House is currently in foreclosure. Business doing poorly - ready to file bankruptcy. Husband had not drawn paycheck from business for some time, but has not gone out and got a paying job. Will we be able to keep the house if we have the income to pay the mortgage?
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The only way you'll be able to keep the house is to file Ch 13 BK. In a Ch 13, you would be able to catch up the arrears you owe to your Mortgage Lender.
In order to file a Ch 7 and keep the house, you would have to be current with your mortgage payments and taxes.
Even then, in order to file a Ch 13, your attny is gonna have to believe you have reasonable ability to fund a Ch 13 payment plan. And, that the Plan Payments will not pose an undue financial hardship on you.
Your attny will have to sign off on your Proposed Plan, AND the Trustee is gonna have to agree in order for you Plan to be Confirmed.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...
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