Chapter 7 BK Questions...
If you are filing Ch 7 as you say you must have an attorney! The
If you are filing Ch 7 as you say you must have an attorney! These are questions you should ask him! I can tell you there are no bankruptcy police that come and tell you what you should or should not own! Unless of course it is a valuable asset like a piece of real estate or a yacht!
Quote:Originally Posted by frogpatchIf you are filing Ch 7 as yo
Quote:
Originally Posted by frogpatch If you are filing Ch 7 as you say you must have an attorney! These are questions you should ask him! I can tell you there are no bankruptcy police that come and tell you what you should or should not own! Unless of course it is a valuable asset like a piece of real estate or a yacht! |
people don't have to get an attorney! What a waste of money you probably don't have if you are filing bankruptcy anyway.
Chapter 7 can be done pro se but unless you have good legal know
Chapter 7 can be done pro se but unless you have good legal knowledge or know how to research, it is not advisable.
We live in Michigan and we have filed Chapter 7. We have suffer
We live in Michigan and we have filed Chapter 7. We have suffered a significant loss in income as well as a 200,000+ depreciation of our home. We have a home equity loan that somehow ended up in first place at the court house. This must have been a big mistake by the title company. Then our mortgage which is by far our bigger home loan is in second position. Anyway, while waiting for a modification on our second (our larger loan) our home equity matured and they would no longer take payments. They wanted 125,000. or nothing. Apparently they knew (we still did not know then) that they would recoup all of the money owed because they were in first place as far as the liens went.
We were told that Chapter 7 would prevent the second position bank from sueing us for a deficiency judgement. We had been current on all our bills except we had stopped paying the home equity loan that would no longer take payments because the loan had matured. Our home was scheduled for a sheriff sale for the amount of 125,000. Again the larger loan is 360,000, My question is following the bankruptcy judgement, can we remove the 125,000 from our modest retirement and buy our home from the first position loan holder who currently has it in foreclosure? Can we do this without the second lien holder remearging their loan and reattaching it to us again? I do realize that we cannot remove the retirement money until we receive the bankruptcy judgement. Our first sheriff sale date was 5 months after our last payment on our Heloc when they told us they wanted the loan paid in full. Again our home had lost over 200,000 in value and and oh by the way very few people have 125,000 cash that they can pay off a loan. bankruptcy judgement. Our first sheriff sale date was 5 months after our last payment on our Heloc when they told us they wanted the loan paid in full. Again our home had lost over 200,000 in value and very few people have 125,000 cash that they can pay off a loan. Again, the equity is no longer there and we were being pressured by the foreclosure which is what led us to Chapter 7. We do not have a date for the next sheriff sale of our home. We would love to keep our home, especially if we can buy it back at the sheriff sale for around the price that they were first asking 125,000.
Any professional advise would be appreciated.