Chapter 7 Bankruptcy -- we listed our mortgage on our house in the bankruptcy
This is a discussion on Chapter 7 Bankruptcy -- we listed our mortgage on our house in the bankruptcy within the Consumer Bankruptcy forum, part of the BANKRUPTCY & DEBT COLLECTIONS category; My husband and I filed and have been discharged in California for Ch. 7. My question is, we listed our ...
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#1 |
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My husband and I filed and have been discharged in California for Ch. 7. My question is, we listed our mortgage on our house in the bankruptcy, but we want to keep the house. My question is though....lets say down the road a year later the bank forecolsed on our house, would be be responsible to the debt, or will it be still considered to be part of the bankruptcy? I wasn't sure if there is a time frame on these matters. Thanks.
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#2 |
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Top Level Member
Join Date: Dec 2009
Posts: 12,548
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I wish to inform you that you may file for bankruptcy. In this regard after bankruptcy has been performed then your creditors cannot pursue you. After bankruptcy the assets are sold and provided to creditors in accordance with their claim. Further there is a homestead exemption under California Code of Civil Procedure section 704.710. Therefore you may protect your home. The exemption is dependent upon the value of asset.
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#3 |
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Filing bankruptcy will be a last ditch alternative for most individuals who cannot afford to pay off their financial obligations and many will use a professional Chapter 7 bankruptcy attorney. Generally the cause is a result of job loss or unforeseen medical expenses, which could be financially damaging to any family. In case you have exhausted your options and want to know whether or not a bankruptcy would be the right solution for you, the following are several things to take into consideration.
First of all, a bankruptcy proceeding will be filed in a federal court, never at the state level, so it's not a matter that you can accomplish without the help of a Chapter 7 bankruptcy attorney. http://www.mortgage-after-bankruptcy.net/chapter-7-bankruptcy-attorney.html |
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If I file for either chapter 7 or 13 will I be able to keep my car?
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Spouse not filing and wants to incur more debt
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