What is the current market value of your vehicle (KBB trade-in value), and what is the balance - if any - on the car loan?
For how long were you hoping to delay the foreclosure?
Have you already received the Notice of Default?
I'm not sure if these questions went through:
For how long did you want to delay the foreclosure?
Have you already received a Notice of Default?
Has the either mortgage lender already filed a foreclosure action in court?
The foreclosure process - from Notice of Default to sale of the house - takes at least 4 months, and usually longer.
If you are not planning on keeping the house, if your main goal is to delay the foreclosure, you do not have to file a Chapter 13. You can file a Chapter 7, which is far less complicated than a Chapter 13, and will give you the same automatic stay protection as a Chapter 13.
You can wait - as many debtors do - until 3 weeks or less (many wait until that day, but this is not recommended) before the house is scheduled to be sold at auction - to file a Bankruptcy. This will stop - at least temporarily - the foreclosure action, as the lender will then have to file a motion in the Bankruptcy court to ask that the stay be lifted. This takes at least 3 months.
If you file a Bankruptcy - whether or not you then have it voluntarily dismissed - you can keep your car, since it has only $4,000 equity.
I think this is what you wanted to know. If not, please let me know.Thank you!
You are supposed to receive notice of the sale. However, as you cannot depend on this, you can keep checking with the court at the clerk where the foreclosure proceeding is.
If you file a Chapter 7 yourself, it will cost you a $299 filing fee.
Yes - since you have nonsubstantial assets, you can voluntarily dismiss your Bankruptcy case at any time.
To file a Bankruptcy, you have to fill out a 60-page application, but filling out the application is not as ominous as it may seem, because there are about 30 pages that remain blank, or need only one check mark. You should be able to get the application from your local Bankruptcy court.
There is no penalty for dismissing your case.
However, you will not be able to keep your credit cards, even if you dismiss the case. Credit card companies cancel all credit cards upon a Bankruptcy filing, even if the cards are not in default, and even if they have no balance. This has nothing to do with the Bankruptcy court - it is the policy of the credit card companies.
I added this, but do not know if it went through:
Filling out the 60-page application is not as ominous as it may seem, because there are about 30 pages that remain blank, or need only one check mark.
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