Bankruptcy Basics For Real Estate Professionals
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If you are a real estate professional in Southern Maryland here are some bankruptcy basics that you need to know. Here is a slide share video of Dave Gormley giving a lunch and learn presentation to a group of real estate professionals in our office. Along with an overview of bankruptcy law you find some tips and tricks on how to get a client who is a bankruptcy to the settlement table. For a video of the presentation click here:http://southernmarylandlaw.com/news-and-views/bankruptcy-basics-for-real-estate-professionals/
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Bankruptcy Basics For Real Estate Professionals
- 1. 6/13/15 1 Bankruptcy Basics For Realtors! Dave Gormley! Andrews Bongar Gormley & Clagett! SouthernMarylandLaw.com! The Chapters! • The Other Chapters! • Chapter 9 - Municipalities! • Chapter 11 Reorganization! • Chapter 12 - Family Farmers & Fisherman! • Chapter 15 - Cross Border Cases! • Chapter 7 - Liquidation! • Chapter 13 - Adjustment of Debts!
- 2. 6/13/15 2 • The Trustee & The Estate! • The Automatic Stay! • Priority of Creditors! • Exemptions ! • Discharge! • The 341 Meeting of Creditors! Terms!
- 3. 6/13/15 3 Non Dischargeable Debts! • Chapter 7! • Restitution! • Alimony & Child Support! • Taxes and Debts Incurred to Pay Taxes! • Student Loans! • Debts for Willful or Malicious Injury of Person or Property! • Debts for Injury or Death as Result of Driving Under the Influence! • Obligations in Divorce Proceedings! • Debts Incurred by Fraud! • The Chapter 13 Discharge or Super Discharge Allows for Discharge of:! • Obligations in Divorce Proceeding! • Debts for Malicious Destruction of Property! • Debts Incurred to Pay Taxes! Type of Exemption! Dollar Amount! Pension! Unlimited! Household Goods & Furnishings! $1,000! Real or Personal Property! $5,000! Property of Any Kind! $6,000! Tools of the Trade! $5,000! Homestead Exemption! $21,625! Common Maryland Exemptions!
- 4. 6/13/15 4 Chapter 7! • Eligibility! • Individual, Partnership, Corporation! • Filing Fee $335! • No Prior Discharge in 8 years! Income Limits! Median Family Income! Family of 1- $59,055 2- $77,105 3- $87,924 4-$107,233 5-$115,33! The Process! • PreFiling Class -Credit Counseling! • The Petition! • Trustee Documents! • Post Filing Class - Financial Management! • The 341 Meeting! • The Discharge!
- 5. 6/13/15 5 Chapter 13! • Eligibility! • Individual or Unincorporated Business! • Filing fee $310! • Secured Debt Under $1,149,525! • Unsecured Debt Under $383,175! The Process! • The Petition & Plan! • The Classes & Documents! • The 341 Meeting! • Confirmation! • Payments! • Discharge!
- 6. 6/13/15 6 Strip Of Second Mortgage! Chapter 13 Only! Motion To Value! "House worth Less than what is owed on 1st! Plan Completion and Discharge! Recording of Order With Land Records! Saving A Home! • The Automatic Stay! • 36 – 60 Months to Cure Arrears! • Discharge of Unsecured Debt! • The IRS Problem!
- 7. 6/13/15 7 Post Filing Short Sales! The Surrender Problem! Mortgage Debt Forgiveness Act! "Phantom Income! "The Insolvency Exception! The HOA Problem! The Zombie Property! The Sale Plan! Chapter 13! "Payment Plan! " "Nominal Plan Payment! " "Step Plan! "Trustee Hands Off! Chapter 7 ! "Preserve Exemption! "Trustee Control!
- 8. 6/13/15 8 Bankruptcy Resources! http://southernmarylandlaw.com/sitelogin! http://southernmarylandlaw.com/clients/! http://www.mdb.uscourts.gov/content/understanding-bankruptcy! http://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics! http://www.irs.gov/pub/irs-pdf/p4681.pdf! http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-A ct-and-Debt-Cancellation!