Yes. The debt remains valid and collectible by whatever means the creditor chooses to implement.
Yes.
If our home is in foreclosure,and never reaffirmed the debt through chapter 7-how will it affect us getting a home?
No. Troubled debt restructuring is an alternative to bankruptcy. Individual debts can be reaffirmed for reasons deemed otherwise advantageous to the debtor. TDRs are a creditor concession to that can be deemed by the creditor to be of greater benefit to them because they believe it might maximize their return when they determine that their precedence among other creditors might not yield as large a portion of the debt originally owed.
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
Chapter 13 is a reorganization of debt. I wouldn't think so as long as you reaffirmed the loan. Yet read the contract and see if this is even possible
Assuming a Chapter 7 in which a secured debt is not being reaffirmed, the debtor should act promptly to transfer the asset to the creditor.Other, non-exempt, assets are collected and sold by the trustee, not the creditors, and the trustee then takes his fee and distributes whatever may be left pro rata to the unsecured creditors.
If there was a secured loan and you reaffirmed the debt in your chapter 7 and you have paid off the loan, you should get the title from the lender. If you surrendered the car to the lender in your chapter 7, your balance was discharged as an unsecured loan and you have not owned the car since you surrendered it.
Any debt discharged through BK is cleared and no longer exists. The debt may no longer exist but the lien against the property still exists. While you do not have to pay the loan, the note holder can still take possession of the property.
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.
The creditor is the lender. The bankrupt is the debtor. The lender never has to re-affirm he wants to get paid back.
In most Chapter 7 cases you are not including secured property unless you are surrendering the property back to the creditor. If you are holding on to secured property during a chapter 7 process the property must be reaffirmed with the creditor at time of filing meaning you have an agreement with the creditor to leave the property out of the bankruptcy and continue to make your payments. When you discharge debt through chapter 7 it doesn't make sense that you could keep a secured piece of property and not pay for it. Maybe you were unclear about what you were really doing.
Anyone who is seriously struggling with debt can file for chapter 7 bankruptcy and it is up to the court to determine whether or not you will be eligible. Chapter 7 bankruptcy is usually best for people who:* Have no steady stream of income* Have a lot of exempt property* Cannot keep up with a strict payment plan