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Category: Bankruptcy Law
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I am in Connecticut. I am facing foreclosure with a law date

Resolved Question:

I am in Connecticut. I am facing foreclosure with a law date on June 12. Two attorneys and one financial adviser recommended that I declare bankruptcy. I really don't want to do this and have procrastinated. Am I too late to file for bankruptcy, in light of the law date if I also file a notice with the local court informing them of my bankruptcy application?

Also, I am employed full-time do I select the "wage earner" option? I have to be pro-se as I up to my eyeballs in debt.
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 2 years ago.

Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney here to assist you.

The biggest problem you face in a foreclosure - outside of actually losing the house - is the possibility of a deficiency judgment being obtained against you in the event that the property sells for less than what you owe to the lender. If that happens, the lender can sue you for that amount of money, obtain a judgment and then try to collect through garnishments or seizure of property, etc.

Here's a good link that outlines foreclosure in Connceticut: http://www.foreclosure.com/statelaw_CT.html

This debt/judgment can be discharged in bankruptcy, so it may not be a bad idea to consider bankruptcy if you believe that your house is worth less than what you owe.

Customer: replied 2 years ago.
I am a paralegal, so I am not totally unfamiliar with the law. The Court already decided I would be responsible for any deficiencies. I believe the Bank will dump the property for much less than its worth just to get it off their books. So, if declaring bankruptcy makes it that they can't come after me for a deficiency, they will then have to be more mindful of the selling price. - Is my thinking correct here? And will that allow me to remain in my home for a longer period of time?

Separately, I also asked about the wage-earner option for filing. I am employed again, albeit at 66% less than what I made before 2009.
Expert:  Roger replied 2 years ago.

The lender is required to sell the property for as much as it can get, so the lender should do its best to get as much as it can for your property. The lender is going to assume that it probably can't collect a deficiency, so it's going to try to get as much as it can for the property through the sale.

This is probably not going to have an effect on your right to stay in the property if the foreclosure occurs before you file. You'll have about 30 days from the foreclosure date to vacate. However, if you file and stop the foreclosure process, it will buy you some time because the lender will have to get the bankruptcy court's permission to proceed and then re-start the process. So, you'll have several more days.

A "wage earner" plan is a chapter 13 bankruptcy, which allows you to re-organize your debts and repay them over time. If you choose this path, you can stop the foreclosure altogether and set up a new repayment plan that reduces the interest rates and monthly payments. If you file a 13, you should be able to keep your house as long as you are current. A chapter 13 doesn't discharge any debts, and you eventually pay all of them off - but you have better terms to do so.

Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 26145
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by West
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