Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Hi - I'm not sure if i need to reply yet as I'm assuming you are looking at my info and questions but I guess it doesn't hurt - sorry I've never used anything like this
yes I am aware of what will happen if i continue with the BK but if the lender would normally sell the bad loan wouldn't it make more sense to try and buy it out or hire a firm to buy it for me similar to what the factoring firms do
thanks for the link - understand the bank can still try and collect but when they determine that they are unsecured wouldn't they be more apt to sell it off or negotiate a discounted buyout
OK so since they have just been notified about the 13 filing and my meeting with trustee is in two weeks, what is the best logistical approach - call them now; wait till after strip is approved
what are my options for cancelling/withdrawing the chpt 13 filing - is there a certain point after which you can't
I'm basically trying to figure out if there is a "sweet spot" of time in this process to maybe get a deal done with the bank from threat of chpt 13 but still within a time frame that i could not have to complete it
so how do i find out if my loan was insured and if insured is it legal for them to try and also collect from me
if/when you dismiss a bk13, can you get off your credit or is there just like if you went the entire 5 yrs
when i ask my bk attorney if we can/should approach the lender he says not to do anything until it's stripped - kind of like don;t wake a sleeping giant - but should that matter
does the 7 years include the 5 yrs of being in the chpt 13 plan or is it 7 years after the 5yrs
does the 7 yrs include the 5 yrs of being in chpt 13 or does the 7 yrs start after the end of the 5 yr chpt 13 plan is completed
so if the loan is insured are they required to remove the lien; and if so at that point would it make sense to dismiss the BK since they couldn't go after me
how can i find out if the loan is insured - can i find out without contacting the lender - is there a way to look it up - would there be any reason they wouldn't collect on the insurance
OK - have you had any experience where the fed gov goes after someone - is the only protection from the fed BK - I haven't heard of the gov going after people who defaulted on home loans like when they go in to foreclosure, etc...
OK - then its probably not insured so then its a matter of trying to buy it out - but it seems like since we have already filed we will have this on our credit so i guess it makes sense to move forward for now and while in it I guess i or lawyer can contact them to see if they want to do a discounted buyout - if they know it's being stripped I'm assuming they couldn't wouldn't sell it to one of those co's since it has no value so maybe they would be willing to do a buyout - what do you think
Kirk - you have been very helpful - thank you - if i want to speak to you in the future how do i get in contact with you
ooh - so what is the pending period - my trustee meeting is the 25th
do you have a phone number or is that not OK
so generally how long is that fro the time we have our meeting
OK - you have given me some helpful info with which to work with my attorney
Thank you - I guess it's time to sign off - btw what part of the country are you in if you don;t mind me asking
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).