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You filed a Chapter 7 Bankruptcy and am giving your house back to the bank because you are stuck in an upside down loan your foreclosure sale is Jan 25th How long after that do you have to be out?
Wiki User
∙ 16y ago
You should be out before the sale, but...
The new owner will goto court and get a writ of possession and return with the Sheriff. It normally takes a few weeks.
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
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If I file Bankruptcy-7, will I be able to keep my 401k/ my home/ and my cay?
Chapter 7 is a liquidation bankruptcy, you are giving up your assets. If you want to keep your home and car you would need to file a Chapter 11 Bankruptcy.
What chapter of bankruptcy makes you give up everything you own?
Chapter 7 bankruptcy is for an individual, company or corporation and will stop collection attempts in exchange for giving up assets. This type of bankruptcy is for people who can not afford to pay their debts. Sometimes people who file chapter 7 are allowed to keep some or all of their property but what they are allowed to retain will vary from state to state.
What is chapter 7 bankruptcy liquidation?
A Chapter 7 bankruptcy is a "straight bankruptcy" where the assets are liquidated. This differs from Chapter 11 and Chapter 13 bankruptcies, where the company is reorganized. For more information see the related link.
Is giving your house back to the bank foreclosure?
Yes and no. Yes in that you do no longer have your home and the back takes your home but you are still obligated to pay the debt you agreed to when you got your mortgage unless you file for bankruptcy. This will essentially cripple your credit for the next 7 years and keep you from having pretty much any type of loan. Foreclosure is a serious matter and I would consult with a bankruptcy lawyer prior to making any move.
Can you donate a paid for car while in bankruptcy?
While in bankruptcy, the ability to donate a paid-for car can vary depending on the specific circumstances and the bankruptcy chapter you are filing under. In Chapter 7 bankruptcy, a paid-for car might need to be sold to repay creditors. In Chapter 13 bankruptcy, you might be able to keep the car and make charitable contributions with other assets. It's important to consult with a bankruptcy attorney to understand the rules and options that apply to your specific situation.
Papers were filed with court in Indiana to start foreclosure but then I filed bankruptcy can the lender get a dificiency judgment even if I turn the house over to them?
There are a number of issues to this question -- first the foreclosure lawsuit filed in the courts followed by the bankruptcy petition, and the turning over of the house to the lender and the possibility of a deficiency judgment. First of all, the foreclosure process that the bank initiated against the homeowners has been stopped by the bankruptcy filing, as long as it was a Chapter 13 bankruptcy and the mortgage was included. Filing a Chapter 7 to liquidate debts does not affect the status of the house loan, since it is a secured loan and can not be discharged through bankruptcy. The automatic stay of any collection efforts in a Chapter 13, however, puts all foreclosure proceedings on hold until the bankruptcy is dismissed. If the homeowners are able to complete the payment plan, they will have paid back the arrears on the mortgage and reinstate the loan, and the lender will not be able to sue for foreclosure any longer. Also, if the homeowners fall behind on the bankruptcy payments, the bank will most likely have the stay released and proceed with the foreclosure. In terms of giving the house back to the bank through a deed in lieu of foreclosure, this can not be done while the house is still locked up in the bankruptcy courts. Homeowners can begin to negotiate a deed in lieu with the lender, but they will not be able to transfer ownership to the mortgage company without voluntarily dismissing the bankruptcy. It is better to have this type of deal fully negotiated with the lender before releasing the stay. Once the deed is transferred back to the lender, there is no chance for a deficiency judgment against the homeowners. This is for a couple of reasons. First, the bank accepts the deed as payment in full of the mortgage loan, so there is actually no deficiency. The house is not auctioned off for less than the total amount owed -- the bank accepts ownership as payment in full. Second, the deed in lieu is a direct transfer of the property with no real money involved -- there is no transaction where the bank could claim they are owed more money. Unless the homeowners agree to pay more (which they should not have to do), the bank has no real claim to anything extra.
The Two Major Corporate Bankruptcy Filings?
Just like people, sometimes a corporation accrues more debt than it actually has the ability to pay back. When this occurs, a corporation sometimes declares bankruptcy. However, corporations do not always use the same kinds of bankruptcy that individuals use. The two most common corporate bankruptcy filings are Chapter 7 bankruptcy and Chapter 11 bankruptcy. Chapter 7, which can also be used by individuals, is for businesses that are giving up entirely. If a company declares Chapter 7 bankruptcy, that company will cease operations immediately. At that point, legal ownership of the company is transferred to the bankruptcy court. When ownership of the company is transferred to the court, a lawyer will be appointed by the court to oversee the rest of the bankruptcy. This will include overseeing the closing of that corporation's facilities. It will also include a liquidation of the company's assets. The assets will be sold, and the proceeds of those sales will be used to pay back creditors that are owed money by the company. Chapter 11 bankruptcy, not used by individuals, is a bit different. Instead of the business being closed, the business is allowed operate normally during the bankruptcy. The goal of a Chapter 11 bankruptcy is the restructuring of the corporation so it can be profitable once again. There is also another potential benefit from this kind of corporate bankruptcy. All or a good portion of the company's previous debts and other obligations may be absolved. This is due to the fact that the goal of Chapter 11 bankruptcy is reorganization. Debt or other obligations that would force a company to go out of business may be removed to help that occur. Obligations other than debt that may be set aside by the court can vary. Usually this includes things such as agreements with unions on employee pensions and benefits, leases for real estate and other expensive contracts. However, even if a corporation attempts to enter Chapter 11 bankruptcy, there is still a risk that the company may be liquidated as part of a Chapter 7 bankruptcy. This can occur if a plan is not agreed upon by the corporation, its creditors and the court. If this happens, the only remaining options are either entering Chapter 7 or returning back to the company's pre-bankruptcy state. Since the company entered bankruptcy because survival without reorganization was unlikely, both choices are rather undesirable.
