What would you like to do?
Yes you can, in fact, you are required to list all creditors, which would include your mortgage lenders.
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Would you be asked to put a mortgage on your house to pay your bills if you file for chapter 7 bankruptcy?
Answer No. But if you have equity in your home it may not be the best approach. A chapter 13 is designed for a situation where the person has equity or is… behind on payments. In a Chapter 7 - You will be asked to pay the Trustee the value of the equity of your home... so if you have $15,000 in non-exempt equity, you'll most likely have to write a check to the Trustee for $15,000 or surrender the home. Answer no ,but if you include the Mortgage on your property in your bankruptcy,most likely you will have to surrender the property to a court appointed trustee
How do you get title to your house after your ex filed for bankruptcy and stuck you with a large mortgage?
Sorry, but I don't see how this could happen. Was your ex granted the house in the divorce proceedings. Or were you still on the title? If you want to email me perhaps we cou…ld sort it out together. You're best option would be to contact the attorney who handled your divorce. The house should have gone into the bankruptcy proceedings unless it was covered by exemption and the loan was reaffirmed by your ex. This sounds ver odd and complicated.
If the payments are current, or if an agreement can be made with the lender, and the exemption covers the equity, a house can usually be kept. Second mortgages are dischargea…be, but, they are not subject to the same laws that unsecured debts are. The lender even after the BK discharge can take action (and probably will). Ususally placing a lien against the property.
If you file chapter 7 bankruptcy and are discharged can a creditor later put a judgment against you for a mortgage on property you surrendered to them when you filed the bankruptcy?
No. The creditor can foreclose on the property (and virtually always do) since that is the way they get your name off of the deed and someone else's name on it. And, during t…his foreclosure, they will list you as a defendant since you are the property owner until the sheriff sale takes place. But, when the judgment is rendered in the foreclosure, it should be an "in rem" judgment, which means against the property only, and not an "in personam" judgment, which means against you personally. If they do get an in personam judgment against you, it is usually a good idea to notify the court and let them know about the bankruptcy so they remove the in personam judgment.
Can you file bankruptcy on a second mortgage but not on the original one so you can keep your house?
NO. Bankruptcy applies to ALL your financial dealings, without exception. You cannot pick and choose which things will be included.. Bankruptcy means that you are SO FAR IN D…EBT that you cannot pay your creditors, and you are asking the courts to help you to make an agreement with the creditors to accept PARTIAL PATMENT of the debts you owe.. One of the basic requirements in a personal bankruptcy is the forced sale of any property, to pay off debts you owe. The house will have to go. It is your penalty for not being more careful about your debts, and re-paying them on time.. by MONTSAME: Actually, the above answer is completely inaccurate. Bankruptcy doesn't necessary have to apply to ALL of your assets and liabilities. You CAN choose and pick which obligations you would like to fulfill (reaffirm the debt). . To answer the question, the second mortgage can be fully or partially discharged depending on the home value and the size of your first mortgage. Though it is complicated, and in some states they can apparently come after you even after the bankruptcy is complete. .
Unless your partner adds your name to the title and then refinances, there is no way for you to get on the mortgage.
It depends on whether the second mortgage attaches to any equity in the property. If the house is worth as much or more than the first mortgage balance, you may well be …able to.
Lets start with a thing doesn't file BK...a this or a that...YOU file bankruptcy. It involves everything you owe and everything you own. Some certain thing…s may be exempt (or treated specially) from being used to pay a debt, and some debts may not be cleared. A secured debt, that is one that has a right to a certain asset, has first call on the funds from the sale of the asset....and if that isn't enough, any additional amounts can be claimed as unsecured debts owed, and provided by other assets. A mortgage is simply a debt secured by the house. (The reason that is done is to make sure they can get paid. No you can't go BK, get rid of the debt and keep the house. If that was the case, should bought a better house! Of course, no one would lend money for someone to do so) But the important thing to start is you do not pick and choose what you want to include...because just like your question...you would include the loan (and every debt)...but not the property, or assets! Under C 13 BK, if you qualify, you will pay back the debts under a payment plan and keep the assets, while protected by the court from seizure actions.
Joint mortgage with your partner who is being served with a bankruptcy petition where do you stand with the house?
He's being served? You mean his creditors are forcing him into an involuntary personal bankruptcy? That's a very uncommon thing! You have good reason to be concerned...and a…n excellent reason to get specific legal advice to protect your interests.
