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Archive for December, 2009

Lis pendens in foreclosure, Chapter 13

Dec 27

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I have a PC that filed Bankruptcy a chapter 13 petition to stop the foreclosure of her 5 properties, 1 of which was about to be auctioned off.  That has been canceled for now.  Well, she quit claimed (if you can add someone to a title by doing this) her property to add another person on the deed.  Two of her foreclosure actions stated that they will begin by filing a lis pendis on the new person on the deed.  The other banks have done nothing. Foreclosure firms get paid–no matter.  Have no reason to minimize
litigation.  Might file all sorts of thing v New Owner. They need do nothing because New Owner took with notice.  Lis Pendens is redundant.  If foreclosure is granted, what claim can New Owner raise?  Any right New Owner may have is subordinate to loan.  If New Owner wants to appear in foreclosure action–an action in equity– what equitable property right will be asserted.

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Will the bankruptcy court take my pension if I file Chapter 13?

Dec 27

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I am not aware of anywhere that one would disclose how long the pension loan repayment would last. In my jurisdiction, the trustee would ask at the 341 hearing when the 401(k) loan would be paid off – and then expect to see graduated plan payments at the point the loan is paid off. At the point that the loan would be repaid, I try to address it by increasing a budget item (for instance, the repairs on their vehicle are expected to increase or they will need available money to purchase a new one “X” years from now when the 401(k) loan is repaid). If possible I head it off by describing on Item #19 of Sch. J the anticipated increase in expenses and when the loan will be repaid.