Bankruptcy with foreclosure can be a traumatizing scenario. Nobody wants to face the prospect of losing their home, which is what makes asking bankruptcy law attorneys for bankruptcy tips and advice, like “Can I file for bankruptcy?” or “Can one spouse file bankruptcy?” so important. Here are some facts you need to consider if you think you are going to face bankruptcy with foreclosure soon.
Firstly, you need to know that falsifications on bankruptcy forms constitute perjury, and bankruptcy fraud is a federal crime in the United States of America. Also, according to the United States Bankruptcy Code, in order to file Chapter 13, you cannot have more than 922,975 in secured debt and 307,675 dollars in unsecured debt. If you did not know, under Chapter 13, bankruptcy, you repay all or at least part of your debt under a three to five year repayment plan.
And if you are a reader who balks in the face of a bankruptcy with foreclosure situation, then you should know that over 40,000 people filed for bankruptcy in the state of Indiana in 2011. Plus, about one in every 747 housing units received a filing for foreclosure in Indiana during the month of September in 2012.
So, please, for your own sake, if you even think you might be in a situation of bankruptcy with foreclosure, or approaching one, contact an attorney. It is for your own safety. Have any of you readers been in a bankruptcy with foreclosure situation yourselves? Please comment and share about your experiences. More. Find out more at this site.