How would bankruptcy effect mortgage?
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hubert
Apprentice
Joined: 06 Dec 2004
Posts: 26
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 Posted: 01/12/08 - 08:58 Post subject: |
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| Good day. I had en excellent business idea few years ago. I developed it into the small business and it worked very well in the beginning. After some time I wanted to expand my company but I didn't have enough resources. At that time I was thinking that taking a mortgage on my house will be very good investment. My wife was against it and eventually it was clear that she was right. The business wasn't doing very well and it went to bankruptcy. Now, I just want to know how bankruptcy affects mortgage. Thank you in advance! |
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karola
Apprentice
Joined: 26 Feb 2007
Posts: 6
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| Posted: 02/11/08 - 03:58 Post subject: |
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| First of all, I must say that I'm very sorry that your business wasn't successful and that you went to bankruptcy. Every now and then we get the feeling that we could success in something and in the end it doesn't be like we plan. At least there are a few advantages of going bankrupt. For example, the pressure is taken off because you don't have to deal with you creditors or that you are allowed to keep certain things like household goods and even the money you owe can usually be written off. As your mortgage concern, I'm having some good news. Even when you made bankruptcy you'll be able to keep your property. Of course you can do that only if you keep on making the payments on time. Good luck! |
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synjones
Apprentice
Joined: 29 Sep 2008
Posts: 1
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| Posted: 09/29/08 - 20:38 Post subject: |
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Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors.The pressure is taken off because you don't have to deal with you creditors or that you are allowed to keep certain things like household goods and even the money you owe can usually be written off.Bankruptcy statutes typically involve concealment of assets, concealment or destruction of documents, conflicts of interest, fraudulent claims, false statements or declarations, and fee fixing or redistribution arrangements.
Synjones
http://www.shepelskylaw.com |
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JohnTyler
Apprentice
Joined: 12 Mar 2010
Posts: 2
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| Posted: 03/12/10 - 10:45 Post subject: |
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| Bankruptcy has nagitive because it is effect economy. It destroy the economy. |
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