May 29th, 2008 by Questions
I had previously posted a question a while back and got wonderful advice.
I am hoping that you could the same in this case. Pleas all I am asking for is just an opinion since as you might say you are not familiar with the specifics of the case.
I filled for bankrptcy more than 3 years ago and got discharged. However, the lawyer for one of the creditor`s whom I owed about $20,000 kept insisting on getting the money saying that there is equity on the house I own. The equity on the house at the time of my bankruptcy was about $10,000 as per an appraisal done by the turstee. The turstee transferred the title of the house to their name. I have been asking the trustee since the begining to come to an agreement with the creditor so I can pay the equity and have the title transferred to me. They have been going back and forth for the past 3 years. My mortgage is up for renewal so the trustee really wants to settle this and transfer the tilte back to me. Now the creditor is insisting to go with the value of the house as of today. Obviously the value has gone up and since I have been making mortgage payments the mortgage amount has gone down.
Please, let me know is it legal to consider the value of the house as of today or do they have to go with the value at the time of the bankruptcy. I need to mention that I have small child.
Posted from: Ontario