Posted on: 14th Apr, 2010 08:23 pm
i moved, mail got lost and papers about foreclosure did not get to me. my home of 25 yrs was sold 2 days ago. is it too late to file a chapter 7 bankruptcy?
hi mccallmary,
i don't think it is too late to file chapter 7. after a foreclosure you're liable to pay the deficient balance resulting from the sale of the property. you'll be able to get that amount discharged if you include it in your bankruptcy filing.
however, if you're filing bankruptcy only to get rid of the deficient balance, then i don't think it would be a good option. in that case, rather than filing bankruptcy, you should negotiate with your lender and try to get your debts reduced or forgiven.
take care.
i don't think it is too late to file chapter 7. after a foreclosure you're liable to pay the deficient balance resulting from the sale of the property. you'll be able to get that amount discharged if you include it in your bankruptcy filing.
however, if you're filing bankruptcy only to get rid of the deficient balance, then i don't think it would be a good option. in that case, rather than filing bankruptcy, you should negotiate with your lender and try to get your debts reduced or forgiven.
take care.