will ch7 or ch 13 save my house?

[kristin]

will ch7 or ch 13 save my house?
i'm in ca. at the end of 90 day foreclosure. my lender won't negotiate a deal with me, except take a lump sum which i don't have. there is 0 equity, at least it's not negative.
unmarried, unbred, about 28k/yr income, i also own 1 car, bought in 4/07, which is upside down about 1500.
i want to file b4 i get the auction date.
do i need the 'credit counseling briefing' before i file, even if i file 'incomplete'?
thank you! kristin

[BassBoy]

Slow down a bit. I have moved your questions to the General BK Talk section so we can address your questions about both Ch.7 and Ch.13..............now..........either chapter can save your home. In a Ch.7, you'll need to be current if you want to keep the home and in a Ch.13, the arrears can be put into the repayment plan. That's a simple response and I'm sure others will expand.

[roki]

The only way o save your house is in Chapter 13 or reorganization is when the court gets involve and a trustee with all the information that you provide oversees a viable plan for the debtor to get out of debt in a amount of time prescribed. The trustee has the power to make the bank accept the reorganization payment plan. Mainly what the trustee does is to mediate a negotiation in which the bank differs interest and lowers the payments for a limited amount of time. In order to get this arrangement you must prove to the trustee that you have a plan for a determined amount of time in order to get up to date with you debts. This plans could take in some cases a few months or years that is why you hear people on chapter 13 protection for 2-3 years in which the case remains open until the situation is completed. Is up to the debtor to comply with the arrangements if it fails the bank could ask the trustee to move and forseclose the house.

[FreshLikeADaisy]

do i need the 'credit counseling briefing' before i file, even if i file 'incomplete'?

Absolutely yes. That's one of the dealbreakers with any bankruptcy after the laws were changed a couple years ago. And from what I understand you have to have it *before* you file, even if you are doing an emergency (incomplete) petition. But it's pretty painless -- you go to the website and pick an approved provider for your district. If you do one online or telephone and online, it's very quick and painless, and some of them will even email your certificate to you (mine got mailed to me). Give me a minute and I'll find the link for you...

[FreshLikeADaisy]

Okay, here it is: http://www.usdoj.gov/ust/eo/bapcpa/ccde/cc_approved.htm

Good luck!

[lrprn]

do i need the 'credit counseling briefing' before i file, even if i file 'incomplete'?

If at all possible, you need to get your pre-filing credit counseling certificate BEFORE you file.

Under some very unusual circumstances, sometimes a bk court judge has allowed a late filing, but from what you've told us, your situation doesn't match those.

This is full of legalese (it's a blog for bk lawyers) but here's a great listing of all the court decisions related to the required pre-filing credit counseling certificate along with why the court decided the way they did - http://bapcpa.blogspot.com/2006/07/e...aivers-of.html

[kristin]

thank u very much! awaiting my cert so i can file asap.k

[Bankruptcy Atty]

13

will ch7 or ch 13 save my house?
i'm in ca. at the end of 90 day foreclosure. my lender won't negotiate a deal with me, except take a lump sum which i don't have. there is 0 equity, at least it's not negative.
unmarried, unbred, about 28k/yr income, i also own 1 car, bought in 4/07, which is upside down about 1500.
i want to file b4 i get the auction date.
do i need the 'credit counseling briefing' before i file, even if i file 'incomplete'?
thank you! kristin

You must at least attempt CCB prior to filing. File an emergency 13. Fax a notice of filing to your bank, their atty and the referee. Then file a certification of exigent circumstances and finish your CCB and file that cert. Finish filing the case within 15 days as an amedment.