Judgement from Divorce Settlement with Potential $6,000 Monthly Payments totaling $510,000!

Description

Item Id: Gatten01
Case Name: Gatten, Susan Guin
Case Number: 13 30095
Trustee:
Starting Minimum Bid: $10,000

Description: Estate’s interest in a judgment awarding debtor payment of a monthly divorce settlement. The payments are a result of a 2011 divorce settlement/agreement. Court File/Index # 10/305405; New York County, State of New York. The monthly payments were awarded at $6,000 per month to begin May 2011 and continuing until Susan Gatten dies or remarries for a maximum total of $720,000.

The payments were made from April 2011 through February 2014 (35 payments for a total of $210,000). As of 12/15/15, Susan Gatten has not died or remarried. As a result, the defendant, Ray Gatten, currently owes $22 payments of $6,000 each for a total currently owed of $132,000. There is an additional $6,000 accruing each month, for a total possible additional 63 payments. Should Susan Gatten die or remarry, the total amount that could be owned by Ray Gatten pursuant to the Judgement of Divorce would be $510,000.

The defendant, Ray Gatten, was further ordered to pay attorney fees in the amount of $12,000. No payments have been made on this amount.
Location Info: The divorce settlement was granted in New York. The bankruptcy was filed in North Carolina.

Divorce Judgement Documents: See Links below-
Decision and Order
Judgement of Divorce

Notes: A closing cost fee of $200 will apply. This is all we know about this item. Any fees/liens owing on this item are not part of the final bid price. A bid submitted by a buyer is an agreement to our Terms. Buyers should not bid unless they fully intend to complete the sale in accordance with our Terms (to view terms, click “Terms” tab in Seller Store header at top of ad).
Bidders should familiarize themselves with BKAssets.com policy regarding ‘Proxy Bidding’ (see ‘Bidding Guide’ on bkassets.com Home Screen). BKAssets is not responsible for connectivity issues, or Internet transmission times, when submitting an auction bid near the close of auction. The auction process does not extend past the set close time of the auction and bidders are solely responsible for the timing and receipt of their bids if they elect not to utilize Proxy bidding.
** BKAssets.com has retained the services of an outside collection agency specializing in judgments who may be willing to assist the winning bidder in pursuing, and collecting, on the judgment from the defendant. This asset has been pre-approved for this assistance by both BKAssets and the collection agency.

This service is an option for the winning bidder if they so choose to accept. It is NOT provided automatically by BKAssets.com.

This agreement with BKAssets.com is on a contingency basis. If the winning bidder elects to accept this service by the collection agency, should any payments be received, the collection agency will have the right to maintain up to a maximum of 15% of the funds collected on behalf of the winning bidder. There is no up-front fee to the buyer for the service. The agency is only paid if they are successful in their efforts obtaining payment directly from the defendant.

In order to accept this agreement and collection support, the winning bidder must contact BKAssets directly once the original assignment is signed and notarized by the Trustee and the assignment is received by to the winning bidder. BKAssets will then provide the collection agency contact information to the winning bidder.**

Legal Info: By Order of the United States Bankruptcy Court, Bkassets.com sells this and any other property “AS IS, WHERE IS”, with no warranties implied or stated. This means that the Seller and the trustee are not responsible for problems (if any) with the title, the condition of the property, the ability to collect, or any liens or encumbrances against the unit. The buyer will be entirely responsible for this property/assignment after the sale including but not limited to: paying any fees/costs associated with this property, paying all fees/liens (if any), recording/transferring the title and gathering any paperwork/documentation necessary for that process and for collection of the judgment. Seller and trustee are NOT appraisers or judgment brokers. BKAssets and the trustee shall be under no obligation to buyer except to provide buyer with an assignment. All the information as to the item description has been provided by the court. BKAssets cannot guarantee that all the information is accurate. BKAssets recommends all bidders perform their own due diligence prior to bidding. As with any bankruptcy sale, this sale may be subject to court approval.

Payment Info: $U.S. Money order, certified check, cashier’s check. BKAssets may also accept “Bill Pay” from Wells Fargo, Bank of America, Citibank, Chase, a local regional bank or Credit Union. If you would like to use “Bill Pay,” but do not bank at one of these establishments, please call BKAssets prior to sending payment.
A closing cost fee of $200 (payable to seller) will apply. Full payment must be received within (7) days of winning bid. Any bidder who does not complete the sale within 7 days from the close of auction will be considered in default. Seller has the right to proceed with the next highest bidder.

Shipping Info: Shipping is free to all buyers in the United States. International bidders are welcome, please contact BKAssets for shipping costs to countries other than the United States prior to bidding. Shipping costs to locations outside of the US will be calculated at the close of auction. Please be advised that because this is a US Bankruptcy Court Ordered sale, and subject to approval, shipping can take an average of 3-6 weeks.

Liens: We do not know of any liens