QUESTION
Do I need to amend the petition if I changed my mind in keeping the house?
Asked on Sep 03rd, 2013 on Bankruptcy - New Jersey
More details to this question:
I have declared bankruptcy and listed my house in the petition and said I wanted to reaffirm. I have not yet gone to 341 meeting. I changed my mind and don’t want to keep the house. Do I need to amend the petition? Will I be liable for debt - i.e. will they just foreclose, I move out, and everything is wiped clean?
5 ANSWERS
Bankruptcy Attorney serving Florissant, MO
at
Law Offices of Thomas Corcoran Phipps
Update Your Profile
You should amend your schedules. You can surrender the house and discharge the debt.
Answered on Sep 11th, 2013 at 11:03 AM
Bankruptcy Law Attorney serving Austin, TX
at
Law Office of Susan G. Taylor
Update Your Profile
Consult your attorney about reaffirmation. If you haven't formally reaffirmed with the mortgagee, you can walk away anytime, during or after your case has concluded.
Answered on Sep 06th, 2013 at 4:51 AM
You can amend just the Statement of Intention, but in my opinion, whether you do this or not won't really matter. This statement has nothing to do with whether the mortgage debt will be discharged in your bankruptcy. Nothing is automatic - once the bankruptcy is over, you will still own the property and be legally responsible for any expenses related to ownership, such as HOA dues & property taxes, until your name comes off of the title. Your name won't come off of the title until a final foreclosure sale, short sale or deed in lieu of foreclosure.
Answered on Sep 05th, 2013 at 8:25 AM
If you change your mind regarding your intent to stay in your house, you do not need to amend the petition. You should amend the Statement of Intent and serve it on the mortgage lender. If you get your bankruptcy discharge you will not be liable for the mortgage.
Answered on Sep 05th, 2013 at 7:45 AM
General Law Attorney serving Cherry Hill, NJ
at
Mark S. Cherry, Attorney at Law, PC
Update Your Profile
You should amend, and make sure you do not sign a reaffirmation agreement. You do not have to move out until the judicial sale.
Answered on Sep 04th, 2013 at 1:06 PM