In need of some serious advice.

[queencreekaz]

Hello everyone,

Great site.

My wife is ill and I work two jobs but we still can't make ends meet.
So I am thinking of a BK ch7.

I meet the median income for Arizona.

I'm upsidedown on my house and the forclosure sale is early Jan. We don't want to keep the property but we would like to stay there as long as possible to build up some cash for a rental we can afford and that is closer to the hospital.

Will filling for a BK hold off the forclosure?

My wife talked to a paralegal and he said we had to be current on our loan to file. Is this true? From what I've read here it doesn't sound right.

[Momof123]

Hello everyone,

Great site.

My wife is ill and I work two jobs but we still can't make ends meet.
So I am thinking of a BK ch7.

I meet the median income for Arizona.

I'm upsidedown on my house and the forclosure sale is early Jan. We don't want to keep the property but we would like to stay there as long as possible to build up some cash for a rental we can afford and that is closer to the hospital.

Will filling for a BK hold off the forclosure?

My wife talked to a paralegal and he said we had to be current on our loan to file. Is this true? From what I've read here it doesn't sound right.

I believe for a Chap 7 you must be current, only in a Chap 13 can you be behind.

[keepmine]

If you don't wish to keep the property, it does not matter if you're current or not.
A bk filing will halt foreclosure until the lender files for relief from stay. Once granted, they still have to follow whatever procedures and timelines your state requires of lenders.

[frogger]

A bk filing will halt foreclosure until the lender files for relief from stay. Once granted, they still have to follow whatever procedures and timelines your state requires of lenders.

If you file today, it will probably take them 5 months to get you out. You've got time, use it wisely.