All Forum Posts by: Neil Patak

Based on my experience working with a large financial institution in the BK space, the Motions to Sell and acquire property through a BK are never quick and easy.

If you have access to PACER or a BK court docket monitoring system, you can get a good idea of why the debtor's fell into BK and filed the Ch13.  For all one knows, it could be medical debt related and they simply paying back any secured creditors.

Feel free to reach out direct if you have any questions about the BK.

An attorney is best to represent you, they can attend the court hearings, monitor for objections, etc. (plus they generally have a rapport with the judge if they have experience). Will depend if relief is granted and if the 4001.1 rule is waived. If so, you have immediate relief, if not it's generally another 10-14 days to get full relief from time order is granted

I just joined BP, have been listening to the podcast for some time now and live in the Santa Clarita area. I've got a steady income and am a W2 worker for a major financial institution. Would love to network and make my first deal (other than the house I bought 4 years ago out here)

I work Bankruptcy operations at a major financial institution. You'll likely need to file a motion for relief to lift the automatic stay. Engage a creditor BK attorney and have your past due amounts in line as far as what your tenant owes you. This will be necessary to support the basis for relief. Do not give the impression that you are attempting to collect a debt from your tenant, as this could be a violation of he automatic stay. It's best to have your attorney do the correspondence. Depending on the chapter BK your tenant filed, these motions can cost between $500-$1k to file, with a court filing fee of $181