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rcat c
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 Posted: Sat Oct 31, 2009 10:26 am Post subject: CH:13 and deed in lieu of. |
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Raymond if I am going to file CH:13 and also have a rental property that I cannot afford. Does it make sense to do a short sale of Deed in Lieu of. Or can I just sign the house back over to the lender and then file 13 and include this as an unsecured debt?
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 raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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| Posted: Sat Oct 31, 2009 10:33 am Post subject: |
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Only your Bankruptcy Attorney can answer that question. She's going to review your entire financial situation and then tell you what you should and shouldn't do. I'm assuming the Attorney is going to say "just give it back to the Lender via the bankruptcy", because it's usually best to do things like that via bankruptcy proceedures.
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Raymond
www.ReverseMortgageCalculator.org |
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rcatc
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| Posted: Sat Oct 31, 2009 1:26 pm Post subject: BK13 large purchase |
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| Raymond thanks for the info. on the rental property. I am also wondering If I made a large purchase on my credit card about 2 months ago is this going to jeopordize my BK13? How far back does the courts look at the credit card purchaces? I have stopped using my cards altogether. My credit card debt is so high I can no longer afford to pay this off within 5 or even 10 years. |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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| Posted: Sat Oct 31, 2009 1:43 pm Post subject: |
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Yes - it's 90 days, and your Attorney will time your filing accordingly. A company called Nolo Law writes the best books on bankruptcy I've read. They're written for the Layman, so it's easy for us to understand, and you'll find lot of your questions answered. Here's the link:
"http://www.nolo.com/legal-encyclopedia/bankruptcy-foreclosure-debt/in dex.html;jsessionid=1BB8B8D22409825218F73D252BADC081.jvm1"
[Link deactivated as per forum rules. Thanks.]
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Raymond
www.ReverseMortgageCalculator.org |
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rcatc
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| Posted: Sun Nov 01, 2009 11:49 am Post subject: Thanks for the help on CH:13 clarification. |
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| Raymond thanks for link on CH:13 This gave me a lot of good information. I appreciate your input and you are doing a great thing for the community. Keep up the good work |
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