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jdgit
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0.10 Dollars($)
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Post subject: bankruptcy and home |
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| I live in wi. my atty. told me I can only keep 22,000.00 from the sale of my home. I am filing for bankrutcy, he told me to stop paying everything except basics. I am 2 months behind on house payments and have it on the market. Is this true? Should I be paying my mortage until I file? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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Hi jdgit,
If you can afford the payments, you can keep paying your mortgage dues and still include your property and mortgage in your bankruptcy filing. It is your discretion whether or not you would pay the dues.
Take care. |
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joeybon
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Post subject: mortgage |
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| can a person get a mortgage while going through a bankruptcy ( will be filing in one month) |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi joeybon,
If a person is in bankruptcy, then the lender won't be ready to give him a mortgage. Also, he or she won't be able to get a mortgage immediately after the bankruptcy is discharged. Depending upon the chapter of bankruptcy filed, a person has to wait for 2-4 years after the discharge to get a loan.
Thanks |
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TJ
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0.10 Dollars($)
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Post subject: Bk ch 7 |
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| What happens if you filed Ch 7, not discharged yet, and you miss a mtg pymt? Can they force you out of your home? The home was reaffirmed. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2615
Location: MICHIGAN
415.19 Dollars($)
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Hi TJ,
As you reaffirmed the mortgage and missed one of the monthly mortgage payments, the lender can take serious actions against you. He can foreclose the property. I would suggest you to contact your lender and let him know about your hardship so that the lender does not take any serious steps against you.
Thanks,
Jerry |
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rebecca2
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Post subject: vehicle |
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If I have no equity in my house, but own my vehicle outright, can the exemption for my home in chapter 7 carry over to protect my vehicle? I need to not have a car payment... and the 2004 van is probably worth 12k or 13k on a trade. I am worried.  |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Post subject: |
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Welcome Rebecca,
While you're in chapter 7, the exemption on your home cannot protect your vehicle. If you wish, you don't have to include your vehicle in the bankruptcy filing though you mention it as one of your assets. You can pay your car payments on time and it will help you in saving it.
_________________
Procrastination is the enemy of your financial success |
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tobe
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Post subject: Chaper 7 what happens to surrendered property. HELP PLEASE |
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have NO financial obligation, however, suggest we could still be liable
we have rec'd our joint debtors discharge and also the order approving trustees report of no distribution for our chapter 7.
the problem is we surrendered our house and upon attorney's advise, left it over 9 months ago after being served foreclosure papers and our attempt for a loan modification failed. we lived there for over 33 years, but with job lost and illness, we had no choice.
now that we THOUGHT it was over the bank holding the mortgage will NOT take it out of our names...however, continues to maintain the property and has agreed we have NO financial obligation, however, suggest we could still be liable if anything happens on the property. furthermore, the bank, is racking up charges AFTER our surrendering claiming until they foreclose, we would be assuming post bankruptcy charges which they suggest they will come after us for???
my response to them was to immediately LEAVE the premises and have no one step foot further onto the property until this matter is resolved. i suggested a deed in lieu as this is a different circumstance that one that has a 750k mortgage with a house now worth 200k and we are asking the bank to write off the difference....THIS situation differs.....the mortgage debt was discharged...i told the bank you can't have it two ways......
this is a government back loan...i have gone to HUD, i have gone to FHA...i have gone to the bank.....what next??? we only now have a small pension and ss to live on....and the bank says until foreclosure...which they said could take another 3 years...the house stays in our names.
HELP!!!!!!!!
ps. i posted this i think in the incorrect forum. i hope someone has the answer here |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Post subject: |
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Welcome tobe,
I can understand your situation. You're going through a real tough time.
As you've included the property and the mortgage in your bankruptcy filing, you're not personally liable for paying the mortgage dues. The lender can foreclose the property but won't be able to come after you for the balance amount. However, unless the property is sold off, it will remain in your name and you may be liable for paying the property taxes and other dues. You should contact your lender and ask him to sell off the property asap so that you don't remain liable for paying the taxes and insurance.
_________________
Procrastination is the enemy of your financial success |
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fancy
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0.10 Dollars($)
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Post subject: lien |
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| can a lien on my home be nullified if i file chapter7 bankruptsy |
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Linzee
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Post subject: Chapter 7 |
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| Is there a mandatory period of time that I have to wait to file a Chapter 7 after I have been dismissed from a Chapter 13 and or a Chapter 11 ? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10020
Location: Alaska
917.78 Dollars($)
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Hi!
Welcome to forums!
To Fancy,
A discharge in bankruptcy will be able to void the underlying judgment, but a bankruptcy discharge won't automatically remove a judgment lien from your property. If you qualify, your might be able to file a motion to avoid the lien under Section 522(f) of the Bankruptcy Code.
To Linzee,
After your bankruptcy is dismissed, you won't be able to refile bankruptcy immediately. You might have to wait for a certain time period before you can do so. You need to contact you bankruptcy attorney and he would help you further in this regard.
Feel free to ask if you've further queries.
Sussane |
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anonymous me alsways
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Post subject: car |
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| I own my car, and I paid $3000.00 for it...will I lose my car for a Chapter 7 |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Post subject: |
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Hi Guest,
If the car is free and clear, then the bankruptcy trustee can sell it off in order to pay your creditors.
_________________
Procrastination is the enemy of your financial success |
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