Posted on: 26th Aug, 2009 09:10 am
I purchase this mobile home in 1999, now I can no afford to pay the house and the land -I retired due to sickness- I am planning on filing for bankcruptcy - I am not living in the house- my sister is - but they need to move out - I can not afford to pay for the house , land and utilities- How long they can stay in the house after I file for brankcruptcy - and - will the lender go after me for payment after I file brankcruptcy,
Hi Sarai,
If your bankruptcy filing is approved by the court, then a automatic stay would be issued against all your creditors and your lender will not be able to come after you for the dues. If you file chapter 7 bankruptcy and do not reaffirm the loan, then you will have to surrender the property to the lender who would sell it off and recover the dues. Thus, you will have to leave the property once the bankruptcy is discharged.
Thanks
If your bankruptcy filing is approved by the court, then a automatic stay would be issued against all your creditors and your lender will not be able to come after you for the dues. If you file chapter 7 bankruptcy and do not reaffirm the loan, then you will have to surrender the property to the lender who would sell it off and recover the dues. Thus, you will have to leave the property once the bankruptcy is discharged.
Thanks