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smithsussane · Posted: Wed Jun 10, 2009 11:07 pm Post subject:

Hi larenzo!

Welcome to forums!

You can file bankruptcy once the foreclosure has been declared. If you do not want to file bankruptcy, you can go for the deed in lieu option. A deed in lieu will remain in your credit report for 7 years and will reduce your credit score by 250 points. However, you will not be liable to pay the deficient amount resulting from the sale of the property. The deficient amount will be forgiven.

Feel free to ask if you have further queries.

Sussane

Guest

do I have to payback the bank after filing chapter 13

smithsussane · Posted: Mon Jun 29, 2009 12:19 am Post subject:

Hi mimi!

Welcome to forums!

After filing Chapter 13, the lender will give you a payment plan which will help you in repaying the debts within 3-5 years. Once you pay off the debts according to the plan, your bankruptcy will be discharged.

Feel free to ask if you've further queries.

Sussane

Guest

I owe a large sum of money for Federal Student Loans as well as other debt. Does bankruptcy wipe out everything?

Niicss · Posted: Fri Feb 19, 2010 2:31 am Post subject:

Bankruptcy will not help you in discharging your Federal student loans. Apart from student loans, back taxes, fraudulent debts, alimony, child support, large purchases as well as Government penalty do not get discharged in bankruptcy. Apart from this, other unsecured debts do get discharged.

Guest

I am being sued by a lender of 2nd loan on foreclosed property. Case management date has been set. I am considering filing for Ch. 13 since I cannot pay $60K. Should I pursue Ch. 13 or represent myself in the court to fight the case. Thanks, Nash

smithsussane · Posted: Thu May 13, 2010 11:00 pm Post subject:

Hi Nash!

Welcome to forums!

Before filing chapter 13, I would suggest you to contact your lender and inform him about your financial situation. If the lender is convinced about your situation, then he may forgive the dues or may give you an affordable repayment plan to pay off the dues.

Feel free to ask if you've further queries.

Sussane

Guest

i am 30k behind on mort. and 82k in other debts ie unsecured i have approx 55k in assests what will my repayment plan be for 5 years

adonis · Posted: Tue Sep 21, 2010 12:05 am Post subject:

Welcome job,

Your creditors and trustee will go through your financial situation and let you know whether or not you will get a 3 or 5 years repayment plan.

Guest

Hello,

I am thinking about filing for chapter 13 and would like to know if its the right thing do for me my family. My financial history entails:
1.two homes one rental foreclosed on. the other primary residence, in process of loan mod. soon to be foreclosed

2. credit card debt $80,000 havn't been paying for 6 months, already lawsuit on one ($26,000)
3. pool loan $60,000 havent paid 8 months.

My income is about $8000 gross a month. Spouse not working, have 2 kids

I live paycheck to paycheck. Can someone help me and give me some advice if chapter 13 is the best thing for my family and I... I need a fresh start.

Thank in advance

Guest

In the repayment plan for chapter 13. Does one end up paying for all debts within this 3-5 repayment plan or is it just a fraction of the amount of debt that has to be repaid and depending on what the debtor can afford???

jameshogg · Posted: Tue Sep 28, 2010 10:59 pm Post subject:

Hi Mharly,

Chapter 13 bankruptcy will not help you in starting afresh. It will help you in reorganizing your debts. The repayment plan will help you in become current on your mortgage and other debts. If you wish to get rid of all your debts, then you should go for Chapter 7. You can even contact a bankruptcy attorney and take his opinion in this regard. He will help you in a better way in this regard.

Thanks

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