Rules for Filing a Second Bankruptcy | LegalZoom Legal Info – A second Chapter 13 bankruptcy may be filed any time after a prior chapter 13 bankruptcy discharge; however, you will not be eligible for a discharge under the second bankruptcy until two years have passed since filing the previous chapter 13 bankruptcy.
After bankruptcy what if I don't pay my second mortgage? – Say you owe $75,000 on the second mortgage, file chapter 7 bankruptcy, and pay them nothing for three years. If the value of your house is still less than you owe on the first, and you offer them $7000 to call it even, they might agree. If you move out, they get nothing. That strategy takes nerves of steel.
Getting Rid of Second Mortgages in Chapter 13 Bankruptcy | Nolo – The second mortgage (or other junior lien) you strip is treated as a nonpriority unsecured debt when you file your bankruptcy. Just like medical or credit If your case gets dismissed before you complete your bankruptcy plan, your second mortgage lien will not be stripped. lien stripping in Chapter 7.
How Bankruptcy Works – Fred Appleton – Tools of Trade. Tools of trade to the value (second hand or auction value) are safe if you are bankrupt up to a limit of $3,750. In reality tradies don’t tend to lose their tools of trade if they need to go into bankruptcy.
buy vs. rent Top 25 Reasons Why Businesses Should Buy Instead of Rent – Most small business owners are wondering whether they should buy or rent office space. This article lists the 25 reasons why buying a property.
What are the Options for a Home Mortgage in Bankruptcy. – Assuming the second mortgage is short term, section 1322 (c) (2) of the Bankruptcy Code provides for the mortgage to be bifurcated into two parts: 1) a secured claim which must be paid off in full,
What Happens to Mortgage Liens After Bankruptcy Discharge? – Mortgage debts, and other secured debts-such as those on vehicles-are also dischargeable in bankruptcy in most cases. This means that the obligation to pay on the underlying mortgage (or other secured) debt is extinguished if you receive a discharge in bankruptcy.
Fanwood’s Sun Tavern closes after bankruptcy auction fails to attract buyer – The Sun Tavern, a landmark in the borough, closed its doors Tuesday after a bankruptcy auction failed to attract any. The $2 million minimum bid was needed to cover the outstanding mortgage, and.
Mortgage Modification Before, During and After Bankruptcy. – Mortgage Modifications Before, During and After Bankruptcy Any exploration of this topic requires an understanding of reaffirmation agreements. Under New York bankruptcy law (In re Boodrow) a debtor does not have to sign a Reaffirmation Agreement for a mortgage on real estate.
Mortgages After BankruptcyMortgages After Bankruptcy – A personal bankruptcy stands out as a conspicuous blemish on a consumer’s credit report for as long as 10 years. But the barrier it presents to obtaining a mortgage doesn’t have to last that long. Many individuals who sought bankruptcy protection during the recent recession.