Listen...you are NOT keping the house without paying the mortgage past and present as agreed. No, BK will not discharge your debt, past or future obligation, and let you keep the property it is secured by. You need professional advise and consult.
If you are filing for personal bankruptcy it is not necessary to have a lawyer. If you are filing for business bankruptcy, you must retain a lawyer on your behalf.
The timeframe for which a mortgage lender is required to retain files for a paid off mortgage loan depends on the state that the lender is in. Each state has their own laws regarding mortgages.
Yes you will need an attorney to file for bankruptcy and deal with the court. As an individual you will not be able to schedule hearings, etc as necessary to do the bankruptcy.
You will not have to repay the loan for the entire time that you live in that home. You retain complete ownership of your home and after you're gone, your heirs can refinance the loan into a traditional mortgage, sell the home, or walk away from the home altogether. Simply put, a reverse mortgage lets you convert a portion of the equity in your home into cash. No repayment is required until you can no longer use the home as your principal residence.
Reaffirmation does apply to Chapter 13 bankruptcies, and the benefit of filing a Chapter 13 case is that you are usually able to retain your home (as opposed to a Chapter 7 case, where all of your assets are normally sold). Customarily, the debtor and lender enter into an agreement within the bankruptcy to cure the arrearages over a period of time while the debtor continues to make monthly payments. That said, if the debtor falls behind on the payments, the lender can petition the court for relief from the automatic stay and proceed to foreclosure. A lender may never foreclose if the mortgage payments are current and the debtor is in compliance with the other provisions of the mortgage. If your lender is foreclosing and you believe that you have made your payments on time (or adequately cured the arrearage in the bankruptcy), then you should contact an attorney immediately.
Of course...in fact it is the best way to go about it.
The process is elaborate and your Bankruptcy Lawyers Near Me will ask you for a long list of documents. It includes your assets, your debts and your rights. Your income and expense statement is a crucial document. For businesses filing for bankruptcy, you may have to answer tons of questions pertaining to your business to the Bankruptcy Lawyers Near Me to enable flawless filing. Prepare a complete list on what you owe and own. Not all the items on the list are taken away, you still get to retain some. The Bankruptcy Lawyers Near Me may be in a position to identify what you retain and what you lose. The document is scrutinized and after signing the documents, the petition is formally filed with the Bankruptcy Court.
this is a big question, but generally, chapter 13 is used to strip off a second, unsecured mortgage or to retain unexemptable property. you will continuing paying on your secured debts, e.g. your mortgage, and will generally repay only a fraction of your unsecured debts. this will be done over 3-5 years.
If she wished to retain the property. She would in all likelihood be required to refinance the property as the first mortgage holder has priority.
Retain the services of a good lawyer.
No, filing for bankruptcy does not discharge or reduce the principle on student loans, though the bankruptcy process may put 'recovery attempts' on temporary hold. Regarding mortgages, filing bankruptcy will potentially discharge your debt, though you may lose your home unless you choose to file a Chapter 13, which will allow you to consolidate debts and retain your home if you so choose.
To file chapter 11 bankruptcy one must propose a plan and then must find creditors to agree with this plan. Then, the person must take the plan and creditors to bankruptcy court where the judge will decide whether the plan can work or not. As long as the judge and all the creditors agree then that person can follow through with the plan and be in chapter 11 bankruptcy.