Get Your Copy of "Should I Short Sale My Home" for $8.00 for a limited time
Powered by MaxBlogPress 

 Powered by Max Banner Ads 

What is the difference between a Chapter 7 and Chapter 13 Bankruptcy

Posted By admin on October 26, 2009

Thank you for revisiting you can still subscribe to my RSS feed. As Always Thank You for visiting!

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


Taylor-Brown's Related Post s' Related Posts
  • Bad Credit Help - Latest News [caption id="" align="alignleft" width="150" caption="Image by Getty Images via Daylife"][/caption] Bad credit has effected everyone lately.  The latest news from around the blogosphere will give you ideas on how to address some of those issues: Bad Credit Small Business Loans: Finances to Make Your Business a ... Lenders are......
  • The Truth About Mortgages The truth about mortgages is that it has changed, but has it changed for the better.  If the change is for the better remains to be seen, but it is important to note that change has occurred.  The changes are: Your credit score must be 620 or higher You can......
  • Stimulus Package - Free Web Tools to Make Your Life Easier There are ten FREE web tools that can make your life better.  Those tools are: www.mint.com - This site helps you track your expense because it pulls to a secure site all of your bank information.  This makes it easier to get your taxes information together. www.zenbe.com - This site allows......
  • Your Credit and the Home Equity Line of Credit If you are like most homeowners you have considered using a home equity line of credit to get out of debt with high interest rate credit cards. There are at rate credit cards. There are at least two schools of thought to consider if you want to get a home......
  • Advantage Mortgage Exceeds the Needs of Many that Want to Acquire a Mortgage If you want to be a powerhouse in the world of mortgages then you would ask yourself a question like, "What mortgage products are my clients and potential clients looking for?"  Advantage Mortgage answered that question by providing products that meet and exceed the needs of clients or potential clients......
Related Websites

About the author

admin

Serena Brown is broker and owner of Taylor-Brown Real Estate. She is the author of this blog. She has also co-authored a book entitled Should I Short Sale My Home. She has authored a e-book How to Sell My Home. She will be authoring a book on real estate investing by April of 2010 and several reports. She has dual degrees in Business Administration and Electronic Engineering Technology. She prides herself on being up to date on all trends, news, and education related to real estate to include short sale, loan modification, etc. She also makes sure her clients are abreast of how these changes will affect them financial. Therefore, stay tuned for great information in 2010.

Comments

26 Responses to “What is the difference between a Chapter 7 and Chapter 13 Bankruptcy”


  1. [...] unknown wrote an interesting post today onTaylor-Brown Real Estate Talks » Blog Archive » What is the …Here’s a quick excerptThe 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. … [...]


  2. [...] unknown wrote an interesting post today onTaylor-Brown Real Estate Talks » Blog Archive » What is the …Here’s a quick excerptReal Estate Secret Info » Blog Archive » Taylor-Brown Real Estate Talks » Blog Archive » Options for … on Options for Homeowner’s in Foreclosure · Safe Real Estate Info » Blog Archive » Taylor-Brown Real Estate Talks » Blog Archive … [...]


  3. [...] unknown wrote an interesting post today onTaylor-Brown Real Estate Talks » Blog Archive » What is the …Here’s a quick excerptReal Estate Secret Info » Blog Archive » Taylor-Brown Real Estate Talks » Blog Archive » Options for … on Options for Homeowner’s in Foreclosure · Safe Real Estate Info » Blog Archive » Taylor-Brown Real Estate Talks » Blog Archive … [...]


  4. [...] unknown wrote an interesting post today onTaylor-Brown Real Estate Talks » Blog Archive » What is the …Here’s a quick excerptReal Estate Secret Info » Blog Archive » Taylor-Brown Real Estate Talks » Blog Archive » Options for … on Options for Homeowner’s in Foreclosure · Safe Real Estate Info » Blog Archive » Taylor-Brown Real Estate Talks » Blog Archive … [...]


