Can I file bankruptcy if I have lien on my house and debts?
Sunday, April 4th, 2010 at
2:05 PM
Tһеrе іѕ a lien οח mу house. I wουƖԁ Ɩіkе tο file bankruptcy.
Aחу suggestions οח һοw tο doing tһіѕ?
Tagged with: Bankruptcy • Debts • File • house • lien
Filed under: Bankruptcy Judgement • Judgement Liens • Questions-Answers
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Talk with an attorney. There might be a way you could still come out of bankruptcy with something left. You didn’t say why you want to go bankrupt. Do you owe more than $65,000? If there is a way that you can not file bankruptcy then I suggest that you do not file for bankruptcy. Do you have relatives you could live with if you lose the house? Usually if you have a lien then any money that’s taken from your pay or from what has been sold that you own first goest to paying the lien on the house. Debts on the other hand, well you can go to Consulter Credit Counseling who can remove the interest, close your accounts, and help you pay down those bills if you have a job. Right now there are a lot of part time jobs so you can get a second job for the holiday season and don’t buy anything more. Cut off your cable, get rid of your cell phones, and if things get really tight then sell your expensive car if you have one and get a clunker for a while till you recover. If there are others in your family they could get jobs too. And, if you can still have the house for a while longer then maybe you can rent out a room by the week (ask for church attenders who need a room to stay over the holidays). But first you need to figure out how much time you have left on the house before it goes into foreclosure. Best of luck to you.
Ditto with the above answer. You can file bankruptcy but the laws have changed recently to make it harder. Avoid it at all costs, there’s always another solution with counseling. Otherwise, see an attorney.
I was always told if you have a property lien that you cant file. Laws are differnet state to state so check with an attorney.
The reason for bankruptcy is that you have too much debt to ever payoff reasonably. With the new B laws, your debt is not just wisked away anymore. Your estate may be sold, the liens paid off, and you can still be liable for some debt. They can take your house and also setup a repayment schedule that fits your income.
People used to buy as much as possible, house cars boats, loan cash and then file keeping almost everything…… but no more
Call a debt counselor, they will guide you in your options.
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