Posted on: 29th Oct, 2009 09:06 pm
If you end up in foreclosure on your home, do you have to file bankrupcy?
hi rosebud,
it is not necessary to file bankruptcy even after your house has been foreclosed on. why do you want to file bankruptcy? do you want to save the home from foreclosure? or do you want to get rid of the deficiency through bankruptcy?
if you file bankruptcy, it will put a temporary stop on the foreclosure proceedings. in chapter 7 bankruptcy, your assets will be sold to pay off the loan. in chapter 13 bankruptcy, you will have to follow a repayment plan and pay off the debt in 3-5 years.
it is not necessary to file bankruptcy even after your house has been foreclosed on. why do you want to file bankruptcy? do you want to save the home from foreclosure? or do you want to get rid of the deficiency through bankruptcy?
if you file bankruptcy, it will put a temporary stop on the foreclosure proceedings. in chapter 7 bankruptcy, your assets will be sold to pay off the loan. in chapter 13 bankruptcy, you will have to follow a repayment plan and pay off the debt in 3-5 years.
No its not required.
Thanks.
Thanks.