  5. [...] unknown wrote an interesting post today onTaylor-Brown Real Estate Talks » Blog Archive » What is the …Here’s a quick excerptReal Estate Secret Info » Blog Archive » Taylor-Brown Real Estate Talks » Blog Archive » Options for … on Options for Homeowner’s in Foreclosure · Safe Real Estate Info » Blog Archive » Taylor-Brown Real Estate Talks » Blog Archive … [...]


  6. You are a very smart person! I never would have thought about it this way.


  7. Hi, nice post. I have been thinking about this issue,so thanks for blogging. I will probably be subscribing to your site. Keep up the good posts


  8. [...] What is the Difference Between Chapter 7 and Chapter 13? [...]


  9. That is fantastic. I learned so much from your post and am looking over the rest of your blog now. I will let others know about your blog


  10. [...] » What is the difference between a Chapter 7 and Chapter 13 Bankruptcy Share and Enjoy: [...]


  11. [...] » What is the difference between a Chapter 7 and Chapter 13 Bankruptcy [...]


  12. nice! i’m gonna make my own blog


  13. Hi, I appreciate good sites like this. checkout my,


  14. DIY Loan Modification…

    In a few cases, the bank’s attorney will keep collecting rent from the tenants, so it’s in a renter’s best interest to keep paying the rent in full and on time even after learning that the property is going through foreclosure. However, this kind of…


  15. fast credit repair…

    Here is a portion: Have you ever wondered how important a credit score is? Credit scores are a big mystery to some people. There are things called tri- merges, credit ratings, adverse credit, no credit, credit bureaus, etc. All the terms and all the re…


  16. It is great to see this place is finally getting the attention that it totally deserves! Keep up the great work.


  17. This is some valuable information, I just wrapped up my paper for class and think i may need to bookmark or save this for the second class lol. You may have just made me a regular :)


  18. This is some really information, I just finished my paper for school and wish i would had found this article sooner. You may have just made me a regular :)


  19. Wow, this is some good useful stuff. It


  20. I am so happy I found your blog. The information on your blog needs to be discovered so I have added you to my Google News Reader. I really look forward to reading more posts from you. Keep up the good work!


  21. Enjoyed the posts..


  22. Great thread. Enjoyed the posts..


  23. Thanks 4 This Good Read! I’ve found FreeCredit Report is definitely a excellent website to get my free credit report and get the score for nothing. Has Anyone else used them?


  24. Excellent post. Thanks! Read our reviews of colon cleansing at http://www.ColonicCleansing.info


  25. I have been searching all around for this particular post. Happily my partner and i came across it at Yahoo.

    KASANDRA


  26. I really like your blog. I have been researching the topic and will add you to my reader to continue reading. Keep up the good work! Others need to know about your site.

Leave a Reply

Free Advertising


www.netspend.com
www.naca.com
Facebook Login
www.ncesc.com
Oil Of Olay Coupons


 Powered by Max Banner Ads 

"Welcome to Taylor-Brown Real Estate Talks"

Taylor-Brown Real Estate Talks' goal is to empower the consumer with education about real estate, insurance, and mortgage trends, news, terms, etc., so that the consumer can achieve financial wealth through listing and selling real estate.


About the author

admin

Serena Brown is broker and owner of Taylor-Brown Real Estate. She is the author of this blog. She has also co-authored a book entitled Should I Short Sale My Home. She has authored a e-book How to Sell My Home. She will be authoring a book on real estate investing by April of 2010 and several reports. She has dual degrees in Business Administration and Electronic Engineering Technology. She prides herself on being up to date on all trends, news, and education related to real estate to include short sale, loan modification, etc. She also makes sure her clients are abreast of how these changes will affect them financial. Therefore, stay tuned for great information in 2010.

© 2008-2010 Taylor-Brown Real Estate Talks All Rights Reserved -- Copyright notice by Blog Copyright