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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17248
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I have declared bankruptcy two years ago. I have stopped paying

Customer Question

I have declared bankruptcy two years ago. I have stopped paying taxes and insurance. I just pay for utilities.

The Sheriff has not come to the house yet. My questions are as follows:
How responsible am I for this house given my present status? What would I be responsible for? Do I need to get some legal help on this matter?
How much time can I extend staying in this house after the Sheriff comes?
How much time do I need to wait before I can buy another house?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 4 years ago.


Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.


If you filed bankruptcy and listed the mortgage, you are no longer liable for the taxes or the insurance,


the lender should have taken the home,


Unless you want to file a chapter 13 bankruptcy and make a payment plan to keep your home,


it would be difficult for you to stop the sheriff from removing you from the home,


In terms of buying another home, that will depend on your credit score now and income, if two years have passed your score may be in the 600's and youcan apply for a mortgage now.

Expert:  WALLSTREETESQ replied 4 years ago.
good luck
Customer: replied 4 years ago.

your information doesn't coincide with what I have been learning about

buying after foreclosures.

Expert:  WALLSTREETESQ replied 4 years ago.

if you discharged the mortgage in your bankruptcy, the foreclosure will not hurt your credit as much, and the loan was discharged.


The FHA will insure mortgages to individuals who have filed Chapter 7 liquidation bankruptcy two years after the discharge if “the borrower has re-established good credit (or has chosen not to incur new credit obligations), and has demonstrated an ability to manage financial affairs.
 You can look at the link above as well, typically two years after a chapter 7 you can qualify.