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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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My house is in foreclosure, so I moved out and I am filing

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My house is in foreclosure, so I moved out and I am filing bankruptcy. My atty says I have to wait til the house is foreclosed on in order to file. Is that true? I want to do it and get it over with. I live in Illinois
Are you employed? Do you have other assets?
Customer: replied 8 years ago.
I am employed through a contract company and no I have no other assets. I make 17 and hour and get child support and I am obligated to pay my half of my sons college expenses. Even with the filing of the bk, I am still negative 200 to 300 a month.

Hello,

 

Thank you for your question. I am happy to assist you.


No, you do not have to wait and I do not see the benefit in waiting. Let me explain.


I would agree with your lawyer if filing a Chapter 13 repayment plan were in your best interest. In that case you would want to wait in order to see what the deficiency was in order to include it in the Chapter 13 repayment plan.

 

 

However, a repayment plan of any type does not seem to be in your best interests. A Chapter 7 bankruptcy appears to be more beneficial with your financial problems.


A Chapter 7 bankruptcy could discharge (erase) all of your credit card and any other unsecured debt. It could eliminate any deficiency on the house in foreclosure. It could be an opportunity for a fresh financial start.


I hope that the information which I provided was helpful to you.


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.

 

Thank you,
Customer/span>


THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE

Customer: replied 8 years ago.
Do we have to know what the deficiency is first? or can we just include them and move on.
You can just include them in your Chapter 7 and move on! Perhaps with a new bankruptcy lawyer.


Thank you,
Customer/span>



THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE

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