Legal Question in Bankruptcy in Illinois
Foreclosure/Chapter 13
We filed Chapter 13 to avoid foreclosure (we want to sell the home). The stay under bankruotcy has been revoked and the mortgage company will proceed with foreclosure. We are not planning to fight it, we don't want the home. Will we still be responsible for the arrears amount due under the Chapter 13 filing or will the foreclosure wipe that out? The mortgage arrears is the only secured debt under the bankruotcy.
Asked on 1/08/08, 1:52 pm
1 Answer from Attorneys
Joseph Michelotti
Michelotti & Associates, Ltd.
Re: Foreclosure/Chapter 13
Convert the case to a chapter 7
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Answered on 1/08/08, 11:46 pm
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