Chaper 7 and "Abandonment of Secured Property"


D

David Jackson

My Chapter 7 was discharged on Dec. 23, 2003 without a hitch except
for 2 minor details.

On my credit report Wells Fargo Home Mortgage is listed as a
"Foreclosure" and not "included in Chapter 7 Bankruptcy"?

And my auto loan with Bank One (surrended) is shown as "Charged off
Account".

To confuse matters even more, I received a "Acquisition or Abandonment
of Secured Proporty" from Wells Fargo.

When I spoke with the customer service rep, she started talking about
fee's that were accessed as part of the foreclosure; maintience fee,
legal fee's.

The rep also said, that foreclosure notice was sent to the credit
agency first and Chapter 7 notice sent later.

Could someone please explain this to me?

TIA,
David

p.s. I did get one credit agency to update auto loan to show "included
in bankruptcy".
 
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B

Brett Weiss

If the foreclosure/charge off occurred before you filed, they are reported
correctly. Otherwise, the only correct entry is "included in bankruptcy"
with a zero balance.

--
Brett

*****************************************************************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* (e-mail address removed) *
* www.brettweiss.com *
* *
* Small Business Estates & Estate Planning *
*****************************************************************

The Small Print: This response is for discussion purposes only. It isn't
meant to be legal advice and you shouldn't treat it as such. If you want
legal advice, speak with a local lawyer familiar with your state's laws who
can review *all* of the facts and the law applicable to your situation.
*****************************************************************
 
D

David Jackson

Brett Weiss said:
If the foreclosure/charge off occurred before you filed, they are reported
correctly. Otherwise, the only correct entry is "included in bankruptcy"
with a zero balance.
Brett --
Thanks as always for you insight.

My house was foreclosed on July 27, 2003 and I filed for Chapter 7 on
Sept 9, 2003.

Does this mean, I won't be able have the "Freddie Mac Account,
Foreclosure"
changed to "Included in Bankruptcy"?

What about the "fees" the customer service rep was referring to? Can I
still be held liable for those?

TIA,
David
 
B

Brett Weiss

My house was foreclosed on July 27, 2003 and I filed for Chapter 7 on
Sept 9, 2003.

Does this mean, I won't be able have the "Freddie Mac Account,
Foreclosure"
changed to "Included in Bankruptcy"?
Correct.

What about the "fees" the customer service rep was referring to? Can I
still be held liable for those?
No.

--
Brett

*****************************************************************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* (e-mail address removed) *
* www.brettweiss.com *
* *
* Small Business Estates & Estate Planning *
*****************************************************************

The Small Print: This response is for discussion purposes only. It isn't
meant to be legal advice and you shouldn't treat it as such. If you want
legal advice, speak with a local lawyer familiar with your state's laws who
can review *all* of the facts and the law applicable to your situation.
*****************************************************************
 
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D

David Jackson

Brett Weiss said:
Brett --
Well that is disappointing.
None the less It's still reassuring to no, I free of the debt.

Thanks,
David
 

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