Once you decide to file Bankruptcy, whether it is a Chapter 7 bankruptcy or Chapter 13 bankruptcy, you will need to decide if you intend on keeping your home. If you qualify for a Chapter 7 bankruptcy filing and you wish to keep your home, you will need to be current with your mortgage payment(s) … Read more
If you are like many people, your home is not worth what it was a few years ago. With the downturn of the economy, the value of your house has decreased. Suddenly, you are “upside down” on your home and the sales price is not enough to pay off the first, second and sometimes third mortgage on your home. Bankruptcy may help you get rid of the second or third mortgage.
If you have recently sold your home, you may still be able to file a Chapter 7 bankruptcy or Chapter 13 bankruptcy on your other debts. If you sold your home for more than you owed on the property, the bankruptcy court will want to know what you did with the excess money.
If you are in a Chapter 7 bankruptcy and plan to keep your home, you will need to bring the payments current immediately. Otherwise, the mortgage company may file legal paperwork with the bankruptcy court called a Motion for Relief from Automatic Stay asking the court for permission to foreclose on your home.
If you are in a Chapter 13 bankruptcy, the impact of getting behind on payments to the mortgage company will depend on when your bankruptcy was filed.
If your mortgage company refuses to accept your first payment after filing bankruptcy, either online or by returning your payment in the mail, you should try sending it to them through the mail again and keep copies of the correspondence/information you sent them plus a copy of the postmarked envelope. If they return the payment again, you should contact your attorney.
When we have a consultation with a prospective client we do everything we can to explore every option that the client may have. Then, the client decides which direction they would like to head. One of the frequent questions we get is what happens if instead of filing a Chapter 7 bankruptcy or a Chapter … Read more
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