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Bankruptcy and Foreclosure

What is a foreclosure?

A foreclosure is a process where an individual, also called as the lender, tries to get the balance amount of his/her loan from the debtor legally. In most cases, the debtor may have stopped making payments to the lender. Many times people may resort to bankruptcy to avoid foreclosures. In such a situation, it is important to understand how bankruptcy and foreclosure work and what the foreclosure process is. Given below are popular questions about bankruptcy and foreclosure.

Can a Chapter 11 Bankruptcy Stop the Foreclosure of HOA Dues?

A chapter 11 bankruptcy may not stop the foreclosure of HOA dues. In most cases, chapter 11 bankruptcies may be used for business purposes. If an individual wants to stop the foreclosure of HOA dues, he/she may do so by filing for chapter 13 bankruptcy before the foreclosure sale.

Can a Foreclosure be Stopped just two days before the Foreclosing Process?

If an individual wants to stop a foreclosure two days before the process, he/she may get a pre filing certificate online and may file a skeleton chapter 13 bankruptcy. Once the foreclosure is stopped, he/she may complete the paperwork for the bankruptcy.

Can an Individual File an Emergency Chapter 7 Bankruptcy to stop a Foreclosure?

An individual may file an emergency chapter 7 bankruptcy before the foreclosure sale to stop the foreclosure. A notice of the bankruptcy case filing may be given to the trustee or company that is conducting the foreclosure sale. However, if the documents that are required for chapter 7 bankruptcies are not submitted to the court within 15 days of filing the bankruptcy, it may be dismissed by the court.

Can an Individual include the Mortgage Payment on Schedule J of Chapter 7 Bankruptcy if the Foreclosure of his/her home has already begun?

An individual may include the mortgage payment on schedule J of a chapter 7 bankruptcy provided he/she intends to keep the house and make the payments to the debtors that he/she may list as expense on the schedule.

Can a Bank Foreclose a Loan after a Chapter 13 Bankruptcy is discharged?

If an individual had filed for chapter 13 bankruptcy, it may stop the foreclosure of the loan immediately. It may also permit the borrower to pay the arrearage on the home over a period of five years. In most cases, the bank may not foreclose the loan after five years once the bankruptcy is discharged as the loan would not be default any longer.

Would it be difficult to recover from a Chapter 7 Bankruptcy or a Foreclosure?

In most cases, a chapter 7 bankruptcy would be easier to recover from as a person would have no debt once a chapter 7 bankruptcy is discharged. A foreclosure will require the debtor to pay off any unpaid portion of the equity loan.

For how long does a Chapter 7 Bankruptcy Delay Foreclosure?

Bankruptcy and foreclosure processes may be different in different states of USA. In some states like New York, a chapter 7 bankruptcy may delay the foreclosure for three to six months depending on whether the mortgage company files for relief from stay or not.

What can an Individual do if a Debt Collection Agency contacts him/her for a Second Mortgage after a Foreclosure?

If a debt collection agency contacts an individual for a second mortgage even after a foreclosure, he/she may send the agency a copy of the bankruptcy petition that had a list of the creditors informing them that the debt was discharged. The debt collection agency may not be able to collect the money from the individual’s bank or savings accounts.

Having information about bankruptcy and foreclosure can help individuals take a decision on whether to apply for bankruptcy to avoid a foreclosure or not. Bankruptcy may be used to protect an individual from foreclosure if he/she has the right amount of knowledge about both bankruptcy and foreclosure.

Ask a Bankruptcy Lawyer

FiveStarLaw
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Experience:  Bankruptcy Lawyer. Experienced.
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Recent Foreclosure Questions

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    I'm in foreclosure at this time with a sale date of 11/26/2014.Can I file for ether chap 13 or chap 7 Bankruptcy.
  • I went thru a bankruptcy 4 years ago and have been living in

    I went thru a bankruptcy 4 years ago and have been living in the same house every since without re affirmning my loan , now I want to move but they say I would have to sell this place first which I am 40,ooo under water on . so that cant happen or do a
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