i already got the notice of hearing from the court, my house is going into foreclosure, so my credit is really bad... why pay the rest of my debt if my credit is bad..
can I fail for bankruptcy? what is worse to recovery?
2007-09-21 05:47:45 · 8 answers · asked by angy_sr 1 in Business & Finance ➔ Renting & Real Estate
File chapter 13 bankdruptcy to save your house,after discharge 1 year,you can get credit back day by day.I file chapter 13 five years ago and just refinance my house through countrywide mortgage.Good Luck
2007-09-21 05:54:30 · answer #1 · answered by colorado 3 · 0⤊ 0⤋
When you file bankruptcy your debts don't automatically disappear. The new laws have made it much more difficult to simply walk away from debt.
However, that's not to say that you can't retrieve something from the wreckage. It is possible to keep your house if you can afford to reaffirm the debt, ie. keep paying off your mortgage. An attorney can help keep the creditors at bay and advise you on the best route forward. But you do need to act quickly if the court is after you.
Check out this website which has some useful information for people in just your situation. There's a link there where you can get a free consultation with a bankruptcy lawyer in your area. I hope this helps.
Good luck.
2007-09-21 10:38:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Do you want to keep the house? If not, don't challenge the lawsuit so you don't have additional legal fees added to your bill. If yes you want to keep it, then declare bankruptcy so they can't take it away from you. If you want to learn how to deal with bankruptcy and credit issues, I suggest you read more about the process. There's ways to improve your credit even after a bad foreclosure issue. I suggest reading the Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn in 7 Days by Don Sausa [isbn 0978834682].
2007-09-24 04:29:34 · answer #3 · answered by John Rosa 3 · 0⤊ 0⤋
Both and neither.
At this stage, declairing bankruptcy will have no effect on the forclosure. Unless you can pay-off what you owe, you've lost the house.
Yes, your credit is in the toilet and has vanished into the sewer. However, unless you pay-off the debts owed, the money will haunt you for the rest of your life. All your debtors have to do is periodically re-apply for a judgement against you and it's there forever.
Once you clear the debts and come out from bankruptcy, it disappears and legally can not be considered against your credit rating after 7 years.
2007-09-21 06:02:19 · answer #4 · answered by jcurrieii 7 · 0⤊ 1⤋
They the two ruin your credit to the optimum quantity achievable (7-10 years). some bankruptcies can stay on your credit profile for greater effective than 10 years. In a nutshell: In a foreclosure, you basically lose your genuine materials materials that replaced into foreclosed upon. you hold your different materials and fees. In a Ch 13 financial disaster, you hold each thing and pay off your charges in a universal ecosystem. In a Ch 7 financial disaster, you lose each thing that may not expemt by employing state regulation. what's taken is used to fulfill your lenders.
2016-10-09 14:36:13 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Did you contact your lender when you realized that you were unable to stay current with your loan? Lenders are willing to work with you if you communicate with them. Start there.
Also, have you thought about a short sale? or finding an agent to sell your house quickly? An option is to contact HouseBuyerNetwork.com to see if they have investors in your area to help you. The service is free to you the homeowner.
Also contact an attorney who specializes in bankruptcy law to learn about your options.
Good Luck!
2007-09-21 07:03:07 · answer #6 · answered by Christiane 3 · 0⤊ 0⤋
Tough call...I would absolutly sit down and talk to a Bankruptcy Atty. From the sounds of it, this might be the only way to save your house.
Good luck!
2007-09-21 06:03:24 · answer #7 · answered by ctarr12 2 · 0⤊ 0⤋
you need to check with a local attorney but it sounds like bankruptcy might be good for you at this time it should always be the last choice
2007-09-21 05:55:09 · answer #8 · answered by Anonymous · 0⤊ 0⤋
you better hurry up and get a lawyer that specializes in
bankruptcy and see if he can stop the foreclosure
2007-09-21 05:55:23 · answer #9 · answered by Anonymous · 0⤊ 0⤋