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Not sure what route to take if file for a Bankruptcy now, later or never?!?!

Miami, FL |

I am unsure if I should do a Ch.7 bankruptcy, I am scarred being something new to me & making such a big impacting decision, as well the thought of being left vulnerable to not having any credit afterwards. My association bought my property & soon to get the certificate of title/sale (still in the 10days). Is it beneficial for me to stop the transfer certificate of title by expediting the objection to the sale & hurrying up to do a bankruptcy OR leaving it as is & still do the bankruptcy after the fact? What's big differences? Should I even do a bankruptcy right now or wait and see if the creditors (mtg.&assc.) would come after me later on? What is the statute of limitations? Will they most likely do this if so should I just wait until then to do the bankruptcy, is this good choice? S.O.S

Attorney Answers 5

Posted

I have written a two part legal guide on this very topic, called Now or Later, containing the top 10 reasons to file now and the top 10 reasons to file later. The link below is to my entire legal guides, so scroll through to find these two articles. Hope this perspective helps!

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Dorothy G Bunce

Dorothy G Bunce

Posted

These reports are on page 5 of the legal guides.

Asker

Posted

You have a lot of very informative information posted, THANK YOU! I am one of those who is scared in making a great impacted decision that could affect me long terms. Once bankruptcy is processed who owns the property, the bank correct? Being that my association were the ones to foreclose on my property last week- once I decide to do a bankruptcy (if my bank has not moved in on the assc.) will the bank still be the owners after the bankruptcy has been done or will it be the association who will still be the owners?

Dorothy G Bunce

Dorothy G Bunce

Posted

Oh, we get this question after the fact every day. Although your bankruptcy paperwork will require you to complete a document called "statement of intention," it is a meaningless document. Until the bank follows state laws to foreclose (and they can't act during the bankruptcy without extraordinary permission from the bankruptcy court), you will remain the owner of the property & responsible for all the associated costs of ownership, including taxes, insurance & HOA dues, if any. There are some fine bankruptcy attorneys in your community and you can use the Find a Lawyer search feature here on Avvo to check them out.

Posted

Hire an attorney to review this matter. It is impossible to give you a credible answering without knowing all your financial circumstances.

The answers given are limited to the facts as given and presumed by the answer itself. Without seeing actual written documentation or having a conference to more fully explore the issues, this short answer has only limited application. Make sure to seek legal counsel and provide all documentation to get assistance in making informed legal choices. Bstein@dcfsz.com, 305 377 1505

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A consultation with a bankruptcy attorney is confidential and typically free. We understand that people are scared and have many concerns so we are here to answer your questions. Whether you will achieve your goals through bankruptcy now or later will depend on answers to specific questions about your assets, debts, income. Don't be afraid to pick up the phone and call a local attorney in your area to discuss the details of your situation.

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Asker

Posted

I have been that one to be afraid, but after reading your comment I started to do just that, make phone call, after phone call, after phone call; trying to find out who can and will be able to help me within my situation. I have a few appts. set up tomorrow, let's see what happens. Thanks!

Posted

If you are trying to retain the property, you need to contact a local bankruptcy attorney ASAP. If you are okay with losing the property to foreclosure, there is less urgency, but you should still contact a local bankruptcy attorney to determine whether you are eligible for Chapter 7 and whether it makes sense for you to file in the near future given your particular circumstances.

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If you are really on the fence about filing now versus filing later, then no attorney can advise you without examining your assets, liabilities and other financial information more closely.

The hiring of a lawyer is an important decision that should not be based solely upon any single source of information, including advertising on any Web sites or answers to questions posed on Avvo.com. You may ask us to send you additional information about us, and we urge you to review other sources of information about our primary practice areas.

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