Bankrupsy serious important question please what shall we do
Hello just a few ?? im not interested in debt settlement nor consildation JUST BK. We are joint on some of our debts and though are joint with out title of our home/property and its paid for and were single just roomates for 17-yrs., but our debts with cc is about 20k and come this sept. we will not beable to make min. on 4-accounts because of finances. We are both disabled and total house hold income is 1600.00 ss and ssi so I have some q?? please.
1-should we file bk after or before i stop paying my creditors
2-can i sign in only what accounts to use for the bk
3-our home is forsale w/realtor right now, will we have to get it off the market prior to signing up for bk.
Creditors can take legal actions after the accounts become delin
Creditors can take legal actions after the accounts become delinquent. But you can file for bankruptcy and discharge the debt even if you are current. Talk to a good bankruptcy attorney and he will assist you in filing the papers. Your creditors will be notified about the discharge of the debt.
Yes, you have the options to choose the accounts for filing in bankruptcy.
What type of plan are you considering under bankruptcy? If you chose chapter 7, the sale of house won't affect your bankruptcy filing. But, chapter 13 has a different approach. Talk to a trained bankruptcy attorney for professional advice.
my bk q??
I thought chap 7 was where you will ahve to sell all your assets and proceeds go to the creditors and with chap 13 you are on a pymt plan to repay the creditors.
the home/property is paid in full and will not be put in the bk file only our debts. just was concerned if we choose chap 13 the judge might say well sell your home to reapy the creditors..i guess i need to know how each works chap7 and 13
The following articles will explain you the process clearly. Cha
The following articles will explain you the process clearly. Chapter 13 is a better option if you want to pay the debts in a specified time period. Besides, chapter 13 stays on the credit report for 7 years after the accounts are paid off. In chapter 7, the date of filing will remain for 10 years in the credit report.
http://www.debtconsolidationcare.com/chapter-7-bankruptcy.html
http://www.debtconsolidationcare.com/chapter-13-bankruptcy.html
chapter 13
on a chapter 13 can you request to lower your payments due to mortgage going up and other things
Carmine, You would have to talk to your BK attorney first abo
Carmine,
You would have to talk to your BK attorney first about lower your payments, and then he would forward your info to the BK trustee to see if your payments can be modified.