Legal Question in Credit and Debt Law in Arizona
Defaulted recorded loan
My question is how do I begin to seize property on a $120,000.00 recorded loan that is in default. The borrower has been making sporadic payments for over a year and we just learned he filed bankrupcy. We need to know what will happen to his assets and will we get paid back?
2 Answers from Attorneys
Re: Defaulted recorded loan
If he has filed for bankruptcy and you are a creditor, you should have received notice of the filing. If you did, you should file a proof of claim. If you did not receive notice, your debt may not be discharged. I would file a proof of claim and request that you be given notice. Call me if you have questions.
Re: Defaulted recorded loan
You should really talk to a bankruptcy lawyer. You cannot try to collect any money from this person while he's in bankruptcy.
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