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Obligation to Sell Real Estate Between Unmarried Couple
Sounds like specific performance, rather than a damage claim - as such, not
dischargeable.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
stephen burton
Sent: Monday, March 28, 2011 5:40 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Obligation to Sell Real Estate Between Unmarried Couple
Boyfriend and girlfriend hold title as joint tenants. Both parties are on
both real estate loans. They also have one child together.
They agree in a family law proceeding that in exchange for his cooperation
in obtaining a loan modification for the real estate loan for the
girlfriend, that after a period of time, the girl friend will have to sell
the home, even if it means a short sale. Boy friend does not want
continuing obligation under the loans.
Girl friend files for chapter 7 bankruptcy.
Can she bankrupt the obligation to sell in chapter 7? Any different result
if she files for chapter 13?
Remember, 523 a 15 relates to spouses, or former spouses, or child of the
debtor. So, if a former spouse could file for a chapter 13 and turn the
obligation to sell into a damage claim under chapter 13, then why could a
joint tenant, non-spouse simply receive a chatper 7 discharge on the
obligation to sell?
Stephen Burton
Message
Sounds like specific
performance, rather than a damage claim - as such, not
dischargeable.
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.
I think this turns on whether her remedy in state court would qualify as a
claim under101(5)(b). His remedy in state court seems to be equitable, i.e
getting an order to sell. If she doesn't comply, are there monetary damages
available to bf? I am not sure how his damages would be measured, as her
ability to sell is highly speculative.
It seems to me the remedy he would want from her is either cooperation in
doing a short sale or damages. If she doesn't comply, then he would have
the right to a monetary damage claim which is a claim under 101(5)(b) and
therefore dischargeable.
Pat
Patrick T. Green, Esq.
Fitzgerald & Green
Attorneys at Law
1010 E. Union Street
Suite 206
Pasadena, CA 91106
Tel: 626-449-8433
Fax: 626-449-0565
pat@fitzgreenlaw.com
The post was migrated from Yahoo.
Boyfriend and girlfriend hold title as joint tenants. Both parties are on both
real estate loans. They also have one child together.
They agree in a family law proceeding that in exchange for his cooperation in
obtaining a loan modification for the real estate loan for thegirlfriend,that
after a period of time, the girl friend will have tosell the home, even if it
means a short sale. Boy friend does not want continuing obligation under the
loans.
Girl friend files for chapter 7 bankruptcy.
Can she bankrupt the obligation to sellin chapter 7? Any different result if
she files for chapter 13?
Remember, 523 a 15 relates to spouses, or former spouses, or child of the
debtor. So, if a former spouse could file for a chapter 13 and turn theobligation to sell into a damage claim under chapter 13, then why could a joint
tenant, non-spouse simply receive a chatper 7 discharge on the obligation to
sell?
Stephen Burton
Boyfriend and girlfriend hold title as joint tenants. Both parties are on both real estate loans. They also have one child together.
They agree in a family law proceeding that in exchange for his cooperation in obtaining a loan modification for the real estate loan for the girlfriend, that after a period of time, the girl friend will have to sell the home, even if it means a short sale. Boy friend does not want continuing obligation under the loans.
Girl friend files for chapter 7 bankruptcy.
Can she bankrupt the obligation to sell in chapter 7? Any different result if she files for chapter 13?
Remember, 523 a 15 relates to spouses, or former spouses, or child of the debtor. So, if a former spouse could file for a chapter 13 and turn the obligation to sell into a damage claim under chapter 13, then why could a joint tenant, non-spouse simply receive a chatper 7 discharge on the obligation to sell?
Stephen Burton
The post was migrated from Yahoo.