Posted on: 27th Feb, 2012 11:53 am
am i on the hook for a second mortgage if i decide to start a foreclosure on my home, while under a chapter 13 agreement here in oregon ?
There are two primary types of personal bankruptcy: Chapter 13 and Chapter 7. Each must be filed in federal bankruptcy court. As of 2000, the fees for seeking bankruptcy relief are $160: a filing fee of $130 and an administrative fee of $30. Attorney fees are additional.
Chapter 13 allows persons with a steady income to keep property, like a mortgaged house or a car, that they otherwise might lose. In Chapter 13, the court approves a repayment plan that allows you to use your future income to pay off a default during a three-to-five-year period, rather than surrender any property. After you have made all payments under the plan, you receive a discharge of your debts.
Known as straight bankruptcy, Chapter 7 involves liquidation of all assets that are not exempt. Exempt property may include automobiles, work-related tools and basic household furnishings. Some of your property may be sold by a court-appointed official ? a trustee ? or turned over to your creditors. You can receive a discharge of your debts through Chapter 7 only once every six years.
:idea: GODBLESS YOU!
Chapter 13 allows persons with a steady income to keep property, like a mortgaged house or a car, that they otherwise might lose. In Chapter 13, the court approves a repayment plan that allows you to use your future income to pay off a default during a three-to-five-year period, rather than surrender any property. After you have made all payments under the plan, you receive a discharge of your debts.
Known as straight bankruptcy, Chapter 7 involves liquidation of all assets that are not exempt. Exempt property may include automobiles, work-related tools and basic household furnishings. Some of your property may be sold by a court-appointed official ? a trustee ? or turned over to your creditors. You can receive a discharge of your debts through Chapter 7 only once every six years.
:idea: GODBLESS YOU!
hi charlesofalaska!
welcome to forums!
if you are into chapter 13 bankruptcy filing, you won't be able to get any kind of loan. you need to wait for 1-2 years after a chapter 13 discharge in order to qualify for a loan. before that you won't be able to qualify for any loan. if you want to let the lender foreclose the property, then you will have to surrender the property to the lender.
feel free to ask if you've further queries.
sussane
welcome to forums!
if you are into chapter 13 bankruptcy filing, you won't be able to get any kind of loan. you need to wait for 1-2 years after a chapter 13 discharge in order to qualify for a loan. before that you won't be able to qualify for any loan. if you want to let the lender foreclose the property, then you will have to surrender the property to the lender.
feel free to ask if you've further queries.
sussane
