Full question:
My wife and I own a first trust deed on a summer vacation cabin which is serviced by a title company--Pioneer Title Agency, Inc. We received notice from the title company that the buyers (debtors) have filed a Chapter 7 Bankruptcy. The title company assures me that the note is paid up currently. I have attempted to contact the bankruptcy trustee bu t have not heard back. A meeting of creditors is scheduled for April 26, 2012. The deadline to object to debtor's discharge or to challenge discharge ability of certain debts is 6/25/12. As owners of the trust deed, shat steps should we take to secure our rights to the real property? Do we need to seek the services of a lawyer, or can we handle this ourselves. We currently live in Missouri so would find it difficult to attend hearings.
- Category: Bankruptcy
- Date:
- State: Arizona
Answer:
As owners of the trust deed, you can file an objection to the debtor's discharge. This can be done by a creditor, the trustee, or the U.S. trustee. While you can handle this yourself if you feel capable, consulting a local attorney is advisable to review your specific situation and documents.
After the bankruptcy case is filed, creditors receive a notice with important information, including the deadline for objecting to the discharge. To object, you must file a complaint in the bankruptcy court before the deadline mentioned in the notice. This complaint initiates an adversary proceeding, which is a type of lawsuit in bankruptcy.
In cases like Chapter 11, 12, and 13, if a discharge or plan confirmation is obtained through fraud, the court can revoke it. The specific form you need will depend on the basis for your objection.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.