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jameshogg
Joined: 20 Dec 2005
Posts: 6410
Location: Nevada
398.61 Dollars($)
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Hi,
To anonymous,
As far as I know, you would be able to file bankruptcy though you've been served with the papers of a court collection case. You should contact a bankruptcy attorney and take his suggestions on this issue.
To curious,
As you are filing bankruptcy alone, it won't effect your future husband in anyway. He would be able to get a mortgage in his name alone depending upon his credit and income.
Thanks |
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Mike Decaprio
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0.10 Dollars($)
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Hello,
Due to my worst situation, I had to file bankruptcy. During that time, I was told that the debts co-signed by my mom would no longer remain in my name. It would be considered as her debts. However, when I checked my credit record, I discovered that the debts are still in my name. My attorney says it's supposed to be like that. Is that so? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2182
Location: New Brunswick, New Jersey
409.61 Dollars($)
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Hi Mike
It's great to know that you've been discharged of bankruptcy  Congratulations!!
Though you've successfully completed your bankruptcy, your late payments and other negative items will remain in your credit history for some time. With the discharge of your bankruptcy, you do not remain personally liable for the debts, however, this does not eliminate the creditors' rights to report your past due amount on your credit report.
The negative items will remain on your credit report for 7 years. You should also note that the creditor has no obligation to remove a credit line from your credit report. In your case, you can try to make sure that each credit line on your report reflects that it was included in the bankruptcy. Your credit lines should read "discharged (or included) in bankruptcy".
Take care. |
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tooty
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0.10 Dollars($)
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Post subject: foreclosure after automatic stay is lifted |
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Hello,
I filed chapter 7, after the automatic stay is lifted and my mortgage co. is able to go forward with the foreclosure on my house, how long does this process usually take? There was a sale date on the property before I filed. I wondered if I will get a sale date right away of will I typically have a couple of months.
Response is appreciated. Thanks. |
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adonis
Joined: 22 Oct 2005
Posts: 6174
Location: ALASKA
468.92 Dollars($)
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If the automatic stay is lifted, the lender will immediately try to foreclose the property and get it sold off. If the lender gets a buyer, he will immediately sell off the property.
_________________
Procrastination is the enemy of your financial success |
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Rosy
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0.10 Dollars($)
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| Hello there…Hope someone could help me with some answers. I've a unique situation. I want to file Chapter 7 bankruptcy. But unfortunately I've failed the income test but passed the means test. This is because; earlier I was unemployed for which I've an unsecured debt of around $50,000 in unsecured debt and also $250,000 on a secured debt. (It's a mortgage and I guess the lender is planning to foreclose). But then, for the last two months I have had a high-paying job. What I want to know is what are my chances of getting moved to Chapter 13 from Chapter 13? |
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Niicss
Joined: 03 Oct 2005
Posts: 3917
Location: New Jersey
371.39 Dollars($)
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In my opinion, there can be two options for you – either you can dismiss your Chapter 7 or you can convert your Chapter 7 bankruptcy to Chapter 13. If you want to file Chapter 7 bankruptcy, you will have to qualify both the income test and the means test. If you fail to qualify any of these tests, you will have to file Chapter 13 bankruptcy.
You should note that having a higher-than-average income does not mean you will definitely fail the income test. As your income is high due to your present job, the trustee may think that there are chances that you will be able to pay off your creditors in the near future. But if this was a short project or assignment for 2 months and will end right after few days, then there are chances that you would qualify for Chapter 7.
You should contact your bankruptcy attorney/trustee and explain your employment situation clearly to them. They will be the best person to guide you whether or not you would be able to file Chapter 7 bankruptcy.
_________________
Good is the Enemy of Great. |
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irishlane
Joined: 02 Aug 2009
Posts: 1
1.60 Dollars($)
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Post subject: chapt 7 conversion |
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Hi,
I live in Massachusetts and am in Chapt. 13, however am still working out an agreement with my local credit union to pay our equity loan (it has not been approved as yet by the court).
