bankruptcy?

Question

If i own my house and need to declare bankruptcy how can i protect my houses

Answer 1

You can't protect it - that will be the first and primary asset they look at. Accept that if you're bankrupt it will go.
It happened to me, so I know.

Answer 2

Bankruptcy is a legal protection. It's going to be up to the court and judge. Don't even consider filing on your own especially if you own a home, car, or whatever. Think twice before bankruptcy because it will mess up your job changes and chances, interest rates, and even eligibility for insurance. Consider bankruptcy as a last resort... a qualified debt management program may be a better option. Click into the "take the first step" link on the website below. This is the agency that controls the credit counseling services...

Answer 3

I am a bankruptcy attorney. Different states have different laws on something called "homestead." Check your state. Whether you keep a house depends on how much equity you have in it, and whether you are able to catch up on your mortgage arrears (late payments) from the past as well as continue making payments into the future. It breaks down like this:
Chapter 7 -- if you have substantial equity that cannot be exempted under your state's homestead laws, the Trustee will want to sell the house and distribute the proceeds to your creditors. If you have little or no equity, the Trustee won't be interested in the house, but your mortgage company will maintain their security interest. You will need to decide whether you want to reaffirm the debt and remain liable for it. You will need to catch up on your arrears.
Chapte 13 -- this is the way most homeowners go to avoid foreclosure or if there is substantial equity. Basically the arrears will need to be repaid 100% through your Chapter 13 plan, and you will need to continue making future payments in a timely manner, as well as reaffirm the debt.

You may contact me if you have additional questions.

www.boston-bankruptcy.com

Answer 4

Before and After Bankruptcy Help Advice


Before Bankruptcy Help Advice

A bankruptcy help advice that you should follow before anything else is to consider bankruptcy only when you have no other choice in the matter. There may other ways to solve your credit problems that you have not tried. Speak with a credit counselor that can give you bankruptcy help advice, specifically to help you avoid filing.

If you are considering bankruptcy, then you should understand the two common types of bankruptcy.

* Chapter 7 Bankruptcy entails that certain assets of the debtor will be liquidated to pay the creditors. At the end of the process, most of the debtor’s debt is cancelled.

* Chapter 13 Bankruptcy is designed for individuals with regular income and involves a debt payment plan based on the debtor’s income with terms extended over three to five years, after which any unpaid debt is eliminated.

Find out the specific requirements of each option to determine under which you are eligible.

Before making a decision whether to file bankruptcy, you should realize that not all of your debts will be discharged by the court. Tax debts, college loans or child support are some of the non-dischargeable debts. Bankruptcy may be the solution you need if you are seeking relief from credit card debt and other unsecured types of credit.

Bankruptcy laws differ in every state, particularly when it comes to Chapter 7 bankruptcy. The rules on exemptions or what you may or may not keep in a Chapter 7 bankruptcy depends on the laws in your state. You may have to surrender your car or house if it has high equity and it is not protected by your state bankruptcy law. Other assets such as pension and life insurance may be at risk if your state classifies it as “non-exempt” assets. Although, most states protect these types of assets, do your research or ask a bankruptcy lawyer in your area to know what you might have to lose when you file bankruptcy.

Bankruptcy is a highly stressful process and you have to be prepared emotionally and mentally to handle it. Again, before filing bankruptcy seek professional bankruptcy help advice from credit counseling agencies or consult with a reputable attorney who may help you negotiate with your creditors.


After Bankruptcy Help Advice

While bankruptcy leaves a bad mark on your credit report for several years, it should not discourage you from regaining your creditworthiness. Usually, you can obtain new credit if you show proof that your financial situation has improved. Creditors often consider those who have been consistently employed with the same company for at least two years.

A good bankruptcy help advice is to open a savings account to cover any emergency needs. To re-establish your credit, start with a secured credit card and make sure you meet monthly payments on time or pay the balance in full every month.

A common bankruptcy help advice when it comes to credit repair is to check your credit report for errors. You can get one free credit report per year from Equifax, Experian and Transunion. You can write, call toll-free or visit the websites of these companies to order your credit report.

Once you have your credit report, review the information it contains thoroughly. Check your personal information, account and credit payment information to make sure everything is accurate. Have all your timely payments since bankruptcy been reported? If there are any irregularities, inform the credit company in writing to have the information corrected. Prepare documents to back up your claims.

Answer 5

i went bankrupt 3 yrs ago and i don't think you can protect your house as the official receiver obtains all of you assets, if there is equity in the property then i think they have a right to it, you can ring the receivers before hand and they will tell you all you need to know they are really help full and will tell you all you need to know before you go ahead with the bankruptcy

Answer 6

You can usually set up a discretionary corporate trust.
That means that a trust is set up to hold the house in trust for any befeficiaries the trust chooses (i.e. you).
A company is then set up to act as trustee.
You could then set up a second (overseas) company to own the shares in the trustee company.
You will then have to find someone to be a director of the trustee company.

However - you will be far better off in the long run if you sell the house to pay your debts.

Answer 7

You can't protect it. but there is a limit to the time in which the receivers can sell it. Check out the insolvency website for more info. They are really helpful and don't want to cause anymore upset than is necessary. I went bankrupt last year but had already given up my home and was living in rented accomadation, so there was less upset for the children. Good Luck.

Answer 8

It may depend upon your state of residence. If you live in Florida, which is a homestead state ( I believe Texas is, too) then yes, your primary residence is protected in a bankruptcy proceeding.

Answer 9

Is that house of houses? You cannot basically, they cannot sell your house from under you if you have children living with you, if not then then sorry that will be your main asset unless you have enough other assets to pay off all your debts, but usually that is unlikely.

Answer 10

it means you doesn't own a house otherwise you cannot be declare bankruptcy.