I guess we'd need a BK lawyer to decode for us. Possibly the form papers filed by the PK petitioner already deal w/ the house if they own one, so the judge didn't bother to question them about it? I'm sure the mortgage is not being discharged in the BK, that would be too "good" to be true. No, "bad". No, "good". I mean, I am an honorable man, but the temptation . . .
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Originally Posted by fingpilot
John, a very curious thing was going on in there. None of these homes were foreclosed on. The trustee (judge) asked if they were in foreclosure procedings. If the answer was no, he usually asked if they were both working. If yes, end of line of questioning. Perhaps the cars and boats and quads had been paid for by a equity line, and as such were not repossesable, but I got the distinct impression that the Chap 7 'protected' the house. I had to assume that meant some form of reaffirmation was going on. But when I looked at the Chap 7 'rules', that was not necessarily true. The judge specifically mentioned the assessor's report and the loan value, and said each time they were waaay underwater. I suspect the lenders walk away thinking good money after bad. Every block in town has at least two or three foreclosure/short sale signs.
If the answer to the Q about foreclosure procedings was yes, the judge moved on, but the summary was that he was going to contact the mortgage-holder personally and then issue a ruling.
A couple of 'not-so-funny' ones. A couple both responded yes that there were lawsuits pending. He had been rear-ended on the freeway. The other guys' insurance company was up to $15K on their offer to him. His attorney was holding out for $50K. The judge said that their combined 'allowance' was a total of $70K, and he should be mindful of that total when he considers accepting/holding out for a settlement. His wife (looked like she was from the 'people of WalMart thread') had fallen in WalMart, and injured both of her knees. Two surgeries pending, WalMart was offering the cost of the surgeries, but nothing more. She was holding out for more. Her 'slip and fall' attorney said she possibly had a net of $20K after the surgery cost (more if you count his fees). Needless to say, the judge continued their case.
I sat there wondering about all of the goings on. Got me to thinking about the secured debtors. Not a single one showed up to appear or discuss options. Seemed normal to the judge.
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