What is the name of your state? VA
Individuals(married couple) filed BK Chapter 7 in VA Mar 04, 341 Meeting 5/7/04, Trustee submitted No Asset letter 5/10/04 to bankruptcy court. Their only asset is their home. Debtors stated market value at $112K, lien $117K. Also stated they will retain the collateral and continue making monthly payments. Individuals are now selling the home (5/25 listed with a realestate company) for $169,900. Can this be done, or is it fraud? The total BK debt is $50K.
I need some guidance. The couple is my sister and her husband. He has told her that this not illegal (he won't let her call the BK atty to ask). They plan to split the equity funds and go their separate ways after the discharge. I don't want to see her in any legal trouble. What should/could she do?
Individuals(married couple) filed BK Chapter 7 in VA Mar 04, 341 Meeting 5/7/04, Trustee submitted No Asset letter 5/10/04 to bankruptcy court. Their only asset is their home. Debtors stated market value at $112K, lien $117K. Also stated they will retain the collateral and continue making monthly payments. Individuals are now selling the home (5/25 listed with a realestate company) for $169,900. Can this be done, or is it fraud? The total BK debt is $50K.
I need some guidance. The couple is my sister and her husband. He has told her that this not illegal (he won't let her call the BK atty to ask). They plan to split the equity funds and go their separate ways after the discharge. I don't want to see her in any legal trouble. What should/could she do?
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