Legal Question in Bankruptcy in Wisconsin

Bankruptcy--Saving Your Home

I would need to know the entire history in order to advise you. However, generally when a bankruptcy is dismissed, creditors go back to the same position which they were in before the bankruptcy. That means that they can continue foreclosures or other collection procedures and lawsuits. Depending upon how far down the road your foreclosure has gone, you may still be able to save your home by filing a new chapter 13 bankruptcy, although there are certain limitations for multiple filers, depending upon the recency of the last filing attempt. In order to successfully save a house in a chapter 13, you will need to re-commence your normal payment; comply with all other requirements of your mortgage such as paying property taxes; and keep the property insured. In addition, you must make "catch up" payments through your chapter 13 plan. The down side, however, is that you must also pay at least a percentage of the amount owed to your unsecured debts such as credit cards and medical bills. (In most chapter 7's, payments to the unsecured would not be required, but chapter 7 lacks the mortgage reinstatement option of chapter 13.) Chapter 13 filings can also be advantageous for vehicle loans which are at least 2.5 years old. You can pay the current value of the car rather than the entire amount you owe. You often only need pay cents on the dollar on the balance owed, including finance charges. The amount you pay will depend upon your income, household size and the value of any non-exempt assets you own. (For lower to mid income folks, clear ownership of non-exempt assets are rare--most middle class possessions will be exempt.) Good luck!