First of all, you must list ALL of your debts, assets, income and expenses. But you won't receive a discharge of your mortage. Your mortgage lien survives the bankruptcy. A mortgage can be included in a discharge, only if you have a lot of equity the trustee will attempt to sale the property to pay your creditors. Otherwise the home will be considered a Foreclosure in a Lieu to Bankruptcy in the state of Georgia. Check your state law on bankruptcy each different may have different laws regarding bankruptcy.
Generally, if you forgot to put items in a Chapter 13 case or a Chapter 7 ASSET case, then you are stuck if you fail to add those creditors before the case closes. If you forgot to put items in a Chapter 7 NO ASSET case, then you can usually file a Motion to Reopen the case (for which the court charges a $260 fee as of 5/12/07) and then you file an Amended Schedule F (or D or E as is applicable) and add the creditor (for which the court charges a fee of $26 as of 5/12/07). You also have to pay attorneys fees for the attorney who does this for you. To add a debt to an old bankruptcy case, the debt must have been incurred before the case was originally filed unless it was a Chapter 13 converted to Chapter 7, in which case the debt must have been incurred before the case was converted to Chapter 7. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
Not easily, if at all...and certainly not without good reason as to why he wan't included, and opportuity for him to challenge most all aspects of the discharge that would mean he did not get paid in full.
If you intentionally didn't include the creditor and didn't contact him --- as you swore to the court you included everyone (BK has no election for you to pick and chose) and would notify anyone who may have an interest....you have much bigger problems...like fraud and contempt of court.
Answer-No. But since I qualify as one of your tax deductions just send me the money.
Yes, if you surrender the mortgaged property to the lender, or if it is a second mortgage or home equity loan and there is no equity for those to attach to (you must file a Chapter 13).
In some cases these days, the mortgage-servicing entity cannot prove any entity is the note owner or there were errors in the creation or recording of the mortgage documents, making the mortgage invalid.
Don't be too happy, though. It becomes an asset with substantial equity and may blow your bankruptcy out of the court.
I am not certain about other states, but in Texas you can. I believe this is the case nationwide, but you should consult a bankruptcy attorney in your state to be certain.
No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.
Bankruptcy is of an individual or a corporation, or entity that includes all the assets and liabilities. Mortgage is part of all the liabilities against the filer. What can be removed and what can stay depends upon the kind of bankruptcy it is- ch 7, ch 11, or ch 13. Best bet contact a good bankruptcy Attorney.
Yes, you are not required to be unemployed to declare bankruptcy.
No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
No
You can declare bankruptcy due to credit card debts, yes.
It is necessary to declare bankruptcy when a person cannot afford to continue paying for bills and other things they need. A person may declare bankruptcy if their business is not making any money.
Great question for your BK attorney
The reverse mortgage is typically unaffected by the bankruptcy as the mortgage is usually left out of the bankruptcy- that is a conversation you need to have with your attorney however. The bankruptcy court may look at the amount of equity you have in your home and determine what type of bankruptcy you qualify for. A reverse mortgage can even be used to pay off a bankruptcy or a mortgage in foreclosure as there are no credit requirements on them. I suggest talking to a bankruptcy attorney for information on what is available to you from the courts side of things.
If you are lucky, yes. But most likely, no lender will give you a mortgage loan if you are or have declared bankruptcy.