I am the middle child of a 3 siblings and possibly am the most concerned about us losing our home (sounds a bit overwhelming doesn't it?). After my parents divorced, we lost a lot of money towards the mortgage payments and the recession didn't help much either. my parents were both uneducated and work was hard to come by so we were lucky if we made $800 a month at the most. we lost the house but were living in it rent free for about 1 1/2 years until they could find someone to buy it. we searched for houses in the area (but unfortunately, they were all too expensive) and moving to another town was out of the option because my mom wanted to keep us in the schools we were in. I read on a couple of websites of options we could take to save our home (keep in mind that it is already foreclosed, but we haven't been evicted until it's bought). I read about Chapter 7, Chapter 13, filing for bankruptcy and a whole bunch of other steps we could take but I'm not sure which one we should do.

Could someone provide information on each one of the above listed (and any others you think might help save our home). And which one sounds like it could help our family in this situation the most?

THANKS SO MUCH FOR THE INFO AND THE HELP! I REALLY APPRECIATE IT!

I would visit diylegalinfo.com/bankruptcy_Links.html/ They have a lot of good information on bankruptcy questions.

loan-seeker.info/mortgage-loans/ has mortgage requirements, good lenders and mortgage rates, how to get approved for a mortgage, and all other laws and information.

You are going to have to move. That will be more difficult if your parents file for Bankruptcy before the move. You should try to move before you are served an eviction notice as that also makes it very hard to rent any housing.

Your parents need to contact a social services agency and see if there is any Sec. 8 help available. if not, you may need to seek a shelter until your parents can find something they can afford. Staying in that community may not be an option.

Help with home foreclosure and bankruptcy? is a post from: Chapter 7 Bankruptcy Information

A few years ago I settled a debt with a credit card company and I had to claim the part of the debt that was forgiven as income. Now here it is about 8 years later and I am having to file chapter 7, with all the $25K in unsecured debt that I have, will I have to claim this as income too?

Are there any tax implications for filing Chapter 7 bankruptcy? is a post from: Chapter 7 Bankruptcy Information

when can you file ch 7 again if you filed a previous one in 2000 and it was discharged on December 1, 2000?

do you become eligible again on December 1, 2008?

In order for you to file another Chapter 7 case, it must be more than 8 years since the FILING DATE of your previous Chapter 7 case. If you received your discharge on 12/01/00, then you probably filed your previous case in August or September of 2000 and are probably eligible to file a new case.

You should contact a member of the National Association of Consumer Bankruptcy Attorneys for further assistance.

Didn't you learn your lesson from the first time? get some financial counceling and learn to live within your means. Yeesh.

Bankruptcy chapter 7? How often can you file? is a post from: Chapter 7 Bankruptcy Information

Are you serious? I would hope once would be enough to learn how to deal with money.

I think it is every 7 yrs, but I could be wrong.

Buy the book 'Bankruptcy,' go to chapter 7, rip it out, and put it in a file folder. DUH!

You can file every 7 years but there may be legal ramifications for doing it more than once. It could mean jail time for fraud.

How often can you file chapter 7 bankruptcy? is a post from: Chapter 7 Bankruptcy Information

 No Housing Expense for 10 to 12 Months:  A Chapter 7 filed prior to, or closely after a foreclosure filing will result in the Debtor living in the property for cost of utilities only for 10 to 12 months, possibly more.  The foreclosure process itself takes 10 to 12 months to work its way through the court.  The lender does not want a vacant property.  They want your client to continue to keep the place heated, maintained and otherwise cared for.  Therefore your client will enjoy an extended period of living in the property without paying a mortgage payment.  if their normal mortgage payment is $2000/month, your client now has saved $24,000 in the 12 months of foreclosure.  This is post bankruptcy income that the client can save for a down payment on a new home later on.  if your client retains you to defend on the foreclosure, the time they remain in the house could be greater.  This is really the only way your client will realize anything positive from the underwater situation.  With one of the non bankruptcy alternatives above, your client will have their housing expenses continue at a new residence or under the modification. 

            b).        All Discharagble Debts are Wiped out:  Your client gets a fresh start with all of his other discharagble debts gone.  his only costs each month are his normal monthly expenses such as utilities, food, clothing, insurance, car payments etc. 

