bankruptcy procedures
what is the procedure to file for bankruptcy? will it effect if you own a house(still making payments)?
Will they (govt.)still touch my house if i keep on making just my house payments but nothing else?
This answer assumes that you are in the USA. If not, please disregard.
Most people who file bankruptcy in the USA who want to keep their house and who can afford the house payments, do manage to keep their house. There are a number of different strategies for doing this, and your bankruptcy attorney will recommend a strategy based on other features of your individual situation.
The simplest is: if you are current on your house payments at the time that you file, you can file Ch 7 and reaffirm your mortgage and just keep making the house payments. You cannot use this strategy if (a) you are behind on your mortgage payments, or (b) you have more equity in your home already than you state’s exemptions allow. If either (a) or (b) is true, your attorney will probably recommend that you file Ch 13 instead, which can deal with either (or both) of the above issues.
Sit down with a good bankruptcy attorney (most offer one free or very low cost appointment to discuss issues like this) and find out what your options are, given your particular financial situation and your state’s exemptions.
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Bankruptcy Procedure Manual: Federal Rules of Bankruptcy Procedure Annotated… $80.12 |
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Bankruptcy and Insolvency Accounting, Volume 1, Practice and Procedure, 6th Edit $52.44 |
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Introduction to the bankruptcy law and procedure Audio $21.00 |
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2011 U.S. Bankruptcy Code & Rules Booklet $25.00 This publication contains the U.S. Code sections and federal court rules essential to bankruptcy law practice. Contents include: Title 11, U.S. Code (the Bankruptcy Code) Bankruptcy related provisions in Title 18 (Crimes & Criminal Procedure) Bankruptcy related provisions in Title 26 (Internal Revenue Code) Bankruptcy related provisions in Title 28 (Judiciary & Judicial Procedure) Federal Rules o… |
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A Guide to Asset Protection: How to Keep What’s Legally Yours $1.99 How to shield your assets from creditors and other claimants.You’ve worked long and hard for your assets, from your business and home to hard-earned savings and investments. To safeguard them–particularly against liability suits, “America’s number one indoor sport”–A Guide to Asset Protection offers proven strategies to help you keep what you may have spent a lifetime earning.Written by an attor… |
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Bankruptcy Basics: A Guide to Bankruptcy Rights and Procedures $1.99 Bankruptcy Basics provides basic information to debtors, creditors, court personnel, the media, and the general public on different aspects of federal bankruptcy laws. It also provides individuals who may be considering bankruptcy with a basic explanation of the different chapters under which a bankruptcy case may be filed and answers some of the most commonly asked questions about the bankruptcy … |
