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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
FiveStarLaw, Attorney
Category: General
Satisfied Customers: 3317
Experience:  Bankruptcy Lawyer. Experienced.
9968427
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Bankruptcy Lawyers are online & ready to help you now

FiveStarLaw
Attorney
Satisfied Customers: 3203
Bankruptcy Lawyer. Experienced.
Terry L.
Attorney
Satisfied Customers: 2204
Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Phillips Esq.
Attorney-at-Law
Satisfied Customers: 950
B.A.; M.B.A.; J.D.

Recent Foreclosure Questions

  • I just filed a chapter 7 while the mortgage company sent me

    I just filed a chapter 7 while the mortgage company sent me foreclosure letter,do I still have time to negotiate modification ,I obviously wrote off all debt that I owee them back mortgage for 3 years
  • Can someone explain NJSA2A 16-49

    Can someone explain NJSA2A 16-49
  • I Live in NJ but own a condo in South Carolina. I'm familiar

    I Live in NJ but own a condo in South Carolina. I'm familiar with NJ foreclosure laws and know that when a property is going to be sold at a sheriff sale, the owner of the property must be given notice. Is this the same in South Carolina? I received only the original notice that the bank was going to file foreclosure but received not further notices. Never got any notices that the foreclosure was granted and/or that the property was going to sheriff sale. But I believe it was sold because the locks have been changed on the property and the property was winterized. I am having difficulty finding out info as to who did this and what their right was to do this. When I called my mortgage company all they told me was that it was REO managed. I'm not even sure what that means, but I think it means they own it now which means they most have foreclosed. Can they do this without sending me information that it was going to happen?
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