Loans

Generally, yes.

Have your Attorney contact the attorney for the other side and discuss the situation. Most of the time, you can object to the motion and work something out the week before the hearing.

Word of advise... Make sure you have an attorney. The attorney for the bank does NOT want to hear from you personally.

That is at the discretion of the lender. The majority of lenders, if they can be certain you will be able to meet your obligations, will work with you. Foreclosure is not something that lenders want to do, and try to avoid if possible.

The terms of BK differ depending on whether you are filing state or federal. Before making any decision you need to find out which house qualifies as your primary residence. That would be the property the homestead exemption can be applied to. It might be beneficial to consult an attorney that specializes in bankruptcy. They usually give free consultations or for a minimal fee.

Assuming the morgage is defaulted upon, the person who entered into the contract would be the one whose credit is jeopardized. Even if both names are on the deed, once a mortgage is in default, foreclosure proceedings can be implemented and that may appear on both parties CR. That would be a discretionary action however.

Yes, but it is also called "Fraud."

Well EVERYTHING you own and EVERTHING you owe is included in your free buthole

and the BK.

You do not pick and chose, you lie and cheat nor can you go BK on certain things....

So the house would be in the BK too...and able to be used to pay debts.

And of course, anything done within 2 years of filing is considered illegal-can be challeneged by the court and considered done in anticpation of BK or to commit fraud.

Sure....you've got it...try to outsmart everyone and figure you'll get away with it...it's so much better than just paying youd ebts and obligations. And heck, the Banks and mortgage Cos (or credit card cos), they don't know anything...it's all new to them...you can trick 'em into losing out easily.

you have to get it approved through the trustee

Yes. You can also sell your home before or even during a bankruptcy (with the Trustee's approval).

The thing to watch out for though is the selling price. If you have a home that is worth $100,000, you have to sell it for $100,000.

Sometimes these situations can be a problem though. You need to contact an attorney in your area.

Our office is in Akron, OH. You can contact us at:

The Law Office of Warner Mendenhall 190 N Union St., Suite 201 Akron, OH 44304 (330) 535-9160 or Toll Free at 1-877-764-2219. If you are out of the area we may be able to put you in contact with an attorney in your area of Ohio.

I can only speak from my own experience. It does indeed appear on our credit report and also states that the mortgage company is filing a claim against us--even though we did not reaffirm the loan. Completely wrong and I've disputed it many times with ALL the credit bureaus but they will not remove it. I'm not sure if there's a government organization that can help force the mortgage company to report correctly to credit bureaus or one that can force the credit bureaus to actually DO an investigation when you dipute it. No win situation, I'm afraid

Normally, a debtor can file bankruptcy on credit cards and keep their home, but cannot file bankruptcy on any mortgages and keep the home since even a second mortgage holder has the right to foreclose if they are not paid (this is of course assuming there aren't other issues in the case, such as too much equity to keep the home, credit cards recently incurred that are declared non-dischargeable, being behind on mortgage payments, etc.). However, the laws of the particular district in which a debtor resides may provide some exceptions to this general rule. You can get rid of a second mortgage and still keep your property if you file for Chapter 13 bankruptcy. If the debtor can show that the second mortgage is completely unsecured (i.e. the debtor owes more on the first mortgage than the real estate is worth) then you can file a mortgage stripping where the second mortgage is stripped of its lien on the property and you can pay a smaller percent on the mortgage than if it was a secured debt. (src: http://bankruptcylansingmi.com/utilizing-bankruptcy-remove-second-mortgage/ ) This same case law is not applicable in other jurisidctions, so one would have to investigate the laws of their particular district to see what options their jurisiction provides. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person but my opinion is that you should immediately consult with a chapter 13 bankruptcy attorney.

It is hard but not impossible. I have spoken to several mortgage lenders, and almost all of the lenders agree that two years is the amount of time after your bankruptcy discharge that it takes to be able to get a decent mortgage. Granted, you may be able to get a mortgage sooner, but your terms (i.e. interest rate, etc.) will not be as attractive as it would be if you can wait 2 years. Considering that you'll be paying that interest for up to 30 years, it definitely saves you a lot of money if you can wait long enough after the discharge to get a good interest rate. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.

