No. FHA does not allow the buyer to receive any funds or form of cash outside of close in excess of the contract sales price. Paying off Ch. 13 is not required for you to purchase your home.
No
Your credit score starts going up the minute the bankruptcy is filed. Debts incurred after the filing (even the day after), are exempt from the bankruptcy. If you make house and/or car payments on time, your score goes up Legally, they can hold it for up to 10 years.
Mortgage foreclosure is a process by which a person, who has a mortgage on land, legally sells that same land. A mortgage can be defined as a property loan.
By definition a mortgage is secured on the deeds of the house. They will have the deed (or officially have their name legally registered for the property) if they have given you a mortgage.
The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).
You can legally refinance if you choose to, there are no restrictions from the bankruptcy. With that, you may find that lenders will not approve your loan because of the bankruptcy.
NO collection activity may occur legally during bankruptcy proceedings.
Yes, you can move anywhere you want to, but if you are paying payments (Chapter 13) you are still legally obligated to make the payments.
It is closed when it is legally discharged by the courts. Usually about 2 months after the 341 meeting for a ch. 7.
Not legally. It's a resource that can be used to pay your creditors. If you hide or refuse to acknowledge it, you're cheating the creditors and in violation of bankruptcy law.
Legally, yes. In reality no. And you won't be able to do any credit thigs for a long while.
No. The lawyer does.
No
Any nonexempt property that you own becomes part of the bankruptcy estate. If there is enough equity in your house to pay off the mortage or other liens, pay you the homestead exemption, cover the costs of sale and leave money left over to pay creditors, then your house could be taken and sold. You can't leave your house out of the bankruptcy filing. You must list all of your assets. Otherewise, you are committee perjury and bankruptcy fraud.
A Chapter 12 lawyer is a legal expert who specializes in a particular type of bankruptcy known as Chapter 12 bankruptcy. Sometimes they may take on cases involving several different types of bankruptcy, and sometimes they may exclusively handle Chapter 12 cases. When an individual or a business ends up in a situation where its debt obligations are larger then its revenue, bankruptcy is a legal option that may be taken advantage of in order to prevent creditors from compensating assets. When bankruptcy occurs, it is often the result of difficult financial troubles, which may be the result of the economy as a whole or the financial situation of the debtor. There are several different types of bankruptcy. Chapter 12 protects farmers and fishermen. Since it is so specialized, it is often less well known than other types of bankruptcy. For an individual to legally qualify as a farmer of fisherman covered under Chapter 12, several conditions must be met. A Chapter 12 attorney can help identify if these conditions are met. First of all, the debts can not be greater than $1.5 million. A minimum of 80% of this debt must be farm or fishing related. A mortgage is not included in this figure. To qualify, the individual must also have earned at least half of their income from farming or fishing in the previous year. They also must be able to earn enough to make sufficient payments to be granted Chapter 12 bankruptcy. Farmers and fishermen often faced bankruptcy obstacles prior to the creation of Chapter 12 bankruptcy, which was created in 1986. Chapter 11 and Chapter 13 bankruptcy were inconvenient for farmers and fishermen to comply with. When Chapter 12 was introduced, many lawmakers felt that it was a temporary measure until more comprehensive laws were written for the other types of bankruptcy. It was originally set to expire in 1993, but the law was later changed. Chapter 12 bankruptcy is similar to Chapter 13 bankruptcy, but it has a higher debt ceiling. This is important because farmers and fishers incur much higher debts than typical workers during normal business operation. Chapter 12 bankruptcy allows a fisher or farmer to pay off debts within three or five years. In some circumstances, they may be given to opportunity to pay off these debts over a longer period of time. Chapter 12 bankruptcy is complicated to file and undergo, and it is virtually impossible without the assistance of a qualified legal representative.
Charge off will still show up on your credit report as such as well as the bankruptcy. Chapter 13 requires the individual to repay a portion of the charged off balance this is a type of Settlement that the credit card companies/loan agengies will accept as legally binding agreement. Chapter 13 usually require a payment for 36 to 60 months.
You have to file Joint, not only have you both co-signed everything but she responsible legally by marriage.