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land in bankruptsy

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  • land in bankruptsy

    We filed bankruptsy chapter 7 here in Oklahoma. We have our homestead that we live at and a farmhouse on 6 acres that we rent for not even the amount of payment. We bought it from a lawyer friend, he died and his wife is over it. The trustee wanted to see the Mortgage and Deed. It is deeded in our name (it was filed) and we do have the Mortgage papers and all, but our lawyer friend did not file the mortgage at the court house for some reason we don't know. The trustee says since the mortgage is not filed, it is not protected so he is going to seize it and sell it and split it up between the creditors. Is this right? I think our lawyer friends wife should get what is owed to her. We have worked hard to keep it all this time to maybe someday move there or to sell it. But now my husband has terminal cancer and we don't know what to do? Please tell us.

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    You should get an attorney because if the mortgage is notarized, even if not recorded, it should be accorded some kind of legal status. And even if not, then it is a matter of proof whereby a hearing should be sought in front of the bankruptcy court judge to counter the trustee. There are options, but you ahve to pursue them and not just accept whatever the trustee says and be prepared to contest the ruling as wrong. Consult local attorney for more information. The land does not sound like it is protected homestead, but not knowing the entire situation, cannot say that it is an unprotected transfer depending on the factors in the situation.

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