If you are behind in your payments and you declare bankruptcy usually you can remain in your home and continue payments. However the lender will most likely begin foreclosure since you can't afford it and you are at higher risk.
The borrower should contact the lender as soon as possible and try to find an equitable arrangement to catch up on missed payments. If the lender is not agreeable to such, foreclosure proceedings will likely be implemented.
No. Section 523(a)(5) of the Bankruptcy Code prohibits debtors from receiving a discharge of spousal and child support obligations. If yuou are behind on payments, you can spread out the payments over time in a Chapter 13 bankruptcy. No, you cannot even touch child support, afraid you have to pay, pay, pay and pay.
You should file a bankruptcy letter of intent as soon as possible so that your creditors will be on notice. This will stop the harassing calls and foreclosure proceedings if you are behind in your mortgage payments.
I am a Loan officer in California-the laws are different in every state & every lender...Typically speaking though, it depends on how long ago you BK was discharged. It also depends on how far behind are you on the house payments. Some lenders will refinance one day after the BK being discharged, while other lenders are 7 years! As far as late payments...they will affect your intrest rate. If you have one 30 day late, or one 60 day late but are now current in your payments...you should be able to refi assuming you have equity in the property. I would be more than willing to look at you situation for you if you like. email me at kinjalvs at yahoo .com Sara
Bankruptcy is not claimed on individual loans, a bankruptcy involves all your debt. The fact that you are current on your car loan may make it easier for you to negotiate with the lender for the continued ability to pay for your car but it doesn't mean that you get to have it for free. The same is true of a home loan.
It depends on what you consider harassment. They can demand that you pay your mortgage if you are behind in your payments.It depends on what you consider harassment. They can demand that you pay your mortgage if you are behind in your payments.It depends on what you consider harassment. They can demand that you pay your mortgage if you are behind in your payments.It depends on what you consider harassment. They can demand that you pay your mortgage if you are behind in your payments.
Why would anyone possibly want to do so? BK is a very, very bad thing. You do not pick an chose what is included...and everything...verything you own and owe, is involved. You don't just discharge debt...your assets are used to pay off debt, and if your insolvent (more debt than assets), some excess may be discharged.
The involved party should contact the bankruptcy trustee as soon as possible and explain the error. A trustee will generally give the person(s) thirty days in which to catch up on arrears before filing for dismissal.
Of course YOU WILL LOOSE YOUR HOUSE IF YOUR BEHIND ON PAYMENTS.
Sure.But understand, that regardless of those maybe saying otherwise, who generally have an interest in your doing so, bankruptcy does not automatically make your life better...or simply eliminate all your debts....it is an action to be taken when there is no alternative because the situation is hopeless.
It depends on what type of bankruptcy your are filing, if the home is your primary residence and not an investment property, how much you owe, and if you are behind on your payments. It also depends on the state you are filing in.Usually, your house, if it is a primary residence, many states will allow you to keep your house as an exemption.
Before doing that, you should go to your bank and explain your situation. They might be able to take over the loan at a lower interest rate. That way your payments may become smaller. If that doesn't work, maybe call whoever has your laon and explain your situation, see if there's anything they can do. * No. Bankruptcy should be the last resort for a debtor. Be that as it may, bankruptcy will not keep a vehicle from being repossessed or the borrower for being responsible for the loan. Secured property such as a vehicle are not dischargeable in bankruptcy.
Not unless your bankruptcy did the right things to allow you to keep it. If you are not in arrears in your mortgage payments before filing, you have to continue making the payments - preferably before the due date. If you are in arrears, you must file a chapter 13, with a plan to pay the arrears and whatever part of the unsecured debt you have to pay. Once the plan is completed, you can keep your house. If you get behind in your post-petition payments due, the bank will apply for relief from the automatic stay and you will lose your house.
No. You can file any time. You actually don't even have to have any debt to file. Anyone can file anytime as long as you meet the minimum reqirements for each chapter.
no more than 2 payments
If you are behind payments on the car, yes - the company with the loan can repo the car. The same law applies if you had or had not filed bankruptcy. The only thing a bankruptcy can do is 1) protect assets DURING the bankruptcy (Automatic Stay) and 2) allow you to reconfigure the terms of secured loans. (like your car) Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
If the Court dismissed your Chapter 13 for failure to make the plan payments, it is as if you never filed for bankruptcy. However, there is one important exception. If you refile for bankruptcy within one year of the dismissal, the automatic stay will expire within 30 days unless you file a motion to extend the stay and prove to the satisfaction of the Court that the current filing is in good faith.
I am not sure about in New Jersey But in Florida if you can prove ability to pay the MTG they will allow you to keep home if you can bring it current, in my bankruptcy, at the time of consult i was current but fell behind before i went ot court so i included the house in the bankruptcy and was able to buy a new home in 2 years
This is a complex question. In general a bankruptcy will only effect the mortgages if you try to change them some way in the bankruptcy proceeding. This all depends on the chapter you filed, if you are behind on payments, how much the mortgage company wants to work with you, your income / expenses, etc. Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
There are three types of bankruptcy namely Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, and Chapter 11 Business Bankruptcy. Chapter 7 bankruptcy will discharge most types of debts for the average citizen. It will stay on record for ten years, but the major benefit is the stay it provides which prevents creditors from hassling you. On the other hand Chapter 11 bankruptcy is used by businesses, not citizens, to reorganize debts while Chapter 13 bankruptcy is wage earner's bankruptcy, which allows you to repay your debt through a plan. Among these three, Chapter 13 bankruptcy is considered as the best option for people with a steady income, who happen to have fallen behind in loan payments. idk and i dont give rats a**. hahahaha
If you fall behind on payments you may often receive late charges.