I'm guessing what your saying: You went BK and reaffirmed the mortgage. The BK with the reaffirmation was discharged and you kept the home. Your now behind again and being foreclosed. Of course you can still sell the house - you still own it and your not now under any BK court restraint. To effect the sale, you have to pay off the mortgage (and any other liens) against the house in the closing.
You need to ask this of your B/K attorney for state specific advice.
I am not sure about in New Jersey But in Florida if you can prove ability to pay the MTG they will allow you to keep home if you can bring it current, in my bankruptcy, at the time of consult i was current but fell behind before i went ot court so i included the house in the bankruptcy and was able to buy a new home in 2 years
If you are behind in your payments and you declare bankruptcy usually you can remain in your home and continue payments. However the lender will most likely begin foreclosure since you can't afford it and you are at higher risk.
You should file a bankruptcy letter of intent as soon as possible so that your creditors will be on notice. This will stop the harassing calls and foreclosure proceedings if you are behind in your mortgage payments.
Why would anyone possibly want to do so? BK is a very, very bad thing. You do not pick an chose what is included...and everything...verything you own and owe, is involved. You don't just discharge debt...your assets are used to pay off debt, and if your insolvent (more debt than assets), some excess may be discharged.
There are three types of bankruptcy namely Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, and Chapter 11 Business Bankruptcy. Chapter 7 bankruptcy will discharge most types of debts for the average citizen. It will stay on record for ten years, but the major benefit is the stay it provides which prevents creditors from hassling you. On the other hand Chapter 11 bankruptcy is used by businesses, not citizens, to reorganize debts while Chapter 13 bankruptcy is wage earner's bankruptcy, which allows you to repay your debt through a plan. Among these three, Chapter 13 bankruptcy is considered as the best option for people with a steady income, who happen to have fallen behind in loan payments. idk and i dont give rats a**. hahahaha
It is quite difficult to get credit after bankruptcy because after one declares bankruptcy one has to be significantly behind one ones bills to be able to do so. However after this one should be able to build their credit back up by paying things on time and not applying for loans.
Answer: A solar eclipse.
The salt is left behind.
You injure your vital coccyx.
A lot of practice.
You can probably get kicked,you can get killed.
Bankruptcy is not claimed on individual loans, a bankruptcy involves all your debt. The fact that you are current on your car loan may make it easier for you to negotiate with the lender for the continued ability to pay for your car but it doesn't mean that you get to have it for free. The same is true of a home loan.
One cannot file bankruptcy on a cash advance in Illinois. A cash advance totaling more than $750 taken on within 70 days of your bankruptcy filing, can't be discharge. The reasoning behind this would be an individual would have to prove intention to paying back an advance.
They die :(
If you are behind payments on the car, yes - the company with the loan can repo the car. The same law applies if you had or had not filed bankruptcy. The only thing a bankruptcy can do is 1) protect assets DURING the bankruptcy (Automatic Stay) and 2) allow you to reconfigure the terms of secured loans. (like your car) Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
No. Section 523(a)(5) of the Bankruptcy Code prohibits debtors from receiving a discharge of spousal and child support obligations. If yuou are behind on payments, you can spread out the payments over time in a Chapter 13 bankruptcy. No, you cannot even touch child support, afraid you have to pay, pay, pay and pay.
The lender is requesting to be removed from the bankruptcy procedure. If the request is granted the lender can foreclose on the property or take whatever action is allowed under the laws of the state where the property is located.
Sure... a good time to do it.
Ask them why?;) Answer Ask them why, then stay away from them. A real friend will not talk behind your back.