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Is BK13 necessary when doing foreclosure?

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cheagrace



Joined: 06 Oct 2007
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Posts: 1



64 Magic Points

Subject: Is BK13 necessary when doing foreclosure?
 
Posted on Sat Oct 06, 2007 2:18 am  

Whne letting your house go in foreclosure -- is it necessary to also do BK to prevent the mortgage co. from coming after you for the balance of the loan? I"m in Mich --
Laura

Laura

Joined: 21 Jun 2007
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Posts: 1327



37081 Magic Points

 
Posted on Sat Oct 06, 2007 5:52 am  

This depends on the situation you are in. I think filing a BK13 will be good in your case.
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Laura.
CreditGrantor

CreditGrantor

Joined: 01 Sep 2007
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Posted on Sat Oct 06, 2007 4:48 pm  

You say 'letting the house go in foreclosure' -- does that mean you are letting them take the house?

Before you think about bankruptcy, you should see what they sell the house for and what the deficiency balance is. Chances are that they might not even try to come after you for the remaining balance.

If there is a substantial balance and they demand you to pay it, the worst they could do is sue you. At that point, you might consider a bankruptcy. However, depending on the assets you own, you may rather consider a Chapter 7. Since the house was already taken, there is nothing left for them to take from you (unless you own other property...), and a Chap 7 will wipe them out completely. Where a Chap 13, you will end up paying them back through payment plan.

A Chap 13 is more suitable to avoid foreclosure if you wanted to keep the house. Doesn't sound to me like that is your intention...
Laura

Laura

Joined: 21 Jun 2007
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37081 Magic Points

 
Posted on Mon Oct 08, 2007 5:15 am  

I learnt a new lesson. Kudos to Credit grantor. [Smile]
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Regards,
Laura.

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