We were just in this situation and I am surprized your attorney didn't tell you this...you have to reaffirm the vehicle if you or teen wants to keep the car. The lawyer should have asked you if you were a co-signer for any property or autos.

If the property is jointly titled it would have to be retitled according to state statutes. If a lien has been placed against the property the property cannot be retitled, sold, or refinanced until the lien is satisfied.

NO. The second mortgage is still secured by the property. Therefore it has to be reaffirmed or paid according to the stipulations of the lender.

I would say "probably." Different states have different laws regarding mortgages, but generally speaking a bankrupcy does not get rid of a mortgage lien on residential real estate in which the debtor or a dependent of the debtor resides in most cases. My guess is that someone in your situation would go to sell the house and find that both mortgages are still recorded against the deed, and no buyer is going to pay the seller unless the seller clears both mortgages to provide a clean title to the buyer, and the only way to clear them (normally) is to pay them. However, in some instances a mortgage can be "stripped" off of real estate in bankruptcy, but the procedure for doing this varies from state to state and only works in very specific circumstances. In Indiana, you can strip a second mortgage IF you file and complete Chapter 13, and IF you can show that the debtor owes more on the first mortgage than the real estate is worth, and IF the debtor files a specific motion to strip the mortgage before the case is closed. This applies to residential real estate in which the debtor or a dependent of the debtor resides. The rules for non-residential real estate are different and I won't go into them. Sometimes, if one can't get enough money from a sale to pay off both mortgages, they can convince one or both mortgage lenders to accept less than they're owed to let the sale go through (called a "short sale"), but you would need to see a real estate attorney in your area to learn more about this. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.

It's certainly possible since the Bankruptcy Code doesn't forbid it. The trick, I suppose, is finding a lender willing to let you do it. In Indiana, there are several buy-here pay-here companies who finance people right after bankruptcy, but I believe the terms aren't great (i.e. they pay about twice what the car is worth and then high interest rates on top of that). In Indiana, it is usually better to wait 12 or 15 months after the case is over so the terms start becoming more reasonable. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.

One can usually get student loans after bankruptcy so long as they meet the other eligibility requirements for those loans. Public policy mandates that a "well-educated" society is a "better" society, so for that reason student loans are protected from bankruptcy so lenders will freely give student loans without fear of being filed on. And, since student loans are excepted from discharge in bankruptcy, they're not generally too skittish about someone who has filed before. I have had several clients ask me that same question, and I tell them what I said above and I ask them to let me know if they ever do have a problem getting a student loan due to bankruptcy. So far, no one has ever called me saying the bankruptcy caused them any problems in getting student loans... for what it's worth. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.

that is not necessarily true. i filed bankruptcy and have had a steady job and even paid off a car loan that was applied for after the bankruptcy and I still cant get student loans.

When you file for bankruptcy, you're still eligible for government loans, but not for private loans. These are the two basic types of loans. You should be able to qualify for government loans because these loans are based on need rather than credit

Not necessarily. You need to contact the trustee of your chapt.13 and the mortgage lender. Foreclosures almost always end up as a loss to the lender. If you can make up the back payments and convince the lender that you can continue to make payments on time, they will probably be cooperative. However, the trustee also has a say in the issue, and can opt to have the 13 dismissed. Stay positive, and good luck!

Without knowing your co-signer's finances, this is impossible to answer. However, if you obtain a discharge of your liability on a mortgage loan, the co-signer would have 100% liability for the remaining balance. If that person is able to make the payments, then no harm would come to their credit record. If the loan gets paid late, goes into default and foreclosure; those derogatory listings would be reflected on that person's credit report and THAT would jeopardize his/her credit.

Not to be circular, but one can get a car loan after a Chapter 13 discharge as soon as one can get some lender to give him or her a loan.

Typically, a bankruptcy affects a debtor's ability to get credit 12 to 36 months after the filing date, so by the time a Chapter 13 is discharged, at least 36 months have passed so getting a loan isn't generally affected by the bankruptcy. This is not to say that other factors won't affect one's ability to get a loan, such as employment history, debt to income ratio, credit score, etc. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.

Some institutions will finance you while still in an open chapter 13. Check with a credit union....great rates...great service. As long as you have been current on your current bills and are at least two years into the bk.

