 jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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 Posted: Thu Oct 29, 2009 10:01 pm Post subject: |
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Hi rosebud,
It is not necessary to file bankruptcy even after your house has been foreclosed on. Why do you want to file bankruptcy? Do you want to save the home from foreclosure? Or do you want to get rid of the deficiency through bankruptcy?
If you file bankruptcy, it will put a temporary stop on the foreclosure proceedings. In chapter 7 bankruptcy, your assets will be sold to pay off the loan. In chapter 13 bankruptcy, you will have to follow a repayment plan and pay off the debt in 3-5 years. |
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