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Chapter 7 Bankruptcy
All assets are frozen when a Chapter 7 bankruptcy is filed. The attorney creates an automatic stay. Under an automatic stay, the homeowners will not be able to buy anything, the homeowner will not be able to sell anything, and the homeowner will not be able to give away anything. All unsecured debt like credit cards, unsecured loans, etc. are eliminated or wiped out. However, the debtor or homeowner still may have to pay some of the debt. The trustee or attorney who represents the court will evaluate all the assets (house, car, furniture, equipment) anything of value and decide what must be liquidated to pay some of the debt that was wiped out.
If the homeowner is in foreclosure, Chapter 7 stops the foreclosure proceedings. Typically, the lender will ask the court to release the property from the automatic stay. When this happens it may take an additional three to five weeks before the foreclosure process begins again.
Chapter 13 Bankruptcy
A Chapter 13 is similar to debt consolidation. The payments on the assets are discounted pennies on the dollar, and the homeowner pays an agreed upon amount to the Standing Chapter 13 Trustee every month for the next three to five years. This bankruptcy option allows the homeowner to keep his or her home and other assets. However, if the homeowner misses a payment the trustee can dismiss his or her bankruptcy and the foreclosure proceeding will begin again
There is another solution to foreclosure that is available it is called the Soldier Relief Act of 1940. This program is for a person in the military that is behind on his or her mortgage payments. This program may stop foreclosure based on certain criteria. The criteria are:
- The serviceman has to be in active duty in order to qualify.
- The loan had to be established before the soldier was called out to active duty.
*****It is important to note that this act will stop the foreclosure and stop seizure of any personal property while the soldier is actively serving and several months thereafter.****
Originally posted 2008-12-15 04:18:31. Republished by Blog Post Promoter
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