I file Chapter 7 in Connecticut, has anyone been through this?

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We have a house that is currently in foreclosure (because of me is to give my work to look after my youngest son health problems to take, we had 5 guys and we’re one of those fools who refinanced loans and subprime) and would like to take home. Our last resort was to file Chapter 7. I want someone who has been through this process to hear, Im sure there are many, because our hearing schedule has only 283 for 1 day. After the bankruptcy is said and done, what happened? If the bank has to work with you to reduce payments. I think they prefer to work with us to sit in the House and receive nothing. We have a lawyer, but any advice, comments, etc., of someone who might actually give better exp that sometimes the text of the laws have been a lawyer. I’m scared to death of being homeless. This mortgage crisis in the U.S. everything is crazy! Thank you for any advice:)

2 Comments
  1. Reply
    ibu guru
    May 3, 2011 at 7:53 am

    Your lawyer is the one who should explain everything in terms you can understand! Each person’s situation is different, and only your lawyer can give you specific, accurate advice.

    Now how did you plan to pay the mortgage to keep the house out of foreclosure and out of the bankruptcy? What did you work out with the lender before you filed for bankruptcy? What arrangements did you make to continue paying the mortgage and prevent any arrearage going into the bankruptcy? You have to work with a lender before getting behind on payments and before filing for bankruptcy if you really want to keep that out of the bankruptcy. The lender can in some circumstances force foreclosure.

    The biggest question only you can answer: can you really afford to stay in your home – even if it declines in value – or would you be better off renting a house? Start looking.

  2. Reply
    Christian W
    May 3, 2011 at 8:07 am

    Good finance question! I know of an organization that gives up to $ 1500 to people to help them with their rent or mortgage. It’s available in most US cities, I highly suggest you check it out.

    http://www.renters-assistance.org

    Best of Luck.

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