Legal Question in Bankruptcy in California
Chapter 7 - debtor questions
I am the holder of a note against real property (approx 43,000.00). Today I discovered that the person that owes me the money on this note files for chapter 7 bankruptcy. I am listed as a debtor, but was never notified because when she listed her debtors she gave them an old address, even though she and her attorney both new my actual address and phone number. Now I may be too late to assert my claim as the time for that has past.
is there anything that I can do?
1 Answer from Attorneys
Re: Chapter 7 - debtor questions
You may still be okay if you have a properly recorded deed of trust against the subject property. A chapter 7 will not eliminate a consensual lien against real property and you still might be able to pursue foreclosure against the subject property if the debtor does not make the payments. The personal obligation to repay the note might be discharged, but the lien should survive.
My office is about 10 minutes from where you live. Feel free to contact me for a consultation if you need further assistance.
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