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Filing a lien from Arizona to Illinois against real estate
My brother who lives in Illinois has fallen on hard times and is without work. I live in Arizona and have been assisting him financially ($30,000) by using my kids college education money. I would like to file a lien on his property that is currently for sale so I can guarantee my return. He owes $145,000 on his mortgage and the value of his home is $240,000. Unfortunately he was hospitalized (no insurance) and now the hospital want to sue him.
My brother is seeking bankruptcy protection and does want to pay me back when he sells his home but I want to guarantee my kids college money. HELP |
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[QUOTE=Family Supporter]My brother who lives in Illinois has fallen on hard times and is without work. I live in Arizona and have been assisting him financially ($30,000) by using my kids college education money. I would like to file a lien on his property that is currently for sale so I can guarantee my return. He owes $145,000 on his mortgage and the value of his home is $240,000. Unfortunately he was hospitalized (no insurance) and now the hospital want to sue him.
My brother is seeking bankruptcy protection and does want to pay me back when he sells his home but I want to guarantee my kids college money. You can't just file a lien - you would have to sue him, win and get a Judgment against him first and then use the lien as a means to collect from him. If he files in bankruptcy he has to list the debt to you on the Petition or it's bankruptcy fraud. His assets (including the value of his real estate) will be used to pay all his debts with the exception of the household exemption which he will retain. Also possible he will pay pennies on the dollar and retain the property. He can't pay you and claim all his other debts but he can ratify the debt to you and begin to pay after he is adjudicated bankrupt. He can't hold the house - and the debt to you - separate from the bankruptcy if that is what he is thinking of doing. This is a question for his bankruptcy Attorney. Depending on where the college education came from and the terms and conditions you could have a whole set of problems of your own. |
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