Friday, December 10, 2010

Bankruptcy and documents my house.

When you file bankruptcy, you can keep your home. This depends on several factors, including whether you Chapter 7 or chapter 13 bankruptcy, dropped, when the mortgage is updated and when it equity in the home. Automatic StayThe bankruptcy court issues a debtor's bankruptcy records automatically if suspension. This order prevents that creditors, including a mortgage lender to debt collection actions, such as a foreclosure.Current on MortgageA debtor who is currently on his mortgage may be able to keep his house in spite of bankruptcy. But, in a case of Chapter 7, if the debtor exemption from its State - protected equity home by Homestead the proportion of capital before protected the trustee, the trustee can sell to pay the House and use of the product, even if creditors that is unsecured current.In chapter 13 which can debtor is the original his DefaultIf home.In to keep a debtor in default in the foreclosure, mortgage reaffirm loan agreement filing for chapter 13 can prevent that lenders to take your House. Chapter 13 can prevent a debtor, locks and his home in the past of the reimbursement plan amount in reimbursement keep approved the Court of justice.

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