0
When you declare bankruptcy in Michigan is your mortgage forgiven?
Wiki User
∙ 15y ago
No. Filing bankruptcy can buy you extra time in your house though. Hopefully the law will change to allow judges to modify your loan terms in the future. If you are behind in your mortgage with no way to get out or get ahead then my advice is stop paying it and file bankruptcy. Then save your money as much as possible because you will need to find a nice rental. Bankruptcy protects you from creditors (mortgage company) from coming after you (wage garnishment,etc.). You need to talk to an actual bankruptcy lawyer. If you already can't afford your bills, DO NOT go destitute trying to pay the crooks back. YOU and your family come first! If you feel "duty-bound" to pay your bills when you don't have the money to pay them you may end up basically broke and homeless in the end. Save your money in a hole in the ground, not the bank.
Good luck. It's not the end of the world. I am in tough times also (unemployed).
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
How long can a bank require you to pay on a delinquent loan?
Until it's paid off, or you declare bankruptcy and have the debt forgiven.
Can you maintain a mortgage loan and still declare bankruptcy?
I am not certain about other states, but in Texas you can. I believe this is the case nationwide, but you should consult a bankruptcy attorney in your state to be certain.
Do you have to declare bankruptcy if you default on your mortgage?
No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.
Can you declare bankruptcy on a mortgage in NJ?
Bankruptcy is of an individual or a corporation, or entity that includes all the assets and liabilities. Mortgage is part of all the liabilities against the filer. What can be removed and what can stay depends upon the kind of bankruptcy it is- ch 7, ch 11, or ch 13. Best bet contact a good bankruptcy Attorney.
Can you work after you declare bankruptcy?
Yes, you are not required to be unemployed to declare bankruptcy.
Did the US declare bankruptcy?
No
Is it possible to just declare bankruptcy on credit cards?
You can declare bankruptcy due to credit card debts, yes.
When is it necessary to declare bankruptcy?
It is necessary to declare bankruptcy when a person cannot afford to continue paying for bills and other things they need. A person may declare bankruptcy if their business is not making any money.
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.
Who should be aloud to declare bankruptcy?
he goverment
When did the United States declare bankruptcy?
In 1933
Can an elected official declare bankruptcy?
Yes
