bankruptcy and house
We have been told that our house will be foreclosed on if we do not pay the arrears of 1200.00 and the legal fees of 5987.00 equalling almost 7000.00 which we cannot do. No one will work with us. Do you know what the process is when bankruptcy takes place and you lose your house. How long does it take so we have time to find somewhere I have three kids so I dont know if I should leave now or wait. They said if we cant find the money we forclose and have to be out by January 14
Posted from: Manitoba
It sounds to me like they’ve told you when you need to be out of the house. Filing bankruptcy will not interfere with the mortgage company’s foreclosure so your first priority is to look after yourself and the kids. Determine where you are going to relocate to and go. If you leave before the January 14 deadline make sure you tell the mortgage company the house is now empty so they can change the locks and start paying the utilities themselves.
It wouldn’t hurt to go and speak to a trustee now, but your first priority is to look after your family – bankruptcy can wait until after you’ve moved and settled in to your new place.