Is it more prudent to file bankruptcy before going to trial on a foreclosure?
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Is it more prudent to file bankruptcy before going to trial on a foreclosure?
We have a trial date fixed for next month regarding our condo. We also have HOA payments in arrears. If we filed for bankruptcy before the trial date, can we also include the condo, HOA fees that are in arrears and the plaintiff’s attorney fees. Will it show on our credit as a bankruptcy and foreclosure?
Asked on July 14, 2013 under Bankruptcy Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
1) You can include all existing debts (i.e. including HOA fees, attorney's fees, etc.) in a bankruptcy.
2) Your credit history will show the defaults; a foreclosure that was instituted; and a bankruptcy.
3) Filing for bankruptcy will temporarily stay, or stop, foreclosure, but will not prevent it indefinitely; while it will buy you time, ultimately, to keep the condo, you'd have to pay the debts that are taking it into foreclosure (or you can use the bankruptcy to discharge the debt, but walk away from the condo).
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