More details to this question:
I was unable to file for bankruptcy. Now I am worried that my creditors will go after the equity in my house. Will they be able to force a sale of my property?
8 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Every state has a homestead exemption from collection actions, consult a local attorney about whether the homestead exemption will protect your equity.
Answered on May 25th, 2015 at 4:36 AM
You need to protect your home by filing a Declaration of Homestead at the recorders office. They have the forms and it costs about $20 to record.
Answered on May 22nd, 2015 at 12:11 PM
Deborah F. Bowinski
Your creditors can file collection lawsuits and obtain money judgments against you if you do not pay. Those judgments can then be recorded as liens against your property. It is rare, but not impossible, for a judgment creditor to foreclose on such a lien. More likely, the lien will remain in place and accrue interest until you try to sell or refinance your home, at which point the debt will have to be paid before you have clear title.
Answered on May 22nd, 2015 at 5:56 AM
I have about thirty minutes worth of questions to ask before I can answer this question. I charge for my consultations. This is no time to skimp! Get the answers you need to make an intelligent decision on how to proceed.
Answered on May 21st, 2015 at 4:39 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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Not quite enough information. Does your lender have a judgment of foreclosure against the real estate? If so, they can schedule a sheriff sale to take place any time after six months from the date of the judgment, assuming you are still residing in the property. If the lender has no judgment of foreclosure, it cannot (yet) oust you from the property. You don't say why you were unable to file for bankruptcy. Perhaps you should find a skilled bankruptcy lawyer and review the facts with him or her. Perhaps the lawyer will see an opportunity which you or your prior lawyer missed. Good Luck.
Answered on May 21st, 2015 at 4:12 PM
If your "lenders" have secured loans with the house as collateral, then yes, they can foreclose on the house, but it is a process and you have 90 days notice after a Notice of Default. If the creditors are unsecured, they cannot force the sale of the home. They must sue you and win a judgment (on the merits or via your default if you do nothing), then record an Abstract in the county of the property. After that, you cannot do anything without satisfying the judgment with any related costs and interest at 10%.
Answered on May 21st, 2015 at 4:11 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Perhaps, I would need details to know.
Answered on May 21st, 2015 at 3:36 PM
Debt Settlement Attorney serving Chicago, IL
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Law Offices of Daniel J. Winter
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You don't give a reason why you couldn't file a bankruptcy. You might be just talking about Chapter 7, liquidation. However, you might have options in Chapter 13. Call an experienced bankruptcy lawyer to discuss all of your options.
Answered on May 21st, 2015 at 3:31 PM