How to save your home after a NJ tax lien Foreclosure using Bankruptcy I am one of the partners here at Patel Soltis and Cardenas I work in the bankruptcy Department. I mainly focus on bankruptcy So one of the questions we get here is: I lost my house in a tax lien foreclosure
What can I do well? There's the possibility of using a bankruptcy. A chapter 13 bankruptcy to be able to pull the property back into the chapter 13 bankruptcy estate. If the final judgement on the tax lien was within the last 90 days. There's a 11 usc 547 motion for Preferential transfers that is able to recover the property. Even though the foreclosure is not a fraudulent transfer the trustee can recoup the property to ensure that all creditors are paid, and not just one creditor.
Basically, your one creditor for the nj tax lien certificate now has basically taken all your equity it received a giant like boo.n Let's say say the property is worth a million dollars. I put $100,000 into it. They now have your property They got $900,000 in equity. But all of your other creditors are left holding the bag They've got nothing nothing to show for it so a bankruptcy trustee can go out get that get the property pull it back into the bankruptcy and Then sell the property and then district this review.
At which point that's gives you the opportunity that at that point to save your house pay off all your creditors So this is this is kind of a tricky maneuver I don't recommend people trying it on their own if you find yourself in the situation Hopefully you're talking with an attorney prior to the final judgment for the tax lien coming in However, if if you something went wrong talk to an attorney, it doesn't have to be us Find somebody who understands bankruptcy and how to pull property back into into the estate after a tax lien foreclosure.
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