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I have heard that if you abandoned your property and you go foreclosure and file chapter 13 then you won't owe anything. Is it that true?
Wiki User
∙ 16y ago
While I can't address the likely result of all the actions your speaking of, (generally Chap 13 is a budget plan requring payments), I would suggest: Abandoning a property does no one any good. The bank incurs more costs it will look to you to reimburse...the property deteriorates, so less is gotten for it and again...you are expected to pay...courts/creditors generally do not look favorably upon someone acting irresponsibly and just walking away leaving their mess as someone elses.... You may be better off contacting the lender and trying to arrange giving them the property back more amicably - sometimes called a "deed in lieu of foreclosure" - where you co-operate in turning over the property and they agree to not hold you responsible for the deficit, or at least not hold you responsible for the costs and losts they may incur in the 6 mos or year (or more) it would take for them to foreclose.
Wiki User
∙ 16y ago
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What is the procedure for legally removing an abandoned vehicle on private property in Texas?
Texas Transportation Code - Chapter 683 Abandoned
How can I get a bank to stop a foreclosure on a property?
With the country in the midst of this crisis, the bank doesn't really want to foreclose since they will then be stuck with another property. So try to modify your mortgage, or arrange a short sale, or apply for federal help. Filing chapter 13 is supposed to stall a foreclosure too.
How can the homestead exemption help against foreclosure in a possible Chapter 13 dismissal?
The homestead exemption can protect your home equity in Chapter 13 bankruptcy from being used to pay off creditors. If the Chapter 13 case is dismissed, the homestead exemption may still provide some protection against foreclosure by allowing you to keep a certain amount of equity in your home. However, without the structure of the Chapter 13 repayment plan, you may still be at risk of foreclosure if you are unable to catch up on missed mortgage payments.
Can you file for chapter 13 two years after a chapter 7 discharge to prevent foreclosure?
Yes, you can.
What if there is a foreclosure and a bankruptcy?
Assuming you are a prospective buyer, you need to make sure the bankruptcy is a chapter 7 and the house is being surrendered, or it is a chapter 13 and the plan provides for the sale of the house free of all liens, and has been approved by the court. There should also be a court order allowing a motion for relief from stay, permitting the lienholder to sell. It is also possible that the c. 7 trustee has abandoned the property, so that, if there is no mortgage or other lien on the property, the debtor can sell it. You should check with a lawyer familiar with real estate transactions in banklruptcy.
Which legal status of an individual is most associated with filing chapter 13?
One files a chapter 13 to claim bankruptcy. A chapter 13 allows a person who is severely in debt to be able to pay off their debts over a period of years without resulting in foreclosure or seizure of property.
After chapter 7 bankruptcy second mortgage was reaffirmed but not first mortgage if there is a foreclosure who gets their money?
In a foreclosure, creditors are paid in the order of their liens. A first motgage is paid first. Anything left over goes to the second, and if there is still anything left of proceeds, it goes to the third or to the debtor. Taxes and other municipal liens are paid before anything else.
Which bankruptcy is for a home?
You can file either Chapter 7 or Chapter 13 as a homeowner. If you are trying to save the home from foreclosure, then Chapter 13 would be the proper chapter.
Does a chapter 13 bankruptcy filing stall foreclosure?
Yes. It is the most common reason for filing a chapter 13.
If you filed Chapter 7 bankruptcy 5 years ago can you file again on your home and when?
There is a six year limitation for BK filing. Bankruptcy will delay but not stop foreclosure on secured property, unless the debt is reaffirmed with the lender.
Can you save your house from foreclosure?
Yes you can save your home from foreclosure. This is a primary reason people file for a Chapter 13 Bankruptcy, the automatic stay can stop a foreclosure as long as it's filed before the sale takes place.
Will chapter 7 bankruptcy stop a foreclosure in California?
Yes, temporarily. Filing for bankruptcy protects your from collection actions taken by your creditors, including foreclosure during the proceedings.
