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Should one declare bankruptcy before foreclosure proceedings start?
Wiki User
∙ 15y ago
Doesn't matter. Before or during can be easier for you though.
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.
Wiki User
∙ 16y ago
Wiki User
∙ 15y agoGenerally, yes. It will delay the foreclosure and may give you time to find another place. It may make it possible to avoid foreclosure. You should talk to a bankruptcy lawyer in your state, since each state's bankruptcy case law is a little different, and some state laws work better with bankruptcy than others.
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How bad is it to do a foreclosure and a bankruptcy at the same time?
You technically should not be able to do both at the same time. The bankruptcy should stop the Foreclosure proceedings in its track.
When do you file bankruptcy letter of intent?
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.
Should you sell your shares if the company will declare bankruptcy?
Yes! Lehman's downfall brought the common stock down 94% that day. Then a few days later the shares will be rendered worthless as the bankruptcy proceedings continue.
Who should be aloud to declare bankruptcy?
he goverment
Is bankruptcy better when paying off bills due to a foreclosure?
Bankruptcy should only be a last resort when someone is faced with debt and a foreclosure. Bankruptcy always reflects on someone's records, even when they stumble on new financial opportunities.
When we file the Motion to reinstate does this stop foreclosure process?
Once this motion is recorded it should stop the foreclosure process. Actually, once the bankruptcy is filed, the foreclosure process should already be stopped.
How long after the first bankruptcy you can declare a second bankruptcy?
It takes seven to ten years after you initially declare bankruptcy for it to drop off your credit report, and you really should wait at least 1-2 years after that to declare again I hope that helped.
what are adversary proceedings?
Adversary proceedings are proceedings that occur in bankruptcy court. This refers to a creditor arguing that a debt should be paid by the other person in the proceeding, instead of being thrown out or dismissed.
If you have reaffirmed your house in bankruptcy but then got behind again after being discharged what happens?
The borrower should contact the lender as soon as possible and try to find an equitable arrangement to catch up on missed payments. If the lender is not agreeable to such, foreclosure proceedings will likely be implemented.
What is a dismissal without prejudice pertaining to foreclosure in NC?
This means that the judge dismissed the foreclosure proceedings, but the bank can present the case again. You should get advice from a lawyer about your next steps.
What are Adversaries?
Adversary proceedings are proceedings that occur in bankruptcy court. This refers to a creditor arguing that a debt should be paid by the other person in the proceeding, instead of being thrown out or dismissed.
How do you know what constitutes a foreclosure?
Your first notification should be from your lender notifying you that forclosure proceedings have been filed. All states have very strict laws on how notice of foreclosure is given. This sometimes is a plus in staving off foreclosure, which is not as 'cut and dried" as some believe it to be.