What is a Chapter 11 Lawyer?
A Chapter 11 lawyer is an attorney with a specialization in Chapter 11 bankruptcy. This is a specific type of bankruptcy that applies within the jurisdiction of the United States of America. It explains how reorganization can take place when filing for bankruptcy. This type of bankruptcy can be taken advantage of either by individuals or by business entities, but it is generally used by corporations. Chapter 11 is about reorganization, while Chapter 7 is about liquidating assets and Chapter 13 is about reorganization for individuals. Chapter 11 bankruptcy can not be undergone successfully without the aid of qualified professionals, and this is where the aid of a Chapter 11 attorney becomes necessary. When a business reaches the point where it can not pay off its debt on time, the business can file for bankruptcy in the federal courts with either Chapter 7 or Chapter 11. Under Chapter 7 bankruptcy, the business would sell off all of its assets and give the cash earned to its creditors. With Chapter 11, the debtor keeps ownership of the business, which undergoes reorganization. Chapter 11 allows a debtor to restructure their business in several ways. The court may allow former contracts to be canceled. They may be able to acquire loans by giving the new lenders highest priority with regard to the revenue of the business. Additional litigation against the business is prevented during bankruptcy court. If the debt of the company is greater than its value, the rights of the business will be transferred to the creditors. The amount of time that it takes for a Chapter 11 bankruptcy to be handled in the courts can last between a few months and a few years, depending on the complexity of the issue. For the first 120 days, the debtor has the right to propose plans for reorganization. After this time, creditors are also allowed to present plans. If a company owns stock which is traded publicly, Chapter 11 bankruptcy causes the stock to be delisted. In most cases, the stocks become useless. The reasoning behind Chapter 11 bankruptcy is the idea that businesses can provide more value when they are reorganized and distributed then when the individual parts are sold off as assets. By keeping the business running, canceling debts, and transferring ownership of the company, it is possible for more value to be transferred to the creditors than if the individual parts are sold. This can also prove more beneficial for the debtor as well.
In Texas how do youfile a voluntary dismissal of a chapter 7 bankruptcy if you do not have an attorney?
You can get an attorney or get a paralegal to help you, or find a law library or public library that has books the lawyers use. Just because you file a motion does not mean it will be allowed. Remember to follow the rules for giving notice to the creditors and trustee. This is not just a piece of paper.
Where can you get help when your home is in foreclosure pending and the loan company want give you any help you dont want to walk away you have half the money and they are giving you the run around no?
Well you can Call a Foreclosure Specialist.I called this Foreclosure Specialist when i was in Default.877-695-8320
What are reasons that one would need to visit a bankruptcy law office?
One reason that one would need to visit a bankruptcy law office is in order to file for bankruptcy. Bankruptcy law helps by giving a "fresh start" for the honest, unfortunate debtors out there.
How do you stop a foreclosure?
The best way to stop a foreclosure is to avoid it occurring in the first place. If a foreclosure is pending, it can sometimes be stopped by the lender agreeing to a short sale, or by the mortgagor signing a deed-in-lieu of foreclosure.More informationForeclosure is not immediate. From the date of your first default until the sale of your home, you can take steps to prevent the foreclosure. You can contact your lender and request a loan modification. The lender can change the terms of the mortgage to make the mortgage payments affordable. The lender can lower the monthly payments and increase the term of the mortgage or the lender may allow you to NOT pay the monthly installments for a few months until your financial condition improves. You will however, have to pay these installments later. You can also request the lender to allow you to sell the home and turn over the sale proceeds to the lender. You can also file for bankruptcy and stop a foreclosure. If you want to retain your home, you must file under Chapter 13. For an official opinion, it is advised you seek legal counsel.More informationThere are not many options when it comes to foreclosure prevention. You typically will have to take fairly drastic action like filing for bankruptcy. Bankruptcy may prevent your home from being foreclosed on, but it has a number of obvious drawbacks. Also, in order to halt foreclosure in this manner, you must meet the following requirements:Have a monthly income that can cover your bills and expensesHave enough income left over to make your mortgage up-to-date within 5 yearsUndergo debt counseling before filingHave a good foreclosure-prevention attorney review your paperwork. The foreclosure may not be legal. The mortgage may not be legal.If you apply for restructuring under a government program and the mortgage company has not responded yet (often the case), the lender cannot foreclose under federal law.There may be an anti-foreclosure team in your area that can help you with these options. Often a group of AFT members can prevent the auction, giving you time to get help.For an official opinion regarding your own situation, it is advised that you seek legal counsel.
