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Can a house you own that you owe no payments on be placed under bankruptcy?
Wiki User
∙ 13y ago
Sure, and is subject to seizure if the value is higher than your states real property exemption
Wiki User
∙ 13y ago
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What happens when you file bankruptcy on your house?
I assume that you live in the United States... Don't think that you can "pick and choose" debts to include in your bankruptcy case. A lot of lawyers get this wrong. When you file bankruptcy, all your debts must be listed...under penalty of perjury. A Chapter 13 bankruptcy allows you to keep your house, cure your missed mortgage payments, and resume your future mortgage payments. You must have sufficient income to get a Chapter 13 plan confirmed by the court. In Chapter 7 bankruptcy, you don't have to give-up the equity in your house (as long as the home equity doesn't exceed applicable dollar-limits, and the house otherwise qualifies as your "homestead" under applicable law). The discharge order relieves you of your personal liability for the mortgage loan (as long as you don't sign a reaffirmation agreement). The mortgage lien survives the case. Chapter 7 can temporarily delay foreclosure, but it doesn't help you cure past-due mortgage payments if you are trying to save your house.
What would allow a debtor to repossess a car while in a stay under a bankruptcy?
Depends how the bankruptcy was set up and whether the car was listed. There should be some consideration in that case as to whether you can make the payments, or not.
If an account is closed by a credit grantor why would the card holder continue to make payments after bankruptcy findings are closed?
The card holder is under no legal obligation for the card holder to continue making payments after filing for bankruptcy, unless the case is dismissed without a discharge. There are some who believe that they can improve their credit rating by pay off debts that were discharged in a bankruptcy, but I believe there are better methods to reestablish credit after bankruptcy.
When was Egyptian opposition leader Mohamed el-Baradei placed under house arrest?
It is not clear that he was placed under house arrest. He is not under house address now, as at about 1900 GMT on 30 Jan 2011 he was addressing the crowds in Tahrir Square.
If a loan is set up through an automated clearing house payments is a bank obligated to stop these payments upon notice of bankruptcy?
Under the ACH rules which govern automated clearing house transactions there is no requirement to discontinue recurring transactions upon bankruptcy. In order to stop the recurring ACH payments, simply send a written notice to the organization that is debiting your account which states that you are revoking your authorization for them to debit your account. If they continue to debit your account, you can contact your bank and fill out a WSUPP (Written Statement Under Penalty of Perjury) form and your bank will reject any future payments from being debited from your account and refund to you any debits which ocurred after you revoked authorization to the organization debiting your account. For more information: http://www.ach-consulting.com and http://www.achdirect.com
Can you file bankruptcy if you own your home?
In principle, yes, but it depends on the equity in your home and how much of it you can exempt, as well as the non-exempt equity in all other assets and how much debt, income and expenses you have.
Who was placed under house arrest for the rest of his life?
Galileo Galilei
Does social security payments count in figuring out the payment made to the bankruptcy court?
Social security payments are not a factor in the means test. However, they are a factor in terms of your budget and as to how much you have available to repay creditors under Chapter 13.
What monies do you have to surrender in a chapter 13 bankruptcy?
It is not necessarily surrendering monies as it is being placed on a very disciplined payment plan to repay the debts you have incurred over the years. Chapter 13 bankruptcy is a structured repayment plan, and involves a debtor paying off as much of his or her debt as possible over a 3-5 year period. An individual's debts are not discharged under Chapter 13 bankruptcy, but rather, the individual may lower his debt payments to affordable levels. He will then have a certain period of time to pay off his debt. The plan for getting out of debt is formalized and approved by the bankruptcy court.
We sold a house on a land-contract deal. They filed bankruptcy after 1 12 years and now say they have rights to stay in the house for 5 months is this true we need to sell it to pay off the mortgage?
Obviously, the first questions have to do with if they have or haven't been making the payments! But, in general, their rights under a Land Sales Contract amounts to not much different than a lease. Presuming they haven't paid rent, you should start eviction procedures. Some places, esepcially with a tennant under bankruptcy protection, that can take some time to accomplish.
What does it mean a house for sale says under contract?
It could mean the owner is selling the house under "land contract". It is much like renting, except that after a certain amounts of payments, you make the final one, and you own the house.
Can mobile home lender sue if you are under bankruptcy?
I don't believe anybody can sue if you are under bankruptcy.
