Chapter 7 Bankruptcy Information - How To Have Your Cake And Eat It Too!


Gone are the days when a home owning debtor could stop foreclosure on his home by simply filing for bankruptcy, thanks to the changes made to the bankruptcy law in the year 2005. It is certainly possible for a creditor to cite non-payment of mortgage and attempt to recover the money by foreclosing the mortgage.

This leaves the debtor on the horns of a dilemma - first, he has no place to live and has to fork out the rent for a residence and secondly, he has lost a valuable asset in the form of his home even before the bankruptcy proceedings are well underway.

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Naturally, if you are planning to file bankruptcy, this is a situation that you want to avoid and that is where chapter 7 bankruptcy information can help you.

With the right kind of chapter 7 bankruptcy information, you can have your cake and eat it too - in this case, live in your house when the proceedings are on and end up owning it free and clear at the end of it all!

Naturally, you may be interested in knowing how to go about it, and the first thing that you will need to do is to engage the services of an experienced bankruptcy lawyer who is willing to take risks and argue your case boldly in court. He will also need to be well-versed in the way the courts operate and the kind of paperwork that they expect you and the creditor to file in case of claims on your house. You would need to file an adversary complaint in court against the creditor who offered you your home loan as a part of bankruptcy proceedings.

Once you have decided to fight your creditor for your home in court, you can use the chapter 7 bankruptcy information and skills of your attorney to file the adversary complaint.

An adversary complaint will require the creditor to produce the original deeds to the house in addition to all other documentary evidence pertaining to internal training and decision-making procedures for foreclosure. Documents of such sweeping nature take time to collect - a reasonable time estimate is about an year.

If you have filed bankruptcy under chapter 7 and your lawyer is able to convince the court to bring your outstanding mortgage payments under the ambit of dischargeable debts, you would have stayed in your home and got it back too!

With the right chapter 7 bankruptcy information, such as adversary complaints, there is no reason why you should lose your assets.


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