How soon after Chapter 7 bankruptcy can you have the title to a house or condo given to you?
Why should you get the title? If the debt is secured by the condo or house, you cannot get a discharge of that debt unless you surrender the asset in the chapter 7.
yes, just keep your house exempt from the bankruptcy
Probably there are much more chance that you will be loosing your house and vehicle by converting from chapter 13 to chapter 7 bankruptcy. There is a $25 conversion fee that has to be paid to the court. Depending upon the status of your chapter 13 case.
You may, provided you do not list it in the bankruptcy, you file chapter 13 reorginization, or if you reaffirm with the mortgage holder. That is a dangerous answer. You must list all assets, including your house, in a bankruptcy. You can keep the house if you reaffirm the mortgages and other debts secured by the house in a Chapter 7 and you are not in arrears on the mortgages, or you file a Chapter… Read More
you can buy a house no matter what book you are reading.
The chapter 13 petitioner/participant must receive the approval of the bankruptcy trustee for all major financial transactions.
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
I don't think anyone will be ready for that.So its better that you can take a way or option where you house will be save from foreclosure.Filing bankruptcy is the very right option for this.Once you file chapter 7 bankruptcy or chapter 13 bankruptcy bankruptcy law has a provision called stop foreclosure and it goes in to the effect immediately after you file the bankruptcy.This way you can save you house and other important stuff.
Yes. That is probably one of the times this would be the correct Chapter to use.
Whether you can keep your house and car depend on how much equity is in your house and car and the available bankruptcy exemptions within your state. If the bankruptcy exemptions allow you to protect the equity in these assets then you should be able to keep them in bankruptcy.
Are you referring to a Chapter 13 bankruptcy confirmation hearing?
Yes. you can keep the home. Make sure to consult a bankruptcy attorney
Yes, you can buy a house for cash after filing for bankruptcy. The only issue is as to where those funds came from. If they were part of your estate at the time of filing and not disclosed, then you will have a problem.
By filing a chapter 13 BK, although its possible to go through a chapter 7 while keeping the mortgage current.
In a rough market such as this one, you can't!
If you filed chapter 7 in 2005 and your house was foreclosed on in 2007 do you have to pay taxes on it?
If the foreclosure was not part of the bankruptcy, yes.
When you either voluntarily give up the house or you stop making payments (foreclosure).
You don't file bankruptcy "on" anything. You file bankruptcy to get the protections bankruptcy offers. If there is no equity in the rental house and you surrender it to the creditor, you will be able to keep your (presumably different) home if it is up to date on mortgage payments, or if you file a Chapter 13 with a Plan that includes becoming current.
Many debtors have this common doubt can I keep my home after filing bankruptcy. The question for this answer is based on the factor determined by the current situation. There are two Chapters in bankruptcy legal process decides whether debtor can enjoy the full rights of having their private property. They are Chapter 7 bankruptcy and chapter 13 Bankruptcy. Chapter 7 bankruptcies rights are crafted in a form of legal structure that you need to… Read More
The question has too little information to answer. How long ago was the bankruptcy filed? Was it a chapter 7 or a chapter 13? If a chapter 7, did you expressly state you were rtetaining the house and going to continue repaying the debt? What bakruptcy Court, since there are differences from state to state and even from court to court within a state? You may not need to relate this to bankruptcy at all… Read More
With permission of the administatror. You agreed to involv then first before maiking ny financial changes
All major financial transactions such as selling or refinancing property must be cleared by the trustee in charge of the chapter 13 bankruptcy. Failure to follow prescribed procedures can result in the dismissal of the BK and perhaps other penalties.
There is no prohibition against renting property in a ch 7 bankruptcy. However, if you have a large amount of equity in the house, it might be sold to pay your creditors.
Yes it is possible to qualify for a mortgage despite a Chapter 13 bankruptcy filing. In a Chapter 13 filing the debtor agrees to a court structured debt repayment schedule. Typically, after making payments on time to creditors as required by the bankruptcy agreement an individual can be discharged by the Court from the Chapter 13 proceeding. Once discharged from bankruptcy an individual can apply for a mortgage. Each bank has different rules about how… Read More
Well, to get to your condo you click the house button next to the map. But if you don't have a bear, you don't have a condo.
Her house is a condo
If you are keeping your house and you have a first and a second, your second will not go away. If you are letting your house go, then the first and second will go. If your house is more than or equal to your first mortgage and you file a chapter 13, then your second will be "gone" in the end.
