Legal Question in Bankruptcy in Minnesota

Bankrupcy vs Forclosure

We are currently behind on our mortgage and they are threatening forclosure. We have had the property up for sale since last June and have not been able to sell. We borrowed money to get the place ready for sale and tapped out family and credit cards. We need to put this behind us and move forward. We're just not sure how/what to do. Please respond

Asked on 1/17/07, 5:55 pm

2 Answers from Attorneys

David Kelly-952-544-6356 Kelly Law Office

Re: Bankrupcy vs Forclosure

You sound like a candidate for a bankruptcy. You might want to check out the information on my site:

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Answered on 1/18/07, 11:44 am

Re: Bankrupcy vs Forclosure

If you are tapped out financially and looking to save your home. You may want to consider a Chapter 7 or 13 bankruptcy depending upon your situation. What Chapter you are elgible for is determined by your income. The bankruptcy would place an automatic stay on creditors to allow you to catch up on past due mortgage payments.

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Answered on 1/17/07, 6:09 pm

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