Posted on: 11th Aug, 2009 05:25 am
i am retired and recieving social security,my home is about to be forclosed on so i am going to file bankrupsy,can my social security be affected in any way?
hi,
as far as i'm aware of, bankruptcy and social security income are independent of each other i.e. one does not affect the other. social security is immune from garnishment which means the lender will not be able to come after it, in case the house is foreclosed and there's a deficiency from the foreclosure.
which type of bankruptcy are you going to file? if you're planning to file chapter 7, it will stop the foreclosure temporarily. you'll be required to reaffirm your mortgage in order to stop the foreclosure once you're discharged from bankruptcy. you'll be personally discharged from the liability of the mortgage due to chapter 7 bankruptcy. but to prevent the house from being foreclosed, you need to continue making the payments even after the bankruptcy discharge.
as far as i'm aware of, bankruptcy and social security income are independent of each other i.e. one does not affect the other. social security is immune from garnishment which means the lender will not be able to come after it, in case the house is foreclosed and there's a deficiency from the foreclosure.
which type of bankruptcy are you going to file? if you're planning to file chapter 7, it will stop the foreclosure temporarily. you'll be required to reaffirm your mortgage in order to stop the foreclosure once you're discharged from bankruptcy. you'll be personally discharged from the liability of the mortgage due to chapter 7 bankruptcy. but to prevent the house from being foreclosed, you need to continue making the payments even after the bankruptcy discharge.
check tis out
http://www.mortgagefit.com/bankruptcy/effect-socialsecurity.html
Good luck and feel free to ask
http://www.mortgagefit.com/bankruptcy/effect-socialsecurity.html
Good luck and feel free to ask