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What else can I help you with?
In order to file bankruptcy must you have a bankruptcy attorney?
If you are filing for personal bankruptcy it is not necessary to have a lawyer. If you are filing for business bankruptcy, you must retain a lawyer on your behalf.
What is the required timeframe for mortgage lenders to retain files for paid off mortgage loans?
The timeframe for which a mortgage lender is required to retain files for a paid off mortgage loan depends on the state that the lender is in. Each state has their own laws regarding mortgages.
Am I required to retain a bankruptcy attorney if I want to file for bankruptcy?
Yes you will need an attorney to file for bankruptcy and deal with the court. As an individual you will not be able to schedule hearings, etc as necessary to do the bankruptcy.
Do you have to pay on reverse mortgage loans?
You will not have to repay the loan for the entire time that you live in that home. You retain complete ownership of your home and after you're gone, your heirs can refinance the loan into a traditional mortgage, sell the home, or walk away from the home altogether. Simply put, a reverse mortgage lets you convert a portion of the equity in your home into cash. No repayment is required until you can no longer use the home as your principal residence.
What is a bankrptcy cure amount?
A bankruptcy cure amount refers to the total amount needed to bring a delinquent loan or mortgage current during a bankruptcy proceeding. This includes all missed payments, late fees, and any other costs associated with the default. The cure amount allows the debtor to reinstate their loan and avoid foreclosure or repossession by paying off the arrears. It's a critical figure for individuals looking to retain their assets while navigating bankruptcy.
What is reaffirmation letter?
A reaffirmation letter is a formal document used in bankruptcy proceedings, where a debtor agrees to remain responsible for a specific debt despite the bankruptcy filing. This letter is typically used for secured debts, like a mortgage or car loan, allowing the debtor to keep the asset while reaffirming their obligation to pay. It must be filed with the bankruptcy court and is designed to protect the creditor's interests while providing the debtor an opportunity to retain certain assets.
Does reaffirmation apply to ch 13 And if so and your mortgage was not reaffirmed can the mortgage company foreclose if mortgage payments are current How about after discharge of the debt?
Reaffirmation does apply to Chapter 13 bankruptcies, and the benefit of filing a Chapter 13 case is that you are usually able to retain your home (as opposed to a Chapter 7 case, where all of your assets are normally sold). Customarily, the debtor and lender enter into an agreement within the bankruptcy to cure the arrearages over a period of time while the debtor continues to make monthly payments. That said, if the debtor falls behind on the payments, the lender can petition the court for relief from the automatic stay and proceed to foreclosure. A lender may never foreclose if the mortgage payments are current and the debtor is in compliance with the other provisions of the mortgage. If your lender is foreclosing and you believe that you have made your payments on time (or adequately cured the arrearage in the bankruptcy), then you should contact an attorney immediately.
Can you retain a lawyer to start the process of bankruptcy before filing again?
Of course...in fact it is the best way to go about it.
What documents are required to file bankruptcy?
The process is elaborate and your Bankruptcy Lawyers Near Me will ask you for a long list of documents. It includes your assets, your debts and your rights. Your income and expense statement is a crucial document. For businesses filing for bankruptcy, you may have to answer tons of questions pertaining to your business to the Bankruptcy Lawyers Near Me to enable flawless filing. Prepare a complete list on what you owe and own. Not all the items on the list are taken away, you still get to retain some. The Bankruptcy Lawyers Near Me may be in a position to identify what you retain and what you lose. The document is scrutinized and after signing the documents, the petition is formally filed with the Bankruptcy Court.
What does Chapter 13 bankruptcy law do?
this is a big question, but generally, chapter 13 is used to strip off a second, unsecured mortgage or to retain unexemptable property. you will continuing paying on your secured debts, e.g. your mortgage, and will generally repay only a fraction of your unsecured debts. this will be done over 3-5 years.
If the first mortgage is in just your name and the second is joint between your mother and you would she be responsible for the first mortgage upon your death in Colorado?
If she wished to retain the property. She would in all likelihood be required to refinance the property as the first mortgage holder has priority.
Will it affect your car loan if you go bankruptcy?
Yes, filing for bankruptcy can affect your car loan. If you include the car loan in your bankruptcy filing, you may have to surrender the vehicle or negotiate a reaffirmation agreement to keep it. Additionally, bankruptcy can negatively impact your credit score, making it harder to obtain future loans. However, not including the car loan in bankruptcy may allow you to retain the vehicle, provided you continue making payments.
