The Event Of Bankruptcy?
Q: Does anyone know what the New York provisions are for keeping a house in the event of bankruptcy? Specifically, I am told that as long as payments are kept up to any mortgagees, the house can be kept by the bankrupt. But this can't be right, because otherwise one could shield untold hundreds of thousands or even millions of dollars simply by bying a house and having a small or no mortgage. There must be a maximum amount. Does anyone know it?
A: I didn't feel like paying $500 for a one figure piece of information, however. This seemed a very generic, common bit of info, that anyone who knows anything about NY bankruptcy law might know, and if somewhat considerate, would offer. No forms needed to be prepared, no lengthy strategy sessions were needed, just something someone would know off the top of one's head