They have indicated they will settle for 20K (we owe 58K). Now with the 20K in the plan, our monthly Chap. 13 payment went up from $199 to $770, which my husband and I are fearful we can't meet. Also, my husband is aware that his division at work will be laying off since the co. is moving out of the area -- so a layoff is imminent.
My question is if we convert to a 7, what happens with the equity loan. The credit union did an appraisal during the 13, and it was determined there is 20K of equity, is it likely they would foreclose if we file chapt. 7? Also, could they place a lien on the house if they didn't foreclose? What are possibilities of working something out so our payment is dramatically lower (we do not want to exend Chapt. 13 over 5 years).
Thank you for your insight. |
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adonis
Joined: 22 Oct 2005
Posts: 6174
Location: ALASKA
468.92 Dollars($)
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If you convert your Chapter 13 bankruptcy to Chapter 7, I don't think the lender would be able to foreclose the property. The court will issue an automatic stay on your lenders which will stop them for harassing you for the payments. Once your chapter 7 is discharged, you can reaffirm the loan and pay it off.
However, if you do not reaffirm the loan, you won't remain personally liable for the loan but the lender would still hold the lien on the property. Thus, he would be able to sell off the property to recover the dues. You cannot simply lower your payments under the Chapter 13 plan. You'll have to negotiate with your lender and your bankruptcy trustee and check out if they are ready to lower your payments.
_________________
Procrastination is the enemy of your financial success |
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southern bound
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0.10 Dollars($)
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Post subject: bankruptcy ch 7 and home |
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| My spouse and I are filing ch 7 bankruptcy. Due to poor work market, we are looking to relocate. My hours have been cut and my husband's income has been decreased by half. We own our home, and are behind on payments. We owe 119000 on home, and current market states it is worth 100000. Should we include home in bankruptcy, or look at quick sale? which would be better for our credit score? How difficult of a time should we look"forward" to in finding a home to rent? |
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rrcarp
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Post subject: chapter 13 |
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| If I file chapter 13, is my house amortization will be lowered? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2182
Location: New Brunswick, New Jersey
409.61 Dollars($)
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Hi,
To guest,
If you've decided to file bankruptcy, then you can include the house in it. If you want to save the property, then you can reaffirm your mortgage and keep on paying the dues. Filing bankruptcy will affect your credit score and reduce it by 200-250. However, if it's the mortgage dues for which you want to file bankruptcy, then you should first try for a short sale. A short sale would lower your credit score by 80-100 points but you would be liable to pay the deficient amount to the lender.
Immediately after a bankruptcy or short sale, you won't be able to get a mortgage. You will have to wait for 2-4 years to get a mortgage. As far as renting a property is concerned, I don't think you would face any issues.
Hi rrcarp,
If you file Chapter 13, you would get a repayment plan to pay off the mortgage dues. You'll have to pay off the dues according to that plan and get the bankruptcy discharged. You will get the payment plan depending upon your financial situation.
Take care. |
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.76 Dollars($)
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binkyboo
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0.10 Dollars($)
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Post subject: Contract for deed |
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| 3 years ago my mother in law helped us buy our home under her name through a local bank. We signed a contract for deed through her saying we would make the monthly payments owed to the bank. She is now filing bankruptcy. Her title and our house title are on the same loan. She is going to reaffirm her debt for the houses. My question is will their still be liens on our home after bankruptcy? And how with the contract for deed on our home will we ever be able to put that house title in our name? |
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jameshogg
Joined: 20 Dec 2005
Posts: 6410
Location: Nevada
398.61 Dollars($)
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Hi binkyboo,
The lender will still hold the lien on your property though your mother-in-law files bankruptcy. As she will be reaffirming the loan, she will again become personally liable for the mortgage dues. Your can definitely transfer the property deed in your name. But you will have to inform the lender about the same and the lender may want you to refinance the loan after the change of ownership. However, as your mother-in-law has decided to file bankruptcy, it would be better if you could consult an attorney and take his opinion before transferring the property in your name.
Thanks |
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