I was laid off several years ago and my income level has been greatly reduced.
If you are behind on your house and you wish to keep it, I would suggest you speak to an Attorney regarding a Chapter 13 Bankruptcy. In a Ch. 13, your attorney can put you on a payment plan with the Court that will allow you time to get current on your mortgage. The foreclosure will be put on hold so long as you are making your Ch. 13 payments. However, there are many factors to consider such as affordability, income debts, value of the home, etc. Please consult with an experienced Ch. 13 attorney that can help you determine if this is the route that is in your best interest.
A chapter 7 will not help you save the house if you are already behind on the payments and facing foreclosure. However, a chapter 7 is an option if it is in your best interest to surrender the home. A Ch. 7 can protect you from deficiency judgments and even possible tax consequences.
I cannot say this enough, please find an experienced Bankruptcy attorney to help you.See question
The Creditor sent me a reaffirmation agreement for my car and I do want to sign and file it. However, I have only a couple of days to file it to meet the 45 days post 341 deadline to keep the stay in place. I plan to file it myself but the Credito...
No. They sent it to you unsigned so you would send it back to them for them to file for you.
You should review the reaffirmation with an attorney that is familiar with your situation before you sign it. Signing a reaffirmation makes you liable for the debt again and defeats one of the purposes of filing the bankruptcy in the first place. That being said, there are some creditors that require the reaffirmation to keep the car. In some cases, it's best to just give them the car back. If you are in arrears, it may not be in your best interest to sign it. Please consult with an attorney.
Alienation case. Defendant no contest plead. Found guilty because of that and having no attorney due to money.
Mr. Love is correct. You are either liable or not liable in civil cases. You can only be found guilty or not guilty in criminal cases. Please consult with an attorney in your area that can review the case and explain it to you.See question
I am a 72 yr old vietnam vet. My wife left me for her home in england, leaving me with all the debt. more than $30000. What if I just leave the state or the country and the debt. I have a home here but way underwater and would walk away in a minut...
Credit card companies can file a lawsuit. If they obtain a judgment against you, they can garnish your bank accounts. Social security can be garnished in a bank account if it is commingled with other funds. You should go to your bank and designate an account only for your social security benefits. This way if a creditor garnishes it, you have better chances of getting that back. If you are thinking about walking away from your home and you also have other debts, then I highly recommend speaking to an experienced bankruptcy attorney in your area to help you and protect your exempt assets. Thank you for serving our country and good luck!See question
I filed bankruptcy years ago and don't want to again. I owe 18k now. I have kept up my note, but the 420. a month is so difficult I don't want to turn this one in as I know I'll have a hit on my credit, but toyota won't put the 2 payments at th...
It is unlikely that Toyota will work with you or even discuss the account with you if it was discharged in BK and you did NOT reaffirm the debt. They will most likely want you to reaffirm the debt before they will speak to you about working anything out, and reaffirming a discharged debt is usually not advisable. If the debt was discharged in BK and you did NOT reaffirm it and you are two payments behind like you said, then they have the right to come and repossess the car. However, they will not be able to come after you for the money owed.
If you DID reaffirm the debt, then they are more likely to speak to you about working something out with you, although they don't have to. Also, if you did reaffirm the debt and you are two payments behind, they can repossess the car and come after you for the amount owed.
Please consult an experienced bankruptcy attorney in your area that can examine all of the facts and better guide you in this situation.See question
The hearing was in February, and the Judge granted a discharge based on undue hardship. I mailed letters recently to the CRA's, my lender, and the AUSA (notifying him of what I was doing). Did I do what was necessary?
The student loan creditors should have been notified when you filed the Adversary Proceeding against them. Once the time for appeal has passed, pull your annual free credit report and see if they have updated their reporting to $0.00 and "discharged in bankruptcy". If they have not updated their reporting, then you can write to all three credit bureaus. Contact an attorney to guide you through the process.See question
I just received a letter from my 1st lien holder (chase) that they are transferring my loan to another bank. If both my loans are discharged, I expect they simply didn't want to do the forclosure. My questions: Does my 2nd mtg holder also ...
If you filed for bankruptcy protection, then your mortgages are probably discharged. Typically, the first mortgage will foreclose. However, the second mortgage has the right to foreclose also. If the second mortgage is unsecured, most likely they will not pursue it and let the first mortgage handle it.See question
I filed a ch7 bk. On the loan my husband and I share for the car, my husband's income could not support the payments on his own. Which is why I co-signed. The bank did not accept my reaffirmation agreement. In that they had prior knowledge that my...
You can ask for a modification, but they don't have to give you one. In fact, in order to modify the loan or even speak to you about it, they may require you to reaffirm the debt. Typically, it is not in your best interest to reaffirm. You can always voluntarily repossess the car (give it back to them) but this will hurt your husband's credit if he did not file bankruptcy with you. Please consult with an experienced bankruptcy attorney in your area.See question
I have a judgment in my name only. My spouse has her own bank account, but I may have inadvertently commingled my money with it (depending on how creditor will view this..). My question is, whats the general process a creditor must go through to b...
The creditor must first file a lawsuit and obtain a judgment against you. Once he has that, then he is able to ask the Court for a writ of garnishment. Any bank account with your name on it can be garnished. Please consult an attorney in your area to better guide you and advise you in this situation.See question
I divorced three years ago. Me and ex-wife still own a house in GA. We are both listed on the Deed. The value of the house is $200,000. The balance of firtst mortgage is $135,000, which the only named borrower is ex-wife. The balance of...
You may discharge a second mortgage in BK only if it is unsecured. If the value of the home is $200,000 and the first mortgage is $135,000, then that means that the second mortgage is secured by the remaining $65,000 and will not be dischargeable. If you think the house is worth less, then you may want to consider getting the property appraised to see if the second mortgage can be discharged. With the set of facts you have provided, my opinion is that it is not dischargeable. Please consult a local experienced bankruptcy lawyer in your area.See question