just lost my job and have no income.
2007-12-28 12:46:23 · 4 answers · asked by hanoihank 1 in Business & Finance ➔ Personal Finance
Under US law, filing for bankruptcy places an automatic stay on ALL collection efforts. That means NO creditor, including the mortgage holder can do ANYTHING without the courts permission. That includes foreclosure. Until the court says otherwise, you would remain the legal owner of the house and be allowed to stay.
2007-12-28 13:44:40 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
Are you in England. If you are then you will arrange a meeting with your local county court that has bankruptcy jurisdiction and then you will have to fill in the bankruptcy forms they will go throught them with you and you will have to pay £485.
You will be made bankrupt on that day legally. The forms will be sent to the Official Receiver and they will deal with the financial side of the Bankruptcy. Therefore I cannot see why you would not be able to stay in your house as the financial side is not dealt with untill after the legal side of the Bankruptcy.
Are you sure that you want to become insolvent if you do then the Official Receiver is entitled to up to sixty percent of your future income for up to three years after. You will also have to get certificate to prove that you are released from your Bankurpt period that will cost you sixty pounds and can be difficult.
I used to be Bankruptcy Clerk so if you have an questions email me and I will help you.
2007-12-28 20:56:00 · answer #2 · answered by Barry S 2 · 0⤊ 0⤋
You should ask your bankrupsy lawyer---they should be able to help you.
What about finding another job? if you haven't been out of work for long---you still have unemployment.
Good Luck
2007-12-28 20:50:09 · answer #3 · answered by littlelady 2 · 0⤊ 1⤋
yes
2007-12-28 20:52:46 · answer #4 · answered by smokey 2 · 0⤊ 0⤋