Need answers please!

[Gabriel_S]

Hi all -

Well as most of you know my bank 1st denied my re-mod and then put it back under review the same day. I called the bank today and they are still reviewing it. I DON'T WANT THIS HOME! I can't even afford the utility bills right now so I'm seriously thinking of surrendering it. The thing I have looming in my mind is I may be coming into some money soon (it may be as soon as a few weeks or as long as next year). Will the bank be able to come after me for it under a chapter 7 discharge if I surrender my home?

Please advise, I can't find the answer to this anywhere.

Thanks

[LadyInTheRed]

If the mortgage is discharged in your bankruptcy, the bank won't be able to come after money you receive after discharge.

But, the BK Trustee may be able to take it. It depends on what the source of the money is and when you actually become entitled to it. More info would be helpful.

[LadyInTheRed]

I just looked at your other posts and it looks like your BK was discharged in 2009. That limits the likelyhood that the trustee can get the money, but there is still a possibility depending on the circumstances. Inheritance? Lawsuit? Insurance settlement? If it's an inheritance, when did the person die? Or are they still living? If you are receiving money from a lawsuit or insurance, when did the incident that led to the claim occur?

[Gabriel_S]

Hi Lady

This would be a very small investment I made recently, a couple of hundred dollars. It is still very speculative at this point but if it does come into fruition this would be considered Capitol Gains and taxes would need to be paid on it. Right now it's absolutely worthless and I was looking at it more as a long term investment to add some security to my future but things seem to be moving along faster than I expected.

[LadyInTheRed]

So, you invested a couple hundred dollars after the discharge and the mortgage was discharged? If I have that straight, neither the creditor nor the trustee can get at any gain on the investment. I hope the investment pays off big!

[Gabriel_S]

Yes Lady, that is correct. The mortgage got discharged and the case closed over 3 years ago. Of course I never re-affirmed. I made this invstment in the past 2 weeks. When it does go down, the returns will finally allow me to live a very comfortable life.

Thanks so much for clearing this up for me! I was at a loss as to what to do.

Always my best
Gabriel