Page 194 - Judgment Enforce Course

Judgment Enforcement – The Step-by-Step Course

HOW TO COMPUTE THE EQUITY:

Take the amount owed on the property and subtract that
number from today’s market value of the property. For example, if the
debtor owes $100,000 on a house and its market value is $225,000, then
there is $125,000 equity in the home.

Next, take the amount of equity and subtract the homestead exemption.
If you are in Ohio, the homestead exemption is $37,375. So you take the
equity of $125,000 and subtract the $37,375 homestead exemption. That
leaves you with $87,625 - the part of your lien that is above the equity
amount and which is still secured by your lien. That part of your lien
remains good. It’s yours. You can wait for the JD to sell or refinance, or
in some instances you can force the sale of the home through the sheriff.

Rule 727—When the actions of the debtor IN THE BANKRUPTCY CASE ARE UNLAWFUL.

If you can show that the JD lied in his petition or destroyed
evidence, and if you prove it, then ALL, I repeat ALL the JD’s 2 MORE THINGS
debts listed are forever nondischargable. YOU SHOULD

Bringing an action in bankruptcy court under Rule 727 is a KNOW –
major threat to the debtor. Again, if you win, he is thrown out of
RULES 727 AND 2004
bankruptcy, and none of the list debts included can ever be
discharged through a future bankruptcy. I’ve successfully had
JD’s scramble out of bankruptcy court as fast as they could after I filed a Rule 727 action.

See the Forum for a sample pleading for a Rule 727 action. It’s #9 on Peter’s Course
Files. Again, local bankruptcy courts have local rules as well as federal rules. Those rules
are online, and you will have to follow them closely.

Rule 2004—The Bankruptcy Court’s Judgment Debtor Examination

In many instances I’ve had JD’s file bankruptcy because they did not want to attend my
JDX in state court. That’s okay with me. I then do the same thing in bankruptcy court
under federal Rule 2004. There I can do the same thing as in civil court—bring the debtor
in for a JDX, subpoena all kinds of records, and ask any pertinent questions. I can also
rd P Parties! It’s actually easier than in state civil court, because applying for the
bring in 3P

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