Explore the Mortgage101 Library
Check Local Mortgage Rates
Loan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
Once a creditor or bill collector becomes aware that you have filed for bankruptcy protection, he or she must stop all efforts to collect the debt. After your bankruptcy is filed, the court mails a notice to all the creditors listed in your schedules. This usually takes a couple of weeks. If this is not soon enough, then you should have your representative inform the creditor immediately. If a creditor continues to use collection tactics once informed of the bankruptcy they may be liable for court sanctions and attorney fees for this conduct.
After your bankruptcy is filed, the court mails a notice to all the creditors listed in your schedules. This usually takes a couple of weeks. If this is not soon enough, then you should have your representative inform the creditors immediately. Your attorney deals with your creditors. It may be the only time you ever have the luxury of saying you'll have to talk to my lawyer.
This information deals with Chapter 7 consumer bankruptcy. Each state has its own bankruptcy laws so you need to check with your state for details. Information dealing with Chapter 13 bankruptcy and consumer debt restructuring is not discussed in the above FAQs. The information contained in the following FAQs is provided for general information purposes only and is not intended to be a legal opinion nor legal advice nor is it intended to be a complete discussion of all the issues related to the area of Chapter 7 consumer bankruptcy. Every individual's factual situation is different and you should seek independent legal advice regarding specific information.
- FHA Eligibility with Bankruptcy and Foreclosure
- Second Mortgages: Advantages and Disadvantages
- How to Get Approved for an FHA Loan despite Bad Credit
- Alternatives to Getting a 2nd Mortgage
- Short Selling a Rental Property
- Should You Refinance? Make Sure the Timing is Right
- Home Equity Loans for People with Bad Credit
- 3 Reasons Banks Reject Short Sales
- 3 Warning Signs of Loan Modification Scams