chapter 7
Date: Mon, 01/04/2010 - 18:19
Hi, here is my situation 80 k in credit card dept . bought house two years ago have no equity in house. no car payments but own two cars woth less than 3500.00 per car.
I earn 3500.00 a month but have 4 kids . I passed the online means so i would qualifiy for chapter 7. I have to questions 1. i have a rental house that is unoccupied and 3 months back on mortgage getting forcloser notice , i don't want rental house i could not sell for what i owe. is it better to inclued this bankruptcy or just them forclose.
2. what are the total cost to file chapter 7.
I earn 3500.00 a month but have 4 kids . I passed the online means so i would qualifiy for chapter 7. I have to questions 1. i have a rental house that is unoccupied and 3 months back on mortgage getting forcloser notice , i don't want rental house i could not sell for what i owe. is it better to inclued this bankruptcy or just them forclose.
2. what are the total cost to file chapter 7.
Chapter 7 can't stop a foreclosure. It would only delay the proc
Chapter 7 can't stop a foreclosure. It would only delay the process by putting automatic stay once you file bk. Bankruptcy may free you from loan liability but it wouldn't dissolve the lien on the property. Hence the lender can still foreclose the house after ch-7 to satisfy the debt.
You must consult a bk attorney to get things clarified.
