If I file bankruptcy can i keep my house and redo my loan?
Usually the answer yes. Bankruptcy is a legal proceeding in which a person can get a fresh financial start. Bankruptcy can be very useful and effective in resolving financial problems in certain cases.
You can keep your house with both chapters of bankruptcy. In a chapter 7 you can keep the main house you live in, but you have to keep up your payment. Chapter 13 you can keep your home, but your payments are made to the trustee and then sent to the mortgage company. I have seen situations where a chapter 7 is filed and the late payment fees, etc are discharged. Chapter 13 you are paying the lates fees, etc on top of your regular mortgage payment. However, if you do not have enough income coming in to pay the mortgage you will have to let the house go unless the mortgage company is willing to lower the interest rate. How bankruptcy will effect you depends on where you live. I live in Tennessee and currently we have the highest number of filings in the United States. If you want to get your credit back on track you will have to pay your bills on time every month.
You can keep your house with both chapters of bankruptcy. In a chapter 7 you can keep the main house you live in, but you have to keep up your payment. Chapter 13 you can keep your home, but your payments are made to the trustee and then sent to the mortgage company. I have seen situations where a chapter 7 is filed and the late payment fees, etc are discharged. Chapter 13 you are paying the lates fees, etc on top of your regular mortgage payment. However, if you do not have enough income coming in to pay the mortgage you will have to let the house go unless the mortgage company is willing to lower the interest rate. How bankruptcy will effect you depends on where you live. I live in Tennessee and currently we have the highest number of filings in the United States. If you want to get your credit back on track you will have to pay your bills on time every month. Get a secured credit card (the limit is determined on how much you send in), Make a very small purchase once a month and pay
It depends on which kind you file. One of them will protect your house the other will not. I would contact a lawyer and get an answer from them. I also help with people that need to sell there homes. http://r.yuwie.
