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What is the best way to use bankruptcy to prolong a foreclosure proceeding? I am upside down on the house, with poor credit, debt and not enough income to support my current house. A bankruptcy seems necessary to eliminate the debt for a fresh start. I would like to tie it into our foreclosure to prolong the foreclosure proceedings. I know Mr. Roper has mentioned BK as a way to prolong the time in house, but I have not seen the strategy.
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The best thing you could do is talk to a bankruptcy attorney.  I have yet to see a jurisdiction without 1/2 a phone book full of attorneys offering a free consultation.  Many times they will even do one over the phone.  Every situation is different.  Personally I have spoken to 5 different bankruptcy attorneys deciding which is the best plan for me, all at no cost.  How much money you have to spend vs. how long you will remain in the property is also a consideration.  Once you understand what the effects of a bankruptcy are on your foreclosure and the difference between chapter 13 and 7 you can pick the best for your situation. 

Once you have decided which one suits you better, I think a major decision is WHEN to file bankruptcy.  This is a major tactical decision.  Filing before a judgment or after a judgment does make a difference.

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    It depends on which State you live in, whether it is investment property or homestead property and what stage of foreclosure you are in.
    Some good books on the subject are the NOLO Ch 7 and Ch 13 books. It
also depends on your tax returns and how much income you have.
    For example, in Florida, we have an unlimited Homestead Exemption, so it
is best to wait until after the judgment is entered and than file Ch7, listing the judgment as unsecured and disputed. So far, this has resulted in a complete discharge of the money judgement in six of eight cases I've been
involved with. Two of the cases are being disputed.
    Once you get the money judgment wiped out, then the lien issue needs
to be adressed but even that can be solved by doing a Ch 13 after the Ch 7
and paying off the value of the property over 3 to 5 years. Nolo calls this
stategy "doing a Ch 20".
     Bankruptcy is definitely a way of saving your home and "cramming down"
the debt, but you need to read up on it and get good advice. Very few lawyers even agree on the best strategy on a given case so you have to use
your own brain and figure it out.

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The Equitable One
If you have legitimate issues BK can also be a good venue in which to fight. Consulting an attorney and securing representation is always the best path to take.

A good place to search for a competent BK attorney would be Max Gardner's Bankruptcy Bootcamp home page.

At the top of the page you'll find a link to "Find Grads." this is organized by state so finding one in your jurisdiction should be easy.

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