Bankruptcy Questions Answered

D G asked:


Do you have to file bankruptcy when you have your home foreclosed?

I heard that the lender will sue you for the money you own on your home and the only way out of that is too file bankruptcy. Does anyone know if that is true? We live in California.

Please don’t send any negative comments. Everyone’s home situation is different and not all foreclosures are because people bought a home they couldn’t afford. Some have had terrible things happen in their lives and now they are losing their homes.

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AshleyD asked:


I had to file a chapter 7 a few months ago. I am now looking to rent a home, will my bankruptcy effect me being able to do so?

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BRANDI A asked:


My townhome is scheduled for foreclosure sale date May 13th 2009.
My chapter 7 bankruptcy will be filed 3/25/09. How long will this delay the foreclosure sale?

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Penny asked:


I filed for bankruptcy in 2004 and I have been paying on it for so long now that I have a chance to pay it on out. I have about a year left to go if I don’t pay it on out. I want to refinance my house. If I pay my bankruptcy and my case is discharged, how long shall I wait before applying for a loan to refinance my home?

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Mzdandylion0527 asked:


Everything that i’ve read says that you can get a home after 1 year in a ch 13 bankruptcy, 2 years after ch 7 bankruptcy, and 3 years after a foreclosure. I am about to file a chapter 13, and wonder how long would I have to wait before I could purchase a home. Does anyone know the actual rule and could you point me to the website or where you got your information?

Thank you!

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some1virtual asked:


I know that its debts and assets will be sold to other banks. The question is when? Will the sale of its mortgages have to wait until the bankruptcy proceedings are over and it is decided what goes to what bank?
If so, what would happen with delinquent mortgages during this time which is sometimes more than a year ?
Another example would be New Century Financial which has already started bankruptcy last year in April. What happened with some of their mortgages that became delinquent while the bankruptcy was going on?

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tripeace asked:


I am thinking about moving to Virginia. How long after bankruptcy discharge do you need to wait to rent an apartment? Does anybody know someone who places property for rent in Hampton Roads area of Virginia?

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C J S asked:


What are the best ways to improve our credit post bankruptcy without getting credit cards? Any advice would be appreciated. We are young (in our late 20’s) and my wife lost her job about 3 years ago and our income dropped $50,000 a year which caused us to file bankruptcy.
We just filed in October and from what I understand it should be discharged very soon, but I want to make sure that we stay on the right track and I have been trying to read as much as possible about it.

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