All would have to be included. You do not go Bankrupt on certain things. Everything you own and everything you owe must be included, ot the case will be dropped and you could… face fraud or contempt charges. Again, in BK you do not pick and chose what is included. All are given priorites and some are exempt fom being used and some exempt from being discharged. Secured debts get first call from the money from the sale of the asset securing them. Frequently a house, (if you can and have paid the mortgage), and a reasonable car (and things like work tools, personal household goods, etc), are classified as exempt or may be saved. ALL your assets and all your debts are included. Your assets are used to pay your debts, the extra that can't be paid may be discharged. You do not get to eliminate debts and keep those things of value you want to. That would clearly be unfair. A timeshare is considered an asset since you own that certain unit although the idea of it is that you own a certain vacation time. Yes, you can include that one on bankruptcy along with your other assets.
You don't file BK against a lien...YOU file bankrutpcy...and it includes everything you owe and everything you own. So the debt that needs to be cleared the lien is securing w…ill be included. Of course, the debt will have first call (or cal in order of those holding higher liens on that property) at the proceeds from the asset it is secured by. A short, rough primer: BK is always done under FEDERAL Laws, in a Federal Bankrutpcy Court. Basically State makes little difference. (Yes the BK Courts operating in certain areas have certain special exemptions and such, minor in the overall, generally intended to make things adhere to the local laws and customs better). ALL of your assets, of all types, MUST be disclosed and reported in BK, and ALL of your liabilities/debts must be too. No exceptions, no picking and choosing. The court will then order each of them in priority according to the laws, some things may be exempt from use or discharge (like your personal furntiure and retirement accounts are exempt and child support cannot be discharged) - and the rest may be used. With one to pay the other. Debts secured by an asset (say a car) have first call or right to the money received from that asset. If it isn't enough to pay the debt, the remainder becomes a general or unsecured claim against the BK. The end amount that can't be satisfied is discharged by the court...meaning you no longer owe it. You get a fresh basically debt free start....many of those you owe don't get paid what they had expected, if anything. There are many other considerations too. BK will severly hurt your ability to get credit for a very long time for example. It is on your credit report for at least 10 years...and employers refer to that too. Many more things. Not disclosing all items is frequently and easily discovered, in which case - as you are swearing under oath to the court you included all info - your case is dismissed, and regularly, fraud charges are pursued. (Courts don't take to being lied to well). Many seem to fall into the trap thinking that they can trick or change the system. It simply ain't going to happen. The courts, Judges, laws, bankers, all those zillions of attornies, etc, have been through this thousands of times for many, many years. The processes are fairly well worked through and prepared for tricks and games. It is unlikely you would discover one that hasn't been tried a zillion times before! The Cos that claim they can change your record, or make magic happen (either before or after BK), are scams.
The person filing BK MUST include all assets (the house) and all liabilites (the mortgage)...must..not an option. How it effects the other owner(s) depend on how they own the …property and mortgage on it. Jointly ot In common are the two primary ways. Either way, it will effect you....and it is likely you would have to essentially buy out the others interest to most easily resolve the situation.
What happens to the past due portion of of mortgage if you file bankruptcy and plan to retain the house?
Listen...you are NOT keping the house without paying the mortgage past and present as agreed. No, BK will not discharge your debt, past or future obligation, and let you… keep the property it is secured by. You need professional advise and consult.
Yes. There are almost no obstacles if you still own and live in the house after.
Filing BK can cost anywhere from about $1,000 and up, based upon the atetrnoy and how complicated your case is. Seek out a reputable BK atetrnoy. He will, most likely petition… the court to provide funds for his service to assist you in your filing if you truely cannot provide funds for your own legal counsel. A good BK atetrnoy will not charge you for your first visit so he can evaluate your situation to see if he can help (read: earn money off of you). However, I would caution against filing BK unless you REALLY have to. Have you contacted your creditor so see if you can work out an arrangement? If not, you should. If they know you are seriously contemplately BK, they will most assuredly want to discuss alternatives with you because when you file BK, they will end up with nearly nothing if anything at all.
mabey 87% sure
In most cases you will not lose your home during your bankruptcy case as long as your equity in the property is fully exempt. Even if your property is not fully exempt, yo…u will be able to keep it, if you pay its non-exempt value to creditors in chapter 13.