(picture from University of Pennsylvania blog on regulations) The most common question I get for a long time is what happens if I do not, or cannot, pay my mortgage? If you can afford to continue paying, and are current, there is really no bankruptcy alternative. The so-called “strategic default” option is to simply stop [...]
payments
A Chapter 13 bankruptcy plan calls for regular payments; if you can’t continue to make those payments, consider converting your case to Chapter 7. By converting, you get the continued protection of the automatic stay and a discharge of dischargeable debts within a couple of months. The converted case has the same case number and [...]
The Bankruptcy Code requires Chapter 13 debtors to make their first plan payment within 30 days of filing their case, but they should make their first payment as early as possible. If you file Chapter 13, you are required to make your first payment within 3o days of filing your case. But pay it as [...]
In these days of old-line financial powerhouses filing for bankruptcy and continuing questions about the economic stability of banks and mortgage companies, we are often asked what happens if your mortgage company goes bankrupt? The answer is actually pretty simple and straightforward. »crosslinked«
