Questions about getting housing AFTER filing BK >

[mesa777]

I have yet another question.. have to say I would be dead without this site and all the information provided here!!!

My question is this... IF I decide to file a chapter 7 BK and keep my house and at some future point decide to move into an apartment how difficult will it be to do so with a BK on my credit report and still owning a home, I will of course try to make payments on the home up to the last or at least until I file for bk?? I was advised that I cant file a chapter 7 if I move out of my home and that I would be forced into a 13 without my home being calculated into the means test..

Well if several months down the road I find myself having difficulties paying the mortgage I may decide to move out.. nothing illegal about that...

OPINIONS and HELP please!!!!

[HAP]

We're waiting to see if the appraisal on our house will come under what we owe before deciding if we file a 13 or a 7.

If we have to give up the house (include it in the bankruptcy), we'll stay in it as long as we can until it's foreclosed (but not pay the 1st and 2nd mortgages) put that money in savings for hopefully a good 4-6 months depending on how long it would take to foreclose than find a place to rent when we know we have to leave. We'll try to rent from a private renter and since we'd hopefully have 6 months rent saved up that way anyway, if we had to we'd just pay a 6 month lease up front.

We also have the good fortune of my parents volunteering to co-sign for us on a lease if need be. Hopefully we won't need to do any of that and can just stay in our house. It all depends if we can strip off that $47,000 2nd mortgage.

[mesa777]

HAP... please keep me posted in regards to your situation.. I am also interested in how difficult it is to strip the 2nd from your mortgage... I also understand that you have to file a chapter 13 to do the lien strip.... IF you file a Ch 7 I assume that you will then not pay and save up money until you move out?? I will be in the same boat here myself... got myself WAY over my head with gambling debts and high second mtg payment!! I was advised by an attorney that I could only include my home in the means test calculations if I stay in my home..

Screw it... I do not want a chapter 13 so will roll the dice again and most likely file a chapter 7, keep the house and probably not pay and get a rental.... we will see..!! Keep me posted!

[HAP]

I'll let you know. The first time the appraiser came back at $162,000 (we owe appx. $161,200). Appraiser said he'd go back over it again before final to see if he missed anything. It will be close.

Yes, we were told we could only do it under a 13. So if it comes down to not being able to strip it off, we'll probably file a 7 and just save up the money not paid to mortgage companies for as long as we can and then move over the summer - so in case we can only find something in another school district it will give us a little time to look around.

We should hopefully hear from the appraiser this coming week. Wish us luck!

[mesa777]

HAP - I spoke to an attorney in my area and told me that I could not qualify for a chapter 7 unless I kept my home... If I just moved out prior to filing bk I would have to file for a ch 13 as I would not be able to use the house payment in the means test... I assume that if I am able to file a ch 7 and then a few months down the road quit paying that there is not much that they could do to me at that time... I do not want to get screwed over in a ch 13 and dont want to go to jail either...

[RickInMich]

Hmm, this brings up a question. I'm currently in the 60-day waiting period for Ch 7 discharge. It's due to be discharged March 8. We stated our intent to reaffirm on 1st and 2nd, but have not signed any papers at this point.

We're most likely going to stop paying starting in February. For sure on the 2nd. We're unsure of what to do on the 1st. (From all my reading, there's a good chance the 2nd won't foreclose anytime soon.)

Is there any chance that by missing February and March payment, that could present any problems to our discharge on March 8? Or would it only be a problem if they started formal foreclosure proceedings?