Posted on: 16th Mar, 2010 09:05 pm
Filed a chapter 7and decided to keep the home. It hasn't discharged yet and now im thinking of amending and putting house in the bankruptcy. I'm in agreement with my lender to do a short sale. Had to act fast as they were going to auction my home so I listed it with real estate agent but cannot afford the payments for the 6 mths as agreed can i just put it in the bankruptcy?
Hi Guest,
As you've filed for chapter 7, you will have to include all your assets and your debts in the filing. While you are in bankruptcy, the lender will not be able to take any actions against you. Thus, if you do not reaffirm the loan and surrender the property to the lender, then the lender will foreclose it and recover the dues.
As you've filed for chapter 7, you will have to include all your assets and your debts in the filing. While you are in bankruptcy, the lender will not be able to take any actions against you. Thus, if you do not reaffirm the loan and surrender the property to the lender, then the lender will foreclose it and recover the dues.