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Sure...it doesn't change the rights of the creditor...or your obligations as a dedtor...the buyer probably paid very little and is hoping your BK will pay the debt off at a higher amount. Basically, a creditor may sell his rights at any time....it is does not change your obligation under the loan at all. To clarify, it does not mean the new creditor can disregard the bankruptcy and any bar on collection activities that may be in force just because they just bought the debt. They only get the rights to what you would have paid the original creditor in the bankruptcy - they "step into the shoes" of the one they bought from.

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15y ago
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15y ago

Sure...the new Co has no more or less rights than the seller,

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Q: Can a creditor sell your account after filing bankruptcy?
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Can a creditor sell a repossessed vehicle they have had in their possession if the debtor files bankruptcy?

Possession is 9/10th of the law. Not if the vehicle qualified to be listed in the bankruptcy filing. In which case no action pertaining to the vehicle can be taken until the bankruptcy proceedings are finished.


Can you sell a motorcycle after filing bankruptcy?

yes you can i know my stuff


Should you sell GM stock prior ot bankruptcy filing?

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Can a bankruptcy trustee sell assets not owned but being used or leased at the time of filing?

No.


Can you sell personal property when filing bankruptcy?

When filing bankruptcy all assets are placed in a bankruptcy estate. Some assets are allowed to be protected and qualify for an exemption by the trustee. Items that are placed in exemption are permitted to be sold, but the trustee should be notified prior to the sale.


Can a creditor open a new account for the difference of the original loan verses the agreed amount owed through a bankruptcy?

I should think they can change account numbers, even sell it to nother company that identifies it differently in any way, as long as the terms/amount aren't changed.


Can you sell something that was on a credit card after filing bankruptcy on that card?

After all the legal stuff is over do a title search on the bike if there is no lien on the bike it is yours to sell.


If you filed bankruptcy and one of the creditors had a lien on a car do you get the title back after the bankruptcy is final?

It really depends on the type of bankruptcy petition you file. If you file for Chapter 7 bankruptcy the creditor who put the lien on your car may be able to take your vehicle. If you file for Chapter 13 bankruptcy you'll have the opportunity to make payment arrangements with your creditor and in that case you should get the title back after all of your payments are made and your amended. contract with the creditor has been fulfilled.


What is relief of stay?

Filing a bankruptcy automatically "stays" almost all actions against the debtor. It gives the debtor a temporary hiatus from actions by creditors although it is not permanent and as the procedure progresses the debtor's property may eventually be distributed. A creditor's lawyer, especially a foreclosing bank, can seek a "relief from stay" by filing a motion with the court. If the motion is granted the creditor can go ahead and foreclose on the property and sell it to satisfy its debt. That usually happens when there is no equity in the property.


What is of relief?

Filing a bankruptcy automatically "stays" almost all actions against the debtor. It gives the debtor a temporary hiatus from actions by creditors although it is not permanent and as the procedure progresses the debtor's property may eventually be distributed. A creditor's lawyer, especially a foreclosing bank, can seek a "relief from stay" by filing a motion with the court. If the motion is granted the creditor can go ahead and foreclose on the property and sell it to satisfy its debt. That usually happens when there is no equity in the property.


Where is there a list of current US companies filing for bankruptcy?

Run a search and you will find a number of commercial Cos that compile and sell the info.


If a judgment has been issued for a repossession deficiency will it affect a 401K when cashed in and can they place a lien on your home which is homesteaded or take the money if it is sold?

A judgment creditor cannot levy on your 401(k), but they can levy on your bank account and money from a 401(k) distribution would be vulnerable if it was in your bank account at the time the levy occurred. Filing a homestead does not prohibit a judgment creditor from filing a lien against your home. The judgment creditor can wait for you to sell or refinance your home. If there is enough equity in your home to pay off the mortgage and your homestead, there might be enough equity to be able to force a sale of your home.