, they never called us then either.

[NoMoreRed]

It is very interesting, I wish I knew what was going to happen with it. This is the only door we have left open from our bankruptcy case.

Also, on a side note, just wanted people to know what a crock it is hearing everything on tv about mortgage companies working with people to keep there houses. We bought our house in 2006 for $649,000. We tried everything to work with the mortgage company to keep it. They would not work with us if our life depended on it. We moved out, it went up for auction March 7th. Didn't sell at auction. Listed with a realtor for and sold within two weeks for $349,000.... All I can say is what a joke!

Let me guess...Countrywide?

[robinsj]

No, First Franklin.... which is like the armpit of mortgage companies...

It is painful seeing someone else buy your house for $300k less then what you did....