state bankruptcy court
Chapter 7 Of The Bankruptcy Code?
I am a little confused about chapter 7. Any help or input would be appreciated. Thanks!
Martin mortgaged his farmlands with the State Bank of Florida for promissory notes amounting to $470,000. He defaulted on the payments, and the bank sought to foreclose the mortgage. The state court granted foreclosure. Just before the farmlands were about to be sold, Martin filed a bankruptcy petition under Chapter 7 of the Bankruptcy Code. Martin has a regular income of $60,000 from a full time job as a MRI technician.
Is Chapter 7 the appropriate provision for Martin’s case? What should the bankruptcy court do? What support could I show for the court’s ruling to proceed or dismiss the Chapter 7 filing?
This can’t be real so what i will say is that we are not here to do your homework. That is my final answer.
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