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I am currently in bankruptcy and house is almost in forecloser - What should I do

I am currently in bankruptcy. It has been less than a year and are currently behind 2 months on the house payment and trustee payment. We have recieved notice that the house will be foreclosed on in the next week. Can we file bankruptcy again to save our house and get the house payment down to a payment we can afford? Currently we are paying almost double of what the payment should be because of high interest rate and adjustable mortgage. Please advise.


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Hi, I just saw your question as you've been waiting many hours for a reply.  Although I don't know what state you live, most bankruptcy laws per state are generally the same.  Here is what I've found for you:

First, I suggest you seek counsel from a bankruptcy attorney, however, you can only file chapter 8 bankruptcy six years from the date of your last chapter 7 bankruptcy.  You can file a chapter 13 case every six months if you have to. For further reading, click the link below. http://www.carlisleandcarlisle.com/bankruptcyinformation.htm

A bit more about Chapter 13 

Chapter 13: Ch.13 involves implementation of a wage earner's plan, and is mostly filed to stave off a foreclosure of real property or any property where a lien exists. This type of bankruptcy enables the filer to first channel payments exclusively and only to a secured creditor(s), and only after those payments are satisfied, to make payments to unsecured creditor(s). Ch.13 bankruptcy generally takes 3-5 years to complete.


 How many times can I file?
This depends on the chapter you are filing: One may only re-file under Chapter 7 six (6) years after those debts included in a prior Chapter 7 filing have been discharged. For Chapter 13, there is no prohibition against re-filing after the prior Chapter 13 filing is complete. If you have filed a previous case that has been dismissed, you may be able to re-file but could face sanctions from the court if you do so without good reason or a change in conditions since the first case was dismissed

http://www.bqslaw.com/faqs-bankruptcy.htm                                                           

 Additional resource links are below.   

http://www.bankruptcyaction.com/questions.htm 

http://www.all-foreclosure.com/forchelp.htm 

My regards 


Posted 8 months ago ( permalink )
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Your best bet is to probably switch from a Chapter 13 to a Chapter 7 and see if the mortgage company will allow you to do a "Quick Sale", or you may be able to ask your attorney to speak with them or you speak with them (the mortgage company) to see if they would consider refinancing your home if you want to keep it.


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