How To File Chapter 7 – Your Choice

Apr 2nd, 2014 | By | Category: Info

Debts and other type of mortgage loan plans are always opted by people. The reasons for opting such paradigms might be in plenty. They might be running low on cash and yet want to afford that expensive real estate property, with the intent of selling them at higher rates on a later date. Real estate business has its own share of bloom period and dull periods. The other feasible reason is because they might be having ample savings on their accounts, but are reluctant to touch them. Whatever be the scenario, if the debts aren’t repaid at the proper intervals that had been initially laid out, then opting for bankruptcy is one of the most effective methods to follow.

The parent company of one of the nation’s largest airlines filed for Chapter 11 bankruptcy protection Tuesday morning. AMR Corporation, which runs American Airlines and American Eagle, said that bankruptcy is in the best interest of the companies and its stakeholders. The companies say the Chapter 11 process will enable them to continue conducting normal business operations while they restructure their debts.

QUESTION: Foreclosing and filing Chapter 7!!!?
Once I get the conformation from the Mortgage company I will file Chapter 7. How long do you think l can stay in my house before they come get it? I have heard of friends being in their homes for over 6mths after filing. I live in Nevada. Assuming I qualify for Chapter 7!!!

  • Let's get the real answer here…If you qualify for the chapter 7…which is based on income, debt, passing a means test which is per the new bankruptcy can re-affirm on the mortgage, be able to stay in the house and continue to make the payments after you receive a discharge. To qualify for a chapter 7 and keep the home, you payments have to be current, as well as any vehicle notes. Have you filed with an attorney yet? Have you asked the attorney this question..this is what you are paying them for, and they are used to these types of questions. Sometimes people are in them for 3 to 6 months, depending on how fast the mortage company forecloses. They really don't want the house, but..they do what they have to do…If you don't qualify for a chapter 7…you would qualify for a chapter 13, which is a payment plan thru the US Bankruptcy court and handled by a trustee of the court. The payments would be taken out of your paycheck and once an attorney reviews your income, debt, etc, and the trustee is sent the paperwork the trustee makes the final decision on how much you will pay into the plan. A chapter 13, you don't have to be current on the mortgage, and in the payment plan all secured debts are paid first, with unsecured paid at the smallest percent. If you haven't retained an attorney you need to call a few in your area, some will see you on a free consultation, they will look at a list of all your bills, all the bills need to be included in a bk per the new laws, they will look at your last 4 years of taxes, your last 6 mths of pay stubs and will advise on what chapter you are better qualifed for. Good Luck!!

  • It all depends on whether you qualify for Chapter 7. If not, you get scooted into a 13 and end up having to dismiss or pay every month. Blame that on the banking industry and our good friends in Congress.

  • Are You Serious?

    When you are stressed with the company and also the creditors and likewise when you’re unable to pay out the lenders you can easily select chapter 7 bankruptcies. This eliminates all your harmful debts also it should be chosen if you’ve got zero resources. A few of the unprotected debts such as personal loans, credit card bills, home loans, car loans, and medical bills are revealed by chapter 7 bankruptcy. It could be filed by a professional lawyer, since it is complicated. Legal professional that has great knowledge of individual bankruptcy can only file chapter 7 personal bankruptcy and help you. Therefore be careful though selecting the bankruptcy lawyer. Chapter 7 personal bankruptcy can be made by those who’re citizens of United States Of America or even that have business or even own asset in United States.
    DETROIT Nov 5 (Reuters) – Former Michigan Treasurer Andy Dillon said on Tuesday that he was ‘very skeptical’ that Detroit would be able to cut an out-of-court deal with its creditors to avoid bankruptcy after reviewing the city’s June 14 report that said unsecured creditors would only receive pennies on the dollar. Dillon, who resigned last month, testified on the seventh day of a trial to determine whether Detroit is eligible to reorganize its finances under bankruptcy protection. The former treasurer …


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