In TX can you still file chp. 13 banckrupcy and keep youre house after you have received a foreclousour notice?
2007-08-07 04:36:22 · 5 answers · asked by Roze 1 in Business & Finance ➔ Renting & Real Estate
Most states have what is called a homestead exemption. You can keep your home depending on the amount of equity is how it typically works. Just make sure to keep the payments current during the entire process.
2007-08-07 04:43:19 · answer #1 · answered by sweetsum691 5 · 1⤊ 0⤋
Bankruptcy or not, you must make the payments to avoid foreclosure. BK is generally limited to the discharge of UNSECURED debts. By its nature a mortgage is not unsecured debt. Additionally, chapter 13 is a wage earner plan to restructure unsecured debt and pay it off.
2007-08-07 11:44:27 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Ummm My friends did, but they had an adjustable rate and their house payment went from $900 to $1400, so then they had to file Ch. 7, and lost the house.
So just be careful
2007-08-07 11:44:03 · answer #3 · answered by brooklyn7582 5 · 0⤊ 1⤋
I really have no idea about Texas, call the state attorney generals office and they can give you a real quick answer. Where I live, No not after you have a foreclosure notice.
2007-08-07 11:47:02 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Once you declare bankrupcy, they cannot foreclose until AFTER the hearing.
The judge will decide if they can forclose as part of the bankrupcy settlement.
2007-08-07 11:44:24 · answer #5 · answered by billyandgaby 7 · 0⤊ 1⤋