The only viable option would be to discuss the matter with the lender and hope that an equitable agreement can be made. In lieu of such, the petitioner should contact the BK trustee to find out if the Chapter 13 can be modified.
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
fixed-rate mortgage
This question is incomplete. In most districts, you cannot incur new debt if you are a debtor in an active chapter 13 case. To refinance or incur any new debt, you have to obtain the consent of the Standing Chapter 13 Trustee in your case.
Yes, if your equity in the house is greater than the exemption you can use and you cannot pay the trustee the difference, or if there is no mortgage on the house and its value is more than the exemptions. If you are current with your mortgage when you file and get behind on your mortgage during the chapter 7, the mortgagee can foreclose. Consult a local bankruptcy lawyer.
No, you cannot.
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
only in chapter 13, you cannot use chapter 7 to catch up on past payments.
If the house is headed for foreclosure, anyone on the title and the mortgage is facing foreclosure, not just one of the owners. If the daughter was responsible for the mortgage payments by agreement with her grandmother, and got behind in payments, she may be able to pull the mortgage out of foreclosure by a Chapter 13, if she can afford the plan payments and the current mortgage payments. If the Chapter 13 cannot succeed without financial input from the grandmother, it will be up to her to let it go forward and lose the house. Either way, the fact that the house is in foreclosure will affect her credit score.
You are leaving out important information: when was the chapter 13 ended and why did it end? If the chapter 13 has not been closed or dismissed, the mortgage should not be in foreclosure unless you missed several post-petition payments and the mortgagee got relief from the automatic stay. You cannot have two bankruptcy filings open at the same time. If the chapter 13 was ended pursuant to a section of the bankruptcy code, you may be able to refile, but you may not have the benefit of the automatic stay. Consult a local bankruptcy lawyer.
Ch7 Bk must be discharged prior to acquiring a mortgage.
fixed-rate mortgage
This question is incomplete. In most districts, you cannot incur new debt if you are a debtor in an active chapter 13 case. To refinance or incur any new debt, you have to obtain the consent of the Standing Chapter 13 Trustee in your case.
No child and/or spousal support are not dischargeable in a chapter 7 BK. It is my understanding that child support, student loans, taxes owed, and things along that line cannot be included in a bankruptcy.
Yes, if your equity in the house is greater than the exemption you can use and you cannot pay the trustee the difference, or if there is no mortgage on the house and its value is more than the exemptions. If you are current with your mortgage when you file and get behind on your mortgage during the chapter 7, the mortgagee can foreclose. Consult a local bankruptcy lawyer.
Bankruptcy laws vary by country, but generally, bankruptcy does not automatically result in the loss of home ownership. In many cases, individuals filing for bankruptcy can keep their primary residence through exemptions or by reaffirming the mortgage debt. However, this may depend on various factors, such as the equity in the property and the specific bankruptcy laws in place.
No, you cannot.
Yes and no. No you cannot file for two types of bankruptcy at the SAME time. But yes you can file for chapter 7 bankruptcy if you were unable to complete chapter 13, which is very common. This can be done once for any reason, without court approval. However, to switch back, approval of the bankruptcy court is required, and they will rarely allow a debtor to make multiple switches. Note that in switching from Chapter 13 to Chapter 7, much of the debtor's property is now up for grabs to be sold off to pay his or her debts. However, if the debtor cannot make the payments under a Chapter 13 bankruptcy, switching to Chapter 7 may be his or her only option.