Sounds like you are considering going from the frying pan into the fire. If you are considering bankrupcy, more than paying your mortgage is out of sync. Perhaps you should take the foreclosure, move to somewhere cheaper/smaller, take the bus or drive a $4,000 car and otherwise totally reduce expenses until you are out of the woods. The MSN money site has good information and there is lots of advice online as to how to improve matters by living more simply. Then, when you start over with buying housing look for something more in line with 2.5% times your income, with a downpayment to bring it down to that, you will be much better off.
You should contact a Realtor who specializes in Short Sales so they can negotiate your situation with your bank to stop the foreclosure.
I assume that you live in the United States... Don't think that you can "pick and choose" debts to include in your bankruptcy case. A lot of lawyers get this wrong. When you file bankruptcy, all your debts must be listed...under penalty of perjury. A Chapter 13 bankruptcy allows you to keep your house, cure your missed mortgage payments, and resume your future mortgage payments. You must have sufficient income to get a Chapter 13 plan confirmed by the court. In Chapter 7 bankruptcy, you don't have to give-up the equity in your house (as long as the home equity doesn't exceed applicable dollar-limits, and the house otherwise qualifies as your "homestead" under applicable law). The discharge order relieves you of your personal liability for the mortgage loan (as long as you don't sign a reaffirmation agreement). The mortgage lien survives the case. Chapter 7 can temporarily delay foreclosure, but it doesn't help you cure past-due mortgage payments if you are trying to save your house.
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I stopped paying mine in November. They served me at the end of February. My lawyer says it will take AT LEAST another 4 months before a sheriff knocks on my door. I will be filing bankruptcy so I could delay it an additional 4 months as well.
Probably, assuming they are actually bankrupt. If they are not actually bankrupt, then the automatic stay will delay the small claims court for a while, but the person who filed for bankruptcy is going to end up in even more hot water with the bankruptcy court.
There is a six year limitation for BK filing. Bankruptcy will delay but not stop foreclosure on secured property, unless the debt is reaffirmed with the lender.
The filing will delay the foreclosure or reposession for a bit. But, presuming there are secured loans to the items you mention, they will need to be satisfied (paid) in the course of the bankruptcy, or those actions would still occur.
Probably not.
Yes they can, you will need to file a demurrer to inform the court that the house is involved in a bankruptcy - that may not avoid foreclosure however, it may only delay it.
YOU don't evcer do a foreclosure on what you own. the bank does. Bankrutpcy overrides foreclosure and in fact will essentially delay it while the property is sold in the BK process.
No. You virtually never "have to" file bankruptcy.Doing so will involve all of your other assets, including those ht aren't secured by property...and the secured property is still reserved to benefit those who have it is security in bankruptcy.
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.
It would seem the time to act is before they foreclose. And BK may delay, but won't prevent the foreclosure...you would still have to pay the debt.
She can delay the settlement of the estate by filing objections and claims against the estate.She can delay the settlement of the estate by filing objections and claims against the estate.She can delay the settlement of the estate by filing objections and claims against the estate.She can delay the settlement of the estate by filing objections and claims against the estate.
You should, of course, consult with a local attorney. I can tell you from working in a trustees office that forecloses on property, you can file bankruptcy and the sale will be put on hold until resolution. Just because you file bankruptcy, however, doesn't mean your house is safe. The creditor can file a motion for relief telling how far behind you are and such. Most likely, there will be some kind of work out in the form of a consent order which outlines an agreement in which you are to become current and states what is to happen if you default on the agreement. Some have notice of default clauses that mean if you fall behind, the creditor has to file such with the court and give you a specified time to catch up. Some state that if you default on the agreement, there is automatic default and the creditor can proceed with foreclosure. In short, filing bankruptcy can delay the foreclosure, but ultimately, it's up to you to come current after filing or something will be done.
Yes, you may. Bankruptcy is a FEDERAL law and pursued in a FEDERAL court...the State makes some, but minor differences. While BK may delay foreclosure for a short while, ANYPLACE, basically you pay for the house or lose it..the mortgage will NOT be forgiven, nor will you beable to keep a valuable piece of property (or equity in one) and not pay other debts you owe claiming you have no means to.
I assume you mean "how do you keep your tax REFUND when you file a chapter 7 bankruptcy?" A tax refund is an asset of the estate and, generally, the trustee will take it. There are two ways to avoid this, first way would be to delay filing your bankruptcy petition until after you have gotten your refund and spent the money. The second way is to declare part or all of the refund to be part of your exemption, however exemptions are small and most people have other assets (like computers, wedding rings, paychecks, etc.) they want to protect with their exemptions.