You need to ask this of your B/K attorney for state specific advice.
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.
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.
yes
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.
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.
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.
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.
Of course YOU WILL LOOSE YOUR HOUSE IF YOUR BEHIND ON PAYMENTS.
no more than 2 payments