            c).        Reestablishment of Credit Rating:  Both foreclosure and bankruptcy will put your client’s credit rating on the floor for two to four years.  however, after a foreclosure or other non bankruptcy alternatives, your client will still owe his other debt and perhaps a deficiency on the mortgage/s.  After a Chapter 7, the client is debt free and, in most cases still gainfully employed.  This liquidity may result in the client being able to re-establish their credit score faster than someone going through a short sale or deed in lieu of foreclosure. 

            d).        Finality:  Even if a lender chooses not to pursue a deficiency judgment after the foreclosure, it is possible that the judgment or cause of action could be sold by the lender to a judgment scavenger at a later date.  This could result in your client getting demand letter years after the foreclosure from an entity that purchased the debt for pennies on the dollar.  when that letter comes, three or four years after the foreclosure, your client may again have become collectable.  With bankruptcy, when that discharge is entered, you’re done.  that debt is never coming back to haunt your client.  if you would like to learn more about the advantages of filing a Chapter 7 Bankruptcy in Illinois contact an Illinois Bankruptcy Attorney today.

Kent Gaertner DuPage County Bankruptcy Attorney

Advantages of Filing a Chapter 7 Bankruptcy in Illinois.

Advantages of Filing a Chapter 7 Bankruptcy in Illinois. is a post from: Chapter 7 Bankruptcy Information

With a credit card you are able to receive money, goods, or services in the present, in exchange for a promise to pay in the future.
True
False

2: Minimum payments are a trap; they are often designed so that it takes months or years to pay off the balance.
True
False

3: The adjusted balance is a measure of the cost of credit, expressed as a yearly rate that must be disclosed before you become obligated on the account and on your account statements.
True
False

4: Federal law prohibits issuers from sending you a renewal or substitute card without your request.
True
False

5: accurate negative information can generally stay on your credit report for seven years, with certain exceptions.
True
False

6: Realistic budgeting, credit counseling from a reputable organization, debt consolidation, or bankruptcy are all methods of dealing with debt.
True
False

7: Chapter 7, known as straight bankruptcy, involves liquidating all assets that are not exempt. (Exempt items would include items such as work-related tools and basic household furnishings.)
True
False

8: in exchange for an up-front fee, companies which guarantee that applicants will get the credit they want-usually a credit card or a personal loan – are always pre-approved by the FTC.
True
False

9: "Dead Man Walking" was an example of companies scamming citizens out of their social security benefits.
True
False

10: Credit and charge card fraud costs cardholders and issuers hundreds of millions of dollars each year.
True
False

Seriously, poke around this forum and others for a little while. take a look at all the people who have screwed themselves over because they didn't understand how credit worked, or didn't realize how fast they could get themselves in too deep.

Think about that for a while, and try to understand why doing your own homework and actually learning something is a better idea than just getting the answers fed to you on the Internet.

Good luck to you.

1. True
2. True
3. False
4. False
5. True
6. True
7. True
8. False
9. False ("dead man walking"-refers to cancellation of social security benefits/etc. due to erroneous or fraudluent production of a death certificate in one's nme or soc sec#.)
10.True

Credit card math help? is a post from: Chapter 7 Bankruptcy Information

If there is a claim against the debtor for a domestic support obligation (see 11 USC § 101(14A)), the trustee shall:—provide written notice of the claim to the claimholder and inform the claimholder of the right to use the services of the state child support enforcement agency located in the state where the holder resides for assistance in collecting child support during and after the bankruptcy case;

—include in the notice to the claimholder the address and telephone number of the state child support enforcement agency;

—include in the notice to the claimholder an explanation of the holder’s rights to payment of the claim in the Chapter 7 proceeding;

—provide written notice to the state child support enforcement agency of the claim; and

—include in the notice to the state agency the claim holder’s name, address and telephone number. [11 USC § 704(a)(10),(c)(1)(A) & (B)]Additionally, once the debtor has been granted a discharge under § 727, the trustee shall provide notice to both the claimholder and state child support enforcement agency of:

—the debtor’s discharge;

—the debtor’s last recent known address;

—the last recent known name and address of the debtor’s employer; and

—the name of each creditor who holds a claim that (i) was not discharged under §§ 523(a)(2) (money obtained under false pretenses), 523(a)(4) (fraud or defalcation in fiduciary capacity), or 523(a)(14A) (debt incurred to pay tax to governmental unit); or (ii) was reaffirmed by the debtor under § 524(c). [11 USC § 704(c)(1)(C)]

Providing notice re domestic support claims: is a post from: Chapter 7 Bankruptcy Information