what debt does bankruptcy cover
My bank was bought out. I’m in bankruptcy making payments. Should I worry?
The bank that hosted my mortgage was bought out. I’ve been declaring bankruptcy for the last 3 years. I’ve been making monthly payments to cover my debts. I’m worried about where I go from here. I don’t want to end up homeless.
Will my payments still be honored in order to get myself out of debt and to pay off the rest of my mortgage?
I only have a year and a half left until May 2010.
Am I in trouble? Is there anything I should do to prep myself for the worst? Please, serious answers only. I haven’t been able to get any straight answers from my family or my lawyer because they don’t know the details of what’s been happening.
If your lawyer can’t help you I’m not sure that you should count on anyone here . . . But what the heck. If I were you I wouldn’t worry until you have a real reason to. If you’re keeping up on your payments, I’d expect the new bank to leave you alone. They’ve got more serious issues with people who aren’t keeping up. In general, I think the new bank has to honor the agreements of the old bank. I’m assuming you have a written agreement for this repayment plan. You should look at it and see if there’s a provision dealing with a change of ownership or one that allows the bank to change the agreement’s terms without your agreement. If so, then potentially something could happen. If you’re really concerned you should discuss the details with your attorney. It also wouldn’t hurt if you got to know someone at the bank so that you’re not just a name and an account balance. Hope this helps.
