More Than 30 Years of Bankruptcy Experience
Are you facing foreclosure or other overwhelming debt? While many people want to keep their home and other property through bankruptcy, we understand that it may be financially impossible for you.
Fortunately, the Bankruptcy Code allows you to surrender property to creditors, but it can be tricky. For example, even if you surrender your home to your lender, it may refuse to close on it, requiring you to continue paying property taxes and insurance, homeowners association fees, and utilities, as well as maintain the property.
But there is a way to ensure that the property transfers entirely to the creditor in certain bankruptcies — this is called “vesting in bankruptcy.” At Rothschild & Ausbrooks, PLLC, our attorneys understand this complicated area of bankruptcy law and how it applies to your situation. To set up a confidential and free consultation at our Nashville law office, please call 615-866-2265 or toll free 866-656-8909.
How to Vest Property During Bankruptcy
To ensure that the creditor becomes responsible for your property after bankruptcy, you will want to file Chapter 13 bankruptcy.
We will draft a plan for you that explicitly states that your property will vest in the creditor upon confirmation of the plan. In the judge’s final confirmation order, he or she may title the property of the estate in the creditor’s name, passing ownership from you to the creditor.
Unfortunately, the boilerplate language in Tennessee’s bankruptcy confirmation order states that property will revest in the debtor upon bankruptcy dismissal or discharge. That is why it is essential to have an experienced bankruptcy attorney help you draft appropriate language to ensure that the property ends up in your creditor’s hands.
Our Successes: Vesting Property
We have had numerous successes vesting property during bankruptcy. In one case, our client’s mortgage company had refused to accept a quitclaim and foreclose on the property. Our client couldn’t sell his underwater property and was assessed multiple times by the city for cleaning and other expenses. Had we not taken action, he would have faced these assessments indefinitely.
Attorney Edgar Rothschild filed a successful motion to vest the property in the bank, allowing our client to move forward without additional payments.
Devoted to Finding Debt Relief Options
Both of our lawyers are board-certified specialists in bankruptcy law who have extensive experience finding the right solutions for individuals facing significant debt. Learn how we can help you — arrange a free consultation today.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.