could you tell us what is best to file ,chapter 13 or chapter7? we are behind on our monthly payments . we are trying to get a loan modification but it is getting very difficult for us
Don't sweat the petty things and don't pet the sweaty things.
This web site explains the differences between Chapter 13 and Chapter 7. It also explains the advantage of Chapter 13 over Chapter 7
Chat live with a Conquest Resolutions Representative
http://www.loanmodificationshelponline.com/live_chat.html
You must have your loan modification done first. Then you "reaffirm" your mortgage in your bankruptcy. If you file bankruptcy first, you may not qualify for the modification as you need to prove a certain amount of hardship. Let me know if you need a professional to help you. My company is rated A+ with the BBB.
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The answer to your questions depends on many factors. A chapter 13 bankruptcy is typically the method used to catch up with mortgage arrears (past due payments) over time through a chapter 13 plan of up to 60 months duration. It is possible to do a loan modification -- but depends in large part on the lender you are dealing with and the district you are in. For example, here in New York in the Southern District there is a Loss Mitigation procedure that can be used to seek a loan modification after filing bankruptcy. You may find our Blog post Chapter 7 or Chapter 13 Bankruptcy Filing in New York? on this topic helpful, as well as some of the other related posts on our Blog at www.newyorkbankruptcylawyerblog.com/. You may also find the Frequently Asked Questions (FAQs) on our website at www.starrandstarr.com helpful for further information regarding personal bankruptcy topics. The foregoing is not intended as legal advice for your situation. Facts and circumstances not disclosed in your brief posting may materially affect your rights. You should consult with an attorney in your jurisdiction. There are many people trying to sell solutions are the Internet -- you should avoid them and meet with an attorney admitted to practice in your state. One way to locate an experienced bankruptcy attorney is through the Legal Referral Service of the Bar Association in the County or City where you live, or through the National Association of Consumer Bankruptcy Attorneys website at http://www.nacba.org/attorneyfinder/. __________________________ Stephen Z. Starr STARR & STARR, PLLC New York, NY e-mail info@starrandstarr.com www.starrandstarr.com
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