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… Read More
I f that was the main reason for filing the c. 13, you can. Make sure the lender knows about the bankruptcy and you have a refi commitment before you move to dismiss.
No. If the mortgage is in arrears and you are in foreclosure or cannot file a Chapter 13 plan, you will "surrender" the house to the creditor voluntarily. If you are current on your mortgage(s), nothing will happen to it.
How can you save your house if it was used as collatera o a business that is in default and you are filling bankruptcy?
Talk to a local experienced bankruptcy lawyer. If there is equity in the house after deducting the payoff on the first mortgage and any priority liens, you should not have a problem. If there is equity, it gets more complicated, but you may be able to keep the house with a Chapter 13.
you have to answer the questions given when you reach chapter seven, the sorting hat..
If you're in Chapter 13 and your home is included in the bankruptcy can you sell your home and not tell the court of the sale?
Your house is part of the bankruptcy estate and you will need permission from the court before selling it. You must also review the specific terms of your Chapter 13 plan to see what additional terms and conditions might apply.
You have deliberately perpetrated a fraud on the court and creditors and may face federal prison time if convicted.
Is it a requirement to list your house as an asset when filing for chapter 7 if there is no equity in it?
When filing for bankruptcy, you must list any assets you own regardless of their value.
he has a condo and a house
In a chapter 7, you can keep the house if there is no equity or the equity is exempt under the applicable exemption statute, or if you can pay the trustee the amount of the equity from some other exempt asset. If the house is in foreclosure, you usually would have to file a chapter 13. In a chapter 13, if the equity in the house, if not exempt, you may have to pay something… Read More
Your mortgage should have been included in your chapter 7 discharge. If it was- then you are no longer liable for the mortgage, but the lender can still foreclose on the property. If the mortgage was not included- then why wasnt it included.
You can file bankruptcy yourself or with an attorney. People choose an attorney because they do not want to mess with all the motions or learning any law and this can cost anywhere from 300 to 500 dollars to start a bankruptcy action. You can keep one vehicle and your house in a bankruptcy. Technically, when you file bankruptcy you file it for everything in a Chapter 7 and that will wipe away all debts… Read More
The laws relating to bankruptcy in Texas are Chapter 7 and Chapter 13. Chapter 7 will completely relieve one of all major debt and allow for one to keep their house and one car. Chapter 13 is better if one fits into and has a steady income as it gives one the breathing room need to help one get out of debt without being completely over taken by their debt.
It depends. If you declare bankruptcy on another house while you are living in your formal house, no you don't lose your formal house. If you declare bankruptcy on your formal house, you get your house foreclosed, or taken away by the bank. ----
cant you sign it over to someone you trust like a wife , husband etc.... so it cant be taken
If you had an FHA insured home, you will have to wait for three years after the mortgage company claimed their refund.
Yes. A bankruptcy does not cover Housing so the debt will not be wiped out. Either pay or surrender the property.
Does the bank have to refinance you if you file a value of collateral in a chapter 7 for what the house is worth?
No, it does not. But there may be a change in the law allowing a "cram down" of mortgages, as there used to be in bankruptcy.
Sorry but you must have a bear to get a condo but you can get a beach house or ski home with credits
You should check with a Lawyer concerning transfer of property and Chapter 13 bankruptcy. Some things are legal and some things could bring a conviction of fraud and prison time. Sometimes there is an extremely thin line between the two! I assume that whoever is filing Chapter 13 has a lawyer. That would be the person to check with.
Yes, if your equity in the house is greater than the exemption you can use and you cannot pay the trustee the difference, or if there is no mortgage on the house and its value is more than the exemptions. If you are current with your mortgage when you file and get behind on your mortgage during the chapter 7, the mortgagee can foreclose. Consult a local bankruptcy lawyer.
In almost every state, bankruptcy will stay on your record for 7-10 years. This is something to consider when filing because this can have a major effect on your ability to get a house, car, etc in the future.
Can chapter 7 be dismissed for abuse if your house was refinanced for a large amount of over 100000 borrowed over original purchase amount three years before claiming bankruptcy?
Maybe, but unlikely...the basic Q is was it done in anticipation of bankruptcy.
Mechanics lien on your house that is included in a Chapter 13 Can the lien holder start foreclosure on your house?
Yes they can, you will need to file a demurrer to inform the court that the house is involved in a bankruptcy - that may not avoid foreclosure however, it may only delay it.