The amount of time a bankruptcy case takes from beginning to end is dependent on which chapter of bankruptcy you’ve filed for, and your unique circumstances that can either hasten or delay proceedings.
Foreclosures generally occur after homeowners struggle for months to catch up on mortgage payments. Whether it’s a medical emergency, divorce, job loss or other circumstances that cause a financial crisis, it happens too often.
Just because you’ve filed for bankruptcy doesn’t mean your chances of owning a house are forever in doubt. If you are otherwise able to become credit-worthy in the future, filing for chapter 7, 11, or 13 will not create a permanent roadblock for you in your home-buying ventures.
Debtors must normally adhere to the provisions of the “applicable commitment period,” or the minimum duration of the repayment plan, which is determined by the debtor’s income. If you have a 60-month term, your payments will be completed after you have finished making 5 years of payments. Likewise, if your plan term is 36 months, your payments will be completed after three years.
When a debtor files for bankruptcy, an automatic stay goes into effect prohibiting creditors from taking any action of any kind to collect a debt. It stops all lawsuits including foreclosures and evictions. It’s against federal law for a creditor to violate the stay.
An executive order that provides relief for eligible illegal immigrants could expire when President Barack Obama leaves office in 2016. As of right now, nobody can guess who will take over the Oval Office or if they’ll support Obama’s stance on the issue, so what should immigrants do in preparation?
The Migration Policy Institute says that in 2013, 41.3 million immigrants were living in the U.S. – an alltime high. In fact, the U.S. is at the top of the list of countries in which migrants seek to gain entry. However, the visa process that allows immigrants to live here legally is quite complex, which means getting through the process requires an attorney with extensive knowledge of immigration law.
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