QUESTION
Should I improve my chapter 7 property that hasn't been reaffirmed?
Asked on Aug 15th, 2017 on Bankruptcy - New York
More details to this question:
My chapter 7 was filed in 2012. Against my wishes, I had to include my home. I did not reaffirm based on the advice of my attorney. However, I'm still residing in the same home and making regular monthly payments including taxes and insurance. There are improvements that need to be made but I hesitate to invest what little money I have into a house that could be taken from me anytime the bank feels like it. On the other hand, if I need to sell some day. The improvements may lend me a profit. Honestly, I'm scared to death. I'm almost 66 and on a fixed disability income where every penny counts. I'm getting very nervous about my future ability to keep this house.
5 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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First, you don't have a choice; all debts are included in a bankruptcy. It's not pick and chose like a restaurant menu. Second, if your house is worth more than the amount of the mortgage, selling would be no problem.
Answered on Oct 30th, 2017 at 9:42 AM
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Why do you think the bank will take the property? If you are current on the payments and taxes and have the home insured, the bank can not take it.
Answered on Oct 24th, 2017 at 5:59 PM
So long as you pay the mortgage and insurance and real estate taxes the Bank cannot take your house. If you think you may not be able to keep up payments for very long, do only the minimum maintenance to protect the property.
Answered on Oct 24th, 2017 at 8:07 AM
As long as you make the payments and I would he?s going to take the home from you it doesn't matter if you reaffirmed it.
Answered on Oct 24th, 2017 at 8:06 AM
As long as you are not in default on your mortgage, the bank cannot take it from you. The law requires a lot of notice of foreclosure so you have plenty of time to respond if they decide to foreclose. You should do what you need to maintain your property and try not to worry about it.
Answered on Oct 24th, 2017 at 8:06 AM