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Information Regarding Chapter 7 Bankruptcy - How To Have Your Cake And Eat It Too!

Information Regarding Chapter 7 Bankruptcy - How To Have Your Cake And Eat It Too!
"""Thanks to the 2005 amendments to the bankruptcy law, gone are the days when a home-owning debtor could halt the foreclosure on his home by filing for bankruptcy. It is possible for a creditor to cite nonpayment of mortgage and endeavor to recover the money through foreclosure.

This places the debtor in a difficult position: first, he has no place to live and must pay rent, and second, he has lost a valuable asset in the form of his property prior to the completion of the bankruptcy proceedings.

Obviously, if you intend to file for bankruptcy, you want to avoid this situation, and chapter 7 bankruptcy information can assist you.

With the proper chapter 7 bankruptcy information, you can have your cake and eat it too - in this case, live in your home during the bankruptcy proceedings and end up owning it free and clear!

Naturally, you may be curious about how to proceed, and the first step is to retain the services of an experienced bankruptcy attorney who is willing to take risks and aggressively advocate your case in court. He must also be familiar with how the courts operate and the documentation you and the creditor are expected to file in the event of a claim on your home. As part of the bankruptcy process, you would need to file an adversary complaint against the creditor who offered you the mortgage.

After deciding to challenge your creditor for your home in court, your attorney can use chapter 7 bankruptcy knowledge and skills to file the adversary complaint.

A counterclaim will require the creditor to produce the original deeds to the property as well as all other documentary evidence pertinent to internal training and decision-making procedures for foreclosure. An estimate of one year is reasonable for the amount of time required to compile such extensive documents.

If you had filed for chapter 7 bankruptcy and your attorney had been able to persuade the court to include your delinquent mortgage payments among dischargeable obligations, you would have remained in your home and gotten it back!

With the appropriate chapter 7 bankruptcy information, such as adversary complaints, you have no reason to lose your assets.""

" - https://www.affordablecebu.com/

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"Information Regarding Chapter 7 Bankruptcy - How To Have Your Cake And Eat It Too!" was written by Mary under the Finance / Wealth category. It has been read 240 times and generated 1 comments. The article was created on and updated on 01 June 2023.
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