Hi - my name is XXXXX XXXXX X'X a Bankruptcy and Consumer Protection attorney here to assist you.
Filing a Bankruptcy will place a 'stay' on the foreclosure proceedings.
For how long? Can I sell it during that time?
What if I own it with my husband and we are in a divorce? I live in the apartment.
The 'stay' lasts for up to 6 months.
Yes - you can try to sell the apartment while the stay is in effect.
The fact that you own the apartment with your husband cannot stop the stay from going into effect.
Even if you are the only one filing a Bankruptcy.
This is fantastic news for me. Is there a way I can restructure and possibly keep the apartment in the bankruptcy process.
1) What is the current market value of the apartment?
2) What is the balance owed for the mortgage(s) for the apartment?
2 million. 1.666 owed
Is there only one mortgage?
I have an offer currently for 1.95 but if it falls through they will auction the apartment and I have no place to go. My husband took my social sec
security number and destroyed my credit. It's terrible.
Are you able to pay the mortgage going forward?
Filing a re-organization (re-structuring) Bankruptcy would allow you to pay your arrears over a period of up to 5 years. But you would still have to pay the regular mortgage payment each month.
yes. I could pay but I cant pay all the arrears at once.
You would be allowed to pay the arrears over a period of up to 5 years. The mortgage company would be forced to accept this arrangement.
And perhaps you would be able to sell the apartment in the meantime.
You are changing my life! I didn't know what I was going to do.
Do you have other creditors that you owe a significant amount of money to?
That could be a problem.
Yes I could sell it or rent it out. Would I be allowed to rent it out?
Yes. I have others but they are all not mine. They are fraud from my husband. I am finding problems because I am being told that a spouse can sign my name. It's really terrible. Are you saying I wont be able to do the bankruptcy and stay in the apartment if I have that?
No - you can still file a Bankruptcy, but you would also have to pay what is owed to the credit card companies (also over a period of up to 5 years).
And which could also be paid out of the proceeds of the apartment sale.
I could not pay the credit cards and the apartment.
this guy destroyed me financially. He is a thief and he is getting away with it because of a marriage license. it's unbelievable.
Would you be able to pay what is owed for the credit cards and the mortgage if you were able to pay the amount owed over a period of 5 years?
no. So I don't know what to do? Would I still be able to try to keep my apartment?
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