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If you are 5000 upside down on a car but making payments can you get a second car before you file bankruptcy and let them take back the upside car?
Your obviously a person who cares more about some car than your credit. Bad logic leads to bad choices and a cycle of financial problems throughout your life. Shame
In BK the debtor is allowed a set of exemptions. Each state has statutes regarding what is exempt and to what extent (amount). They are different by state and/or federal law. The debtor/consumer should find out what the exemption laws of his/her state of residence are before filing. And if they can choose between state, federal or a combination. The BK attorney should supply you with this information. If a person is handling their own BK, they can obtain the needed forms/info. from the Federal or state, court clerk's office. Depending on the choice(s) of how to file. Another option is online, forms/filing. Always use caution when using the internet and/or "do it yourself" transactions of any kind.
What else can I help you with?
If your first bankruptcy was dismissed and the second one filed but you never made payments for either can they be removed from your credit report?
The second according to my credit report only says filed. My transUnion doesn't show it and I don't have my Experian report. I will have to contact the court I am sure to get the documentation I need. thanks for your input. Your first bankruptcy can be removed, because it was dismissed. A dismissal is a legal disposition of the legal action bankruptcy. The other disposition is discharged. You don't mention what the disposition was of the second bankruptcy. If it was granted, and your debt discharged, but you never paid on it, (was it a chapter 13?) then it is not discharged. You need to find out the correct status of the bankruptcy before this question can be answered.
Can a home be foreclosed if someone stops making payments on a second trust deed?
Yes. The second mortagee can foreclose and take possession of the property subject to the first mortgage.
If you are selling your house do you have to pay off your second mortgage or can you keep making payments?
When you sell your home all liens against the property have to be paid so you will have to pay off the second mortgage at the closing.
Can you get a loan with bad credit because of bankruptcy?
Yes, you can still get a loan even if you have bad credit from a bankruptcy. Everyone deserves a second chance.
Can you get a second mortgage after filing bankruptcy?
Yes, as long as the bankruptcy has been discharged, your credit score is 580+, and you earn enough income to support the additional loan.
If your first bankruptcy was dismissed and the second one filed but you never made payments for either can they be removed from your credit report?
The second according to my credit report only says filed. My transUnion doesn't show it and I don't have my Experian report. I will have to contact the court I am sure to get the documentation I need. thanks for your input. Your first bankruptcy can be removed, because it was dismissed. A dismissal is a legal disposition of the legal action bankruptcy. The other disposition is discharged. You don't mention what the disposition was of the second bankruptcy. If it was granted, and your debt discharged, but you never paid on it, (was it a chapter 13?) then it is not discharged. You need to find out the correct status of the bankruptcy before this question can be answered.
Your car was repossessed because you was unable to make full payments. your bankruptcy lawyer said the terms of your bankruptcy discharge relieves you of that debt. Is this true?
An internet forum is NOT a good place to second guess your B/K attorney. Yes it is true
How can someone get a second mortgage loan if they have bad credit?
One can demonstrate that they are now handling money more responsibility. One could do this by making payments on time and start making payments in full.
Can a home be foreclosed if someone stops making payments on a second trust deed?
Yes. The second mortagee can foreclose and take possession of the property subject to the first mortgage.
Can you file for bankruptcy if you have a second mortgage?
Bankruptcy is of an individual or a corporation can not distinguish between creditors.
If you send two payments every month do you pay interest on both payments?
I doubt it. You would be paying down your balance and shortening the actual lenght of time you are making payments. The second payment is probably being applied to your principal and this benefits you by paying down what you owe.
How does a bankruptcy affect first and second mortgages?
This is a complex question. In general a bankruptcy will only effect the mortgages if you try to change them some way in the bankruptcy proceeding. This all depends on the chapter you filed, if you are behind on payments, how much the mortgage company wants to work with you, your income / expenses, etc. 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.
If you are selling your house do you have to pay off your second mortgage or can you keep making payments?
When you sell your home all liens against the property have to be paid so you will have to pay off the second mortgage at the closing.
What happens when the second home is placed in bankruptcy by mistake and is not your primary residence?
what happens when you file bankruptcy and your second home you own as an investment is placed in the bankruptcy by mistake the house getsfor closed on and sold but no title search is done to see that there are actually two mortgages on the house who is responsible for the second mortgage
Can they take your second home in bankruptcy?
Unfortunately yes. Bankruptcy is a real sacrafice. Oh...they can take your first house too.
Did the US ever declare bankruptcy?
The U.S. twice declared bankruptcy. The first was right after the revolutionary war, and the second time was in 1933.
Can you get a loan with bad credit because of bankruptcy?
Yes, you can still get a loan even if you have bad credit from a bankruptcy. Everyone deserves a second chance.
