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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17252
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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If you file for a bankruptcy and the foreclosure process is

Customer Question

If you file for a bankruptcy and the foreclosure process is long will it be stopped for? What happens to the mortgage they just accrue? Will there be a repayment plan put in place?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 7 years ago.
what type of bankruptcy are you going to file?
Customer: replied 7 years ago.
I dont know yet...planning to go for a Chap 7 if I pass the means test. Else Chap 11 I think?
Expert:  WALLSTREETESQ replied 7 years ago.
A chapter 13, might be best, XXXXX XXXXX let you keep the house but you have to pay the monthly payment, the arrears are paid over 60 months. In a chapter 7, the house would be given to the bank, and they would sell the property within three months after the filing. In a chapter 7 you will owe nothing and the past arears will be wiped out.
Customer: replied 7 years ago.


Thank you for your answer. This helps a lot. Just to clarify...they will let me keep the house in a chap 13 but wipe out all my other debt such as credit cards? or would those also be put on a repayment plan?

Expert:  WALLSTREETESQ replied 7 years ago.
the other debts would be diminished as much as 50-90% and paid over 60 months with the arrears.
WALLSTREETESQ and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 7 years ago.

Thank you Kumar.


If you have a moment...could you also tell me what happens to my student loans? I am accepting your answer and making payment.


Thanks for your help.


Expert:  WALLSTREETESQ replied 7 years ago.
the student loans have to be paid regardless of which bankruptcy you file.