Re: sherriff sale

Posted by Irwin Prince on November 29, 2003 at 07:29:42:

In Reply to: Re: sherriff sale posted by DARRYL-CA on November 27, 2003 at 13:02:38:

This section only applies to asset cases where trustees try to recover property for the benefit of creditors. It doesn't apply to foreclosure sales generally, or the situation that Cosmo wrote about;

: :Hello Cosmo. It is possible per Title 11 which is the U.S. Bankruptcy Code to reverse the sherriff sale up to one year after it has happened.

: TITLE 11 of the UNITED STATES CODES(Bankruptcy Code) which says........TITLE 11 > CHAPTER 5 > SUBCHAPTER III > Sec. 548.

:
: Sec. 548. - Fraudulent transfers and obligations
: (a)
: (1)
: [The trustee may avoid any transfer of an interest of the debtor in property,] or any obligation incurred by the debtor, [that was made] or incurred on or [within one year before the date of the filing of the petition, if the debtor voluntarily or involuntarily ]-
: (A)
: made such transfer or incurred such obligation with actual intent to hinder, delay, or defraud any entity to which the debtor was or became, on or after the date that such transfer was made or such obligation was incurred, indebted; or
: (B)
: (i)
: [received less than a reasonably equivalent value in exchange for such transfer] or obligation; and
: (ii)
: (I)
: [was insolvent on the date that such transfer was made] or such obligation was incurred, [or became insolvent as a result of such transfer] or obligation;

: It seems to suggest that if any interest in your property(home) was transferred either voluntarily or involuntarily(by forced sheriff sale)within one year before the date of the filing of a bankruptcy petition and you received less than a reasonably equal value,and was insolvent(broke)on the day the transfer(forced sheriff sale) was made, the Bankruptcy Court Trustee has the the ability to void the foreclosure.
: Check with your Bankruptcy attorney.

Follow Ups:

Re: sherriff sale - Darryl-CA 11:04:49 11/29/03 (1)
- Re: Invalidating a sale through BK - Jim V 01:37:35 12/03/03 (0)



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: This section only applies to asset cases where trustees try to recover property for the benefit of creditors. It doesn't apply to foreclosure sales generally, or the situation that Cosmo wrote about;





:  : :Hello Cosmo. It is possible per Title 11 which is the U.S. Bankruptcy Code to reverse the sherriff sale up to one year after it has happened.





: : TITLE 11 of the UNITED STATES CODES(Bankruptcy Code) which says........TITLE 11 > CHAPTER 5 > SUBCHAPTER III > Sec. 548. 





: : 


: : Sec. 548. - Fraudulent transfers and obligations 


: : (a) 


: : (1) 


: : [The trustee may avoid any transfer of an interest of the debtor in property,] or any obligation incurred by the debtor, [that was made] or incurred on or [within one year before the date of the filing of the petition, if the debtor voluntarily or involuntarily ]- 


: : (A) 


: : made such transfer or incurred such obligation with actual intent to hinder, delay, or defraud any entity to which the debtor was or became, on or after the date that such transfer was made or such obligation was incurred, indebted; or 


: : (B) 


: : (i) 


: : [received less than a reasonably equivalent value in exchange for such transfer] or obligation; and 


: : (ii) 


: : (I) 


: : [was insolvent on the date that such transfer was made] or such obligation was incurred, [or became insolvent as a result of such transfer] or obligation; 





: : It seems to suggest that if any interest in your property(home) was transferred either voluntarily or involuntarily(by forced sheriff sale)within one year before the date of the filing of a bankruptcy petition and you received less than a reasonably equal value,and was insolvent(broke)on the day the transfer(forced sheriff sale) was made, the Bankruptcy Court Trustee has the the ability to void the foreclosure. 


: : Check with your Bankruptcy attorney.








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