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Can you file for bankruptcy for your home before it forecloses?
I lost my job, and the mortgage company wants to foreclose on my home. Can I file for bankruptcy for my home before it forecloses?
All Filing for Bankruptcy Questions & Advice
Can you file bankruptcy on an investment property?
I bought three rental homes as investments, and they are at risk of foreclosing. Can I file bankruptcy on an investment property?Can you file for bankruptcy for your home before it forecloses?
I lost my job, and the mortgage company wants to foreclose on my home. Can I file for bankruptcy for my home before it forecloses?How Do I File Banktuptcy Without a Lawyer?
I want to file for chapter 7 bankruptcy, but don't want to pay a lawyer. How do I file bankruptcy on my own?How can an automatic stay help me slow the foreclosure process?
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I lost my job a few months ago, and my wife lost her job recently as well. We have over $35,000 on credit card debt, we're a month behind on our mor...How do I file for Bankruptcy?
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Question: Will filing a bankruptcy cause all my creditors to sue me?Would we be able to keep the house after filing Chapter 13 bankruptcy or after filing Chapter 7 bankruptcy?
However, we’re worried about losing the house. Would we be able to keep the house after filing Chapter 13 bankruptcy or after filing Chapter 7 ban...This site does not provide legal advice and users of this site should not interpret any of the information presented here as legal advice. The information provided merely conveys general information related to commonly asked legal questions. We are not a law firm and the employees responding to questions are not acting as your legal attorney. You should ultimately consult with a Lawyer for your case.
Answers
Filing for Chapter 13 bankruptcy may prevent a foreclosure at least temporarily since a bankruptcy proceeding is given priority. Once the homeowner files the petition, the court issues an automatic stay, which orders all lenders to cease collection activity on the home. The petition must be filed prior to the date that the property will be sold. The petitioner proposes a plan to make the delinquent mortgage payments. However, if the homeowner is unable to make the payments, bankruptcy will only delay foreclosure. Typically a home is secured by an instrument of trust. A mortgage company may ask the court to remove the automatic stay. The timing of the bankruptcy petition may show bad faith, if for instance, it is filed one day before the foreclosure.
Talk to an Attorney to find out what legal options you have regarding using bankrutpcy to save your home and get out from under debt.
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Posted by Yara Zakharia on 09 Jul 2010
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