Legal Question in Bankruptcy in Tennessee

Mortgage and ch 7

o.k. where to start ?? my mother and i are both in deeeeppppp financial trouble! 65000.00 1st and 2nd mortgage lots of cc debt and she is on a fixed income about 700.00 a month, i try to help but i'm buried myself. the question is since we are both on the mortgages and title to the house (only appraised at approx. 55000.00) should we wait until we can file at the same time (i have a prev ch 7 from 1997 and cannot refile until late oct) or can she go ahead? what will the mortgage co's. do? and too if she will be filing within the next two months can she stop paying on the bills now? how long will she have to move after we file? will she be able to take all her belongings from the house or should we start doing that before she files?? thanks for the info kittee


Asked on 7/05/02, 3:59 pm

1 Answer from Attorneys
Andrew Nichols Law Office of Andrew B. Nichols

Re: Mortgage and ch 7

Your mother deserves peace of mind and I believe she should file soon. She will not need to wait for you to file in order to protect her rights with respect to the house. If I understand your question correctly your mother has determined to abandon the house because there is no equity in it. This is probably a very good idea. Once she files for chapter 7 bankruptcy relief she will receive the benefit of bankruptcy protection and she cannot be forced out of her house. On average she would have 6 to 8 weeks to move out and take all of her personal property with her. If she intends to file soon then she should not attempt to pay any bills except essential items like the electricity and phone. It sounds like she will need all the money she can hold back to take care of moving expenses and finding a new place to live. Please feel free to call me to discuss this situation in more detail. I would be happy to handle her case. ph. (800) 303-0720

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Answered on 7/08/02, 1:52 pm


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