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raffi
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0.10 Dollars($)
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Post subject: Chapter 7 and liens |
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| Will a Chapter 7 bankruptcy get rid of a my 2nd home equity loan? Currently I am modifing the 1st to try to keep the property. The second decided to charge off. But not releasing the lien. There is not enough equity to satisfy the 2nd. If I decide to sell in 5-10 years; what happens to the 2nd? |
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jameshogg
Joined: 20 Dec 2005
Posts: 6844
Location: Nevada
462.71 Dollars($)
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Post subject: |
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Hi raffi,
Filing a Chapter 7 bankruptcy will not help you in getting rid of the second mortgage. If you reaffirm your second mortgage dues, then you would become personally liable for the mortgage again. If you don't, then the lender can foreclose the property. It is good to know that your first lender is ready to modify your loan.
If the second lender charges off your second loan, then you would have to deal with the collection agency to settle your debts. The collection agency will collect the dues from you. You can go for a settlement with the collection agency so that you are not liable for the dues any further.
Thanks |
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anonymous1111
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0.10 Dollars($)
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Post subject: Should I file chapter 7 bankruptcy |
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| I am currently 17 months behind in my mortgage payments, two car loans, one I'm only a cosigner, I have several judgements against me for non payment one being the tuition to my sons high school and the won't release his transcripts or diploma, I have taken several loans against my retirement funds and the repayments are large, I make about 85, 000 yearly. I'm really afraid of lossing everything , what should I do |
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anonymous 56
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0.10 Dollars($)
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Post subject: what should i do |
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| my husband injured on the job 2 years ago and cannot perfrom his job anymore. we have a doublewide (1999 ) still owe 10 years on it, but we have motorcycles we have owned for years. we have credit card debt. i cannot pay our bills on what i make alone. how should i file. our stuff in is my name. if i file can they take anything that is in ym husbands name |
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jameshogg
Joined: 20 Dec 2005
Posts: 6844
Location: Nevada
462.71 Dollars($)
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Post subject: |
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Hi,
To anonymous,
You can file Chapter 7 to help you in get rid of your unsecured debts. As far as your mortgage is concerned, you can reaffirm the debts and pay it off if you want to save the property.
To anonymous,
If you file bankruptcy, then the trustee would consider your assets to pay off your creditors. Your husband's assets will not be considered as he is not filing the bankruptcy jointly with you. You should contact a bankruptcy attorney and he would help you filing your bankruptcy.
Thanks |
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anonymous28
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0.10 Dollars($)
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Post subject: Should I File? |
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| I have been going through a divorce now for over a year. We own 2 seperate spots of land. Now they are suggesting that we file chapter 7 due to debt. As stated in the divorce, she would get one place and I the other. One place has a house that I still owe a mortgage on. I am not behind on it and want to keep it. Neither one of us are able to work due to health issues. Most of the debt is doctor bills. Two credit cards, one of which i have been paying and is up to date, and a reposession of a vehicle. Most of the debt is hers actually. What suggestions do you have for me? |
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adonis
Joined: 22 Oct 2005
Posts: 6654
Location: ALASKA
539.43 Dollars($)
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Post subject: |
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Hi anonymous,
If most of debts are in your wife's name, then she should file bankruptcy. This will help her in getting her unsecured debts discharged. However, if she wants to save the property, then she will have to reaffirm her mortgage and pay off the dues to the lender.
_________________
Procrastination is the enemy of your financial success |
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jcl
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0.10 Dollars($)
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Post subject: bankrupcty 7 |
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| if i have a car with a loan on it for 10,000 and its worth 16,000 do i get to kept the car in bankrupcty #7 if i refaffirm the loan |
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adonis
Joined: 22 Oct 2005
Posts: 6654
Location: ALASKA
539.43 Dollars($)
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Post subject: |
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Hi jcl,
If you reaffirm the loan, then you'll be able to keep the car. However, you will have to make the payments regularly to your creditor.
_________________
Procrastination is the enemy of your financial success |
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jcl
Guest
0.10 Dollars($)
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Post subject: income in chapter #7 |
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| whats the highest income you can earn in the state of fl. and still be able to file chapter # 7 |
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conny
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0.10 Dollars($)
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Post subject: ch 7 |
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| Has anyone filed chapter 7 and been denied reaffirmation of their home or cars? I am afraid of losing them and we were just modified for a mortgage. Also, what happens to your jewelry sitting in a pawn shop you are making payments on? |
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smithsussane
Joined: 18 Sep 2008
Posts: 6431
Location: Alaska
355.28 Dollars($)
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Post subject: |
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Hi!
Welcome to forums!
To jcl,
You can check out the state median income of Florida from the given page:
http://www.justice.gov/ust/eo/bapcpa/20091101/bci_data/median_income_t able.htm
To conny,
It may vary from lender to lender whether or not they would reaffirm your loan. You've mentioned that your loan was modified. In that case, weren't you able to pay the loan as per the modified terms and conditions? As far as jewelry in the pawn shop is concerned, if the loan is not paid off as per the agreement, the jewelry will be sold off by the pawnbroker.
Feel free to ask if you've further queries.
Sussane |
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dennis.webster@parexlahab
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0.10 Dollars($)
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Post subject: Mobile home |
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| I have a paid off mobile home . If I file bankruptcy is there anyway I could lose it? |
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jameshogg
Joined: 20 Dec 2005
Posts: 6844
Location: Nevada
462.71 Dollars($)
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Post subject: |
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Hi dennis,
If you file Chapter 7 bankruptcy, then you will have to list all your assets including your paid off mobile home. The trustee can sell it off in order to pay off the creditors. Thus, there are chances that you would lose it.
Thanks |
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augie
Guest
0.10 Dollars($)
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Post subject: Home value |
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| What is the best method to get your house appraised prior to a Ch 7. in order to keep it. |
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