Legal Question in Bankruptcy in New York
chapter 7
we are in a debt management program. we are being summons to go to court for this. we also have our house on the market for a short sale. we are behind on our mortgage payments. should we apply for chapter 7 and if we do can we include any payment owed to our mortgage company with our credit cards?
1 Answer from Attorneys
Re: chapter 7
It sounds like even though you are in a debt consolidation program, it is not working and creditors have sued you.
A chapter 7 bankruptcy should enable you to walk away from all of your debts, although a consultation would certainly be necessary to make sure that you qualify.
It also sounds like you have no equity in your house and you are willing to walk away. Generally, there is no benefit from having a short sale if you plan on filing bankruptcy. There are ways that you can stay in your house for an extended period of time without having to make any payments.
Please feel free to review my web site: http://www.bankruptcycanhelp.com for additional information, and also feel free to contact our office for a consultation.
Related Questions & Answers
-
Hold on bank account A credit card company placed a hold on my bank account. Can... Asked 11/10/08, 3:17 pm in United States New York Bankruptcy Law
-
Eligible debt My brother built up alot of debt about 6 months or so ago because of... Asked 10/31/08, 3:02 pm in United States New York Bankruptcy Law
-
Secured Creditor in Banruptcy A creditor entrusted $200,000 (bearing no interest)... Asked 10/29/08, 5:23 pm in United States New York Bankruptcy Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
