Legal Question in Bankruptcy in Texas
Many Questions about Bankruptcy
Via a string of bad luck, unemployment, my condo that I owned foreclosed; the bank now owns it. There were two liens on the condo. The mortgage company assigned the 2nd lien to a mortgage assurance company that is now requesting payment from me. A debt-management non-profit now manages my credit card debt. I now have a job. But I'm paying on a $27,000 2nd mortgage debt for a condo I no longer own, will take 15 years to pay off,and I still have not recuperated from my stint of unemployment. I'm considering bankruptcy. Which chapter would be the best for me? How will it affect my credit? Can I file and still build up my savings? How long before I could buy another house?
2 Answers from Attorneys
Re: Many Questions about Bankruptcy
You should most likely file under Chapter 7. I believe that you have correctly done the math and you realize this is something you should do now. You will be able to revamp your credit over a period of three years after your bankruptcy case is processed and finished. After approximately three years you should be able to get approved for a mortgage. Everyone deserves an opportunity to start over fresh. The emotional and financial benefit to will be significant. READ MY FIRM PHILOSOPHY! After the bankruptcy is filed you can probably save money. This will be a minor issue. Please feel free to call me personally to discuss your particular situation in more detail. ph. (214) 979-7330 or (800) 303-0720
Re: Many Questions about Bankruptcy
Probably a Chapter 7 to discharge the mortgage deficiency (the second lien, its no longer a lien if the first lienholder has foreclosed) and to discharge the credit card debts. Bankruptcy will stay on your credit report for 10 years. It will hurt your ability to get credit, although since you already have a foreclosure on record, your credit is already adversely affected. Once you file a chapter 7 bankruptcy, all the income that you earn after you file is your property. You could start saving money after you file. Any savings that you now have you might lose depending upon which set of exemptions (state or federal) are right for you. The state exemptions are usually more advantageous, however the federal exemptions have a "wildcard" exemption that can be used to exempt cash. The time until you can buy another house will vary. There are mortgage lenders who have products for borrowers with credit problems although these usually come at a higher interest rate.
Related Questions & Answers
-
Bankruptcy and Judgements I recently won a judgement in a civil lawsuit. Now the... Asked 6/10/02, 4:39 pm in United States Texas Bankruptcy Law
-
Should i ? i was sued for 29,000. And lost so i owe this much and i do not have a... Asked 6/07/02, 10:46 am in United States Texas Bankruptcy Law
-
Changing attorneys I am in the process of filing bankrupcy and am having trouble... Asked 6/01/02, 5:47 pm in United States Texas Bankruptcy Law