I have spoken to several mortgage lenders regarding how ONE bankruptcy affects someone who wants a mortgage, and almost all of the lenders agree that two years is the amount of time after your bankruptcy discharge that it takes to be able to get a decent mortgage. Granted, you may be able to get a mortgage sooner, but your terms (i.e. interest rate, etc.) will not be as attractive as it would be if you can wait 2 years. Considering that you'll be paying that interest for up to 30 years, it definitely saves you a lot of money if you can wait long enough after the discharge to get a good interest rate. However, I have only asked one mortgage lender what a person's odds are of getting a mortgage after filing bankruptcy twice, and he said "With two bankruptcies on the credit report, forget it." I take this to mean that you probably won't be able to get a mortgage very easily, if at all, until the oldest bankruptcy falls off your credit report (Chapter 7's are on your credit report for 10 years from the date they are filed). Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.

The answer to this question can be affected by state law but, as a general rule of thumb, a secured creditor stays secured, even in bankruptcy.

Granted, there are LOTS of exceptions to this rule of thumb, but normally if the creditor has a valid, recorded mortgage on the real estate, then the debtor will either have to pay it or potentially get foreclosed upon. This is true regardless of whether it's the first mortgage, second mortgage, home equity, or whatever.

In some cases a junior mortgage can be stripped (wiped out) in bankruptcy, but this is normally done by the filing of a special motion during the bankruptcy case, and I do not know whether this option is available in your district (it is available in Indiana so long as the debtor files a Chapter 13 and so long as the junior mortgage is COMPLETELY unsecured, so that the debtor owes more on the superior mortgage(s) than the real estate is worth).

As a practical matter, a junior mortgage lender may opt not to foreclose if they know they won't net anything from the foreclosure sale after the superior mortgage lenders get their share, but theoretically the junior mortgage lender can foreclose if they think it is in their best interest.

Whether Texas or the federal district in which Texas lies has any case law affecting this general rule of thumb I do not know, and it is best to consult your attorney.

Also, whether or not one formally reaffirmed a home equity during their bankruptcy case is something worth discussing with the attorney. If the home equity loan was reaffirmed, there may be personal liability on the debtor. If the debtor did not formally reaffirm the debt during the bankruptcy, then while the creditor may still foreclose and take the home, at least the debtor can usually walk away without potentially owing a deficiency balance if the home is not sold for enough money to pay all the mortgage claims. Again, this is a good topic to bring up with your attorney.

Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.

There is nothing that "removes" a name from a mortgage. That contract, like all contracts, is relevant until it is completed (paid). However, chapter 7 bankruptcy can discharge the debt. On any joint debt that one party discharges through bankruptcy, the other account holder becomes 100% liable for the balance.

In non-community property states, creditors can only go after the person(s) who signed on the account to be responsible. So, normally creditors may NOT go after ex-spouses (or even current spouses) for debts which belong exclusively to the other spouse. However, this may not be true in community property states (I don't know a whole lot about community property state law). Fortunately, there aren't very many community property states. The community property states/territories are: Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Puerto Rico, Texas, Washington, and Wisconsin. However, even in non-community property states, there may be ways around the general rule that creditors cannot pursue spouses. For example, many states have fraudulent conveyance statutes, that say that if a person who owes money conveys property to another person for the purpose of protecting that property from creditors, the creditor may still be able to go after the property, and potentially even the person who received the property, for collection purposes. So, while creditors in non-community property states cannot pursue an ex-spouse, they may have some recourse if the person who is liable on the account transferred real estate or other property to the ex-spouse for the purpose of shielding that property from creditors. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.

I am a 401(k) specialist with a very LARGE investment company. 401(k) plans are protected under IRS federal law and can NEVER be used against your will to pay off debt due to bankruptcy, foreclosure, tax liens, collection agencies, lawyer attempts to recover money, etc. Your plan may offer something called a Safe Harbor hardship withdrawal to pay for these debts, but you must ask for this. No one else can. You can pay your loan off at any time without fear the money will be taken to pay your debt. Your plan may also allow you or require you to stop paying on the loan as well. Call your customer service center for your plans rules and restrictions.

i think its better you first ask help your friend or relatives before you get loan so you do not have to pay the interest. if you are Looking for legitimate online loans i heard good about it : www.bestpaydayloancompanies.com