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Should I file Bankruptcy before trial modification is completed?

Discussion in 'Stop Foreclosure and Tell Us Your Story' started by Hlizano, Jun 14, 2011.

  1. Hlizano

    Hlizano LoanSafe Member

    This week things for my family are finally starting to turn around I hope. I received my trial mod papers from Chase and my husbands 6 month lay off is finally over. During that 6 months we let our vehicle go for volunatary respossession and we have stopped paying all credit cards, medical bills, student loan etc. Our only focus was keeping the lights turned on and keeping the house. We were also 6 months behind on our mortgage when we received trial mod. papers. We are going to have to file bankruptcy no matter what but should I wait until our modification hopefully becomes final(I cross my fingers that happens) or start the process now. I was planning on holding off as long as possible but received a "pre-legal" letter in the mail yesterday from Capital one. they stated if they don't hear from me soon they will start legal proceedings. How long do I have before they try to start garnishing wages? Will this screw up things with Chase and our modification? We would like to file Chapter 7 BK but if our mod. falls through we will have to go chapter 7.

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