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If you are underwater on your home and want to be in control of your own DIY foreclosure, you might be considering filing for Chapter 7 bankruptcy. Filing for bankruptcy can delay a foreclosure. The bankruptcy court itself considers a number of issues as it determines the status of your home.
If you do own your home or other property, you might be eligible to apply for Chapter 7 bankruptcy. Revisions to the bankruptcy code have added a means test. So your first step would be to file the federal form, named "The Means Test, " that will help you understand if you do qualify to file under Chapter 7 bankruptcy.
If you do qualify under the federal means test, you then need to determine which court has jurisdiction over you. This will be the court where you make all your filings. Bankruptcy is a federal issue, so you'll need to find out in which federal district you live.
After you know which court has jurisdiction over you, you can get the list of forms and required information that you will require to complete your filing there. All these forms will need to be filled out properly. You'll have to list various financial information on them, such as monthly income and expenses, and any property owned by you.
In addition to filing out the necessary paperwork, you'll also be required to complete a credit counseling course successfully. A number of online and in class institutions offer these courses, but you'll need to take one accredited by the bankruptcy trustee. You will also need to include your certificate of completion with your paperwork.
Once you file for your Chapter 7 bankruptcy DIY foreclosure on your home will be stayed during the proceedings. The bankruptcy court automatically holds off all creditors while it is adjudicating your case. At this point, the court has control over your finances, even to the exclusion of your mortgage holder.
If you do own your home or other property, you might be eligible to apply for Chapter 7 bankruptcy. Revisions to the bankruptcy code have added a means test. So your first step would be to file the federal form, named "The Means Test, " that will help you understand if you do qualify to file under Chapter 7 bankruptcy.
If you do qualify under the federal means test, you then need to determine which court has jurisdiction over you. This will be the court where you make all your filings. Bankruptcy is a federal issue, so you'll need to find out in which federal district you live.
After you know which court has jurisdiction over you, you can get the list of forms and required information that you will require to complete your filing there. All these forms will need to be filled out properly. You'll have to list various financial information on them, such as monthly income and expenses, and any property owned by you.
In addition to filing out the necessary paperwork, you'll also be required to complete a credit counseling course successfully. A number of online and in class institutions offer these courses, but you'll need to take one accredited by the bankruptcy trustee. You will also need to include your certificate of completion with your paperwork.
Once you file for your Chapter 7 bankruptcy DIY foreclosure on your home will be stayed during the proceedings. The bankruptcy court automatically holds off all creditors while it is adjudicating your case. At this point, the court has control over your finances, even to the exclusion of your mortgage holder.
About the Author:
You can learn everything you've ever wanted to know about the DIY foreclosure process and find details about the benefits of filing bankruptcy at http://www.diyforeclosureinfo.com now.
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