Learn Ask A Question Get Help
Home > Law Advice > FreeAdvice Answers > California Bankruptcy > FreeAdvice Question and Answers
in   from 


    

Question: Bankruptcy - California

Asked on 10/26/2009
Abstracts of Judgment in Bankruptcy
Currently I have an abstract of judgment filed against an individual who is in jail for fraud. It's been filed for over a year. There is talk of creditors filing an involuntary BK on this individual. These creditors have judgment liens for over 90 days now. If the involuntary is filed now, will these judgment liens be considered secured in the Ch 7 BK? I filed my abstract first and will it be honored first or will it be grouped together with the other abstracts and be paid pro rata? Also, what if an abstract is filed even just one day before the BK filing, will it be considered secured?

 Notify me of updates.   Answer This Question!      Question Offensive or Inappropriate?

This question received 69 views.    
|More

Answers (1):

AttorneyPages has verified that this person is an attorney.

Abstracts of judgment are secured against whatever collateral they attach to (usually real estate) and the priority is based on the date recorded.   Whether they are/will be paid depends on if there is any equity in the property above the lien created by the abstract.   An abstract recorded one day prior to a bankruptcy case is secured, but is subject to being set aside as a preferential transfer under 11 USC 547.



  • Answered on 11/10/2009
  • Rating:
  •  Rate this answer






AttorneyPages.com
HACKER SAFE certified sites prevent over 99.9% of hacker crime. State Law Center  |  Legal Resource Directory  |  Legal Articles  |  Insurance Advice and Quotes  |  FreeAdvice Answers  |  Community Forums
Media  |  Privacy Policy  |  About Us  |  Contact Us

FreeAdvice® has been providing millions of consumers with outstanding legal and insurance information and general advice, free, since 1995. While not a substitute for personal advice from a licensed professional, FreeAdvice is available AS IS, subject to our disclaimer and conditions of use.
FreeAdvice®, AttorneyPages®, ExpertPages® are registered trademarks and units of Advice Company.
All Rights Reserved © 1995-2010