Posted on: 04th Jan, 2010 10:03 pm
Hello. I have a condo on nj but rent in Ny. I'm 6 payments behind on the condo mortgage. No help from lender. I have 35k in credit card debt. I'm a year behind in hoa dues. Should I file bk in ny where I live and work now, or nj where my vacant property is? Also, will I loose the property with c7 or will I be able to keep it? I was planning on renting it. There is no equity in the home. I also owe 4k on my car. Will they take this too? I do make the income requirements for both states. I have hardly any assests. No savings Please help thanks.
If you file chapter 7 and then reaffirm your debts, then you'll be able to save your property as well as your car. However, once you reaffirm the car loan and the mortgage, you would become personally liable for them. If you default on your debts after the reaffirmation, the lender will foreclose your property immediately.
hi pjyoung,
i think you should file bankruptcy in the state where the property is actually located. the laws of the state, where the property is situated, will be applicable in your situation. but just by filing bankruptcy you cannot save your home. if you want to retain the property, you need to reaffirm the mortgage and continue making payments on time. as niicss stated, if you default on the payments, the lender can foreclose your property even after you have been discharged from bankruptcy.
i think you should file bankruptcy in the state where the property is actually located. the laws of the state, where the property is situated, will be applicable in your situation. but just by filing bankruptcy you cannot save your home. if you want to retain the property, you need to reaffirm the mortgage and continue making payments on time. as niicss stated, if you default on the payments, the lender can foreclose your property even after you have been discharged from bankruptcy.