Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
You can file chapter 7, eliminate the mortgage and any consumer debt.
Educational debts won't discharge.
You indicated it is a condo. Association fees owed at the time of the filing will be discharged as well, however, you have to pay all post bankruptcy amounts that come due to the association.
Until it forecloses.
So, you can file now, but you don't have to.
The bankruptcy discharges the debt either way. probably better to file now, as the lender may let you sign it over in a deed in lieu of foreclosure.
it's usually easier to get them to agree to that -post bankruptcy.
Talk to a bankruptcy lawyer though, and they can help you decide the best time to file the case. But you can file now, or after, either way, the debt would be gone.
If they offer a deed in lieu, it will avoid having a foreclosure on your record.
I'm assuming there is no equity to try to sell, or even short sell? those are options too. Just watch for the assessments that you'll owe after filing, until the foreclosure, deed in lieu, or sale.
sure, what questions do you have?
the page wasn't loading for a few minutes and I didn't see your write u
one moment so I can read it
ok, please review and let me know. I'll be here.
please clarify .. "..as the lender may let you sign it over in a deed in lieu of foreclosure."
sometimes lenders will let you transfer the home back to them to avoid foreclosure.
What difference does this make, sign over or foreclosure?
well, you can either have a foreclosure on your credit (how they transfer title back) and be on the hook for condo assessments until they do, or you can sign a deed in lieu to transfer ownership to the lender and that is the end of it.
Deed in lieu is better than a foreclosure.
If I file for bankruptcy now and the property has not yet foreclosed.
Can the condo association few months still pursue me for fees post bankruptcy?
They can collect amounts that come due from the date you file bk until the foreclosure or deed in lieu
not on the back amounts
You see I have a tenant living there
that is how I can afford to go to school and live.
That is why its to my benefit to drag the foreclosing process
so, use their rent income to pay the assessments post-bankruptcy and you'll be ok
you can wait then to file until they foreclose.
once they foreclose, you won't owe any more assessments after filing the bankruptcy then.
that's fine too.
you can call the lender now even, to see if they want to do a deed in lieu now too, your choice.
Any other questions Karina?
Thank you Terry, that is all for now :)
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