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You need professional individual help: The terms your using can't really be compared as you are....a lender forecloses...not the borrowers choice. A person...not a debt...goes BK. Going BK may delay, but won't avoid foreclosure...getting foreclosed doesn't change your ability to go BK....they are both terrible things...one is not better or worse...it is entirely situational.....their effects on your life, assets, work, etc can be felt for many, many years.
Wiki User
∙ 15y ago
Wiki User
∙ 15y agoDifferent things...and not exclusive. If you file BK it may stall off foreclosure for a short while...but unless you pay for the mortgage and back debt, the secured lender will get the property to do so, in or out of BK. BK effects EVERYTHING you own and EVERYTHING you owe, you do not pick and chose. That may be a good or bad thing, depending on your situation. You vitually always get more money to pay your mortgage (and maybe other debts) by maintaining/marketing and selling your property on the normal market, instead of what is gotten by a forced sale at an auction of sharks. And you care about how much is gotten...as if it isn't enough to pay your debt, you can still be held to pay that too.
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What steps does the bank take when foreclosing on a house?
When foreclosing on a house, the bank first looks at the person's saving and checking account. Then, the bank has the right to seize any properties before foreclosing on the house.
If you are coowner of a house can you file bankrupt?
Yes
Will you have to sell your house if you go bankrupt?
You will not have to sell your house if you only have $12,000.00 equity in it.
You rent your house can you still declare yourself bankrupt?
Of course.
Can a person buy a house after he is bankrupt with cash money?
Yes.
PUB stands for what?
Pay Until Bankrupt
Is the house foreclosure process a long one?
Foreclosing on a house can take a while if there are any issues with the deed of the house or family members not wanting to sell. Other than that, it should only take a few weeks.
Can you bankrupt your water bill and still stay in your house?
Possibly, but the water company will probably discontinue service to your house. YOU go bankrupt. Not on a bill, or a this or a that. All your debts, and all your assets are included. Generally, your assets are used to pay your debts, with any excess debts being discharged. Yes, water bills are dischargeable debts. If you go bankrupt, your house and/or other assets may be used to pay your debts.
How do I decide whether to buy or rent a house?
It depends many factors such as money you have, consistent money flow, whether you are going to stay permanantly in that place etc. If you got good amount of money and going to stay permanantely in that place better you buy the house otherwise better you rent a house.
What will foreclosing bank do with house contents when owner is deceased and no heirs?
I would assume the Public Trustee or the Bank would have to auction the goods off either with or separate from the house and the proceeds would go towards repayment of the loan.
Are you liable if you are getting a divorce and your house is facing foreclosure but your name is not on the deed?
Getting a devorce and house is facing forclosure but my name is not on deed. Am I liable.
Can you rent out house if it is asset of bankrupt company?
With permission of BK court....who is actually the one that controlls the house and all assets of the BK company.
