When Can They Use Bankruptcy
Read on another post that 95% fail.
When can they use or not to save house from foreclosure
thanks
Read on another post that 95% fail.
When can they use or not to save house from foreclosure
thanks
Rayh78:
How ya doing?
Anway a BK 7 only wipes out unsecured debt while the BK 13 ONLY DELAYS the inevitable FORECLOSURE sale.
Most people who file DON'T understand the ramafications of either ...
and since the recent changes in the BK laws most are STIILL under the assertion that they can wipe out 100% of what they owe in a BK chap 7...
NOT IF you have EQUITY in your Home...the Trustee could order a SALE to satisfy Jr. Creditors at a reduced % of what is owed.
If you plan to keep your(or buy a Subj-2) home I'd suggest you investigate how BK could impact you(or your deal).
Better yet ask the BK ATTY up front:
HOW EXACTLY will this AFFECT ME Keeping this Home?
What EXACTLY will I be Paying? For How Long?
SSP is probably 95% K-REKT ---
Almost 99 and 9/10ths % of BK 13 filings
wind up in DISMISSAL(Thrown Out ---NOT (being Satisfed & formally) DISCHARGED by the BK Judge...
I hope this helps!
Derrick