Gathering info to File Chapter 7 Bankruptcy

[MzJazzy68]

Can anyone HELP me.

My house is in pre-forclosure status.  I wanna file Bankruptcy and relieve ALL of my debts except the House & Car.  i do not qualify for Chapter 13 because I have negative cash flow.  Has anyone got experience or advice in this area.

Thanks,

[DE2TX]

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@MzJazzy68 wrote:

Can anyone HELP me.

My house is in pre-forclosure status.  I wanna file Bankruptcy and relieve ALL of my debts except the House & Car.  i do not qualify for Chapter 13 because I have negative cash flow.  Has anyone got experience or advice in this area.

Thanks,

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You can affirm/ redeem your secured debt in BK7. Is that what you are asking? Or are you asking how to reaffirm/redeem debt?

http://www.nolo.com/legal-encyclopedia/secured-debt-property-chapter-7-bankruptcy

[MzJazzy68]

Let me try to explain it a little better.

I had a modification on my mortgage, I have defaulted on the modification.  I would like to modify the loan thru Bankruptcy?  Is that considered reaffirm?

Please advise!  I want to keep my Home.

Thanks,

[ezdriver]

In a ch7 bankruptcy, your secured debts are either included in the petition or reaffirmed ... there is nothing in between. If you are reaffirming a secured debt, you can certainly request new terms on that debt but it is up to the creditor to agree and the trustee to approve. If the creditor agrees to new terms, that will be reflected in the reaffirmation agreement. If you default on a reaffirmed debt, the credit will reposess the collateral and then come after you for any deficiency. You will have no protection from the creditor after the discharge if the trustee approves the reaffirmation agreement.

Based on your post, it sounds like you know all this right? Have you consulted an attorney to understand that the trustee controls everything ... not you and not your attorney.