Memphis, TX Bankruptcy Law Firms & Lawyers

Your income in bankruptcy is determined by averaging your monthly income for the last six months immediately prior to the filing of your petition. If that amount does not accurately reflect your present income, you should consider going back to court to amend your repayment plan. However, if your income is insufficient to make payments the court may convert your case to a Chapter 7.

You can file bankruptcy any time you want (assuming you are eligible to file under a given chapter). Whether it is "too late" or not depends on what it is you're trying to accomplish, and you don't provide enough information to even begin answering that question. For example, if your goal is to stop the foreclosure sale and use bankruptcy to catch up on the payments, then it is too late to file after the foreclosure sale has taken place. If your goal is to discharge any deficiency you owe under applicable state law after the foreclosure sale, then it's never too late to file, although there can be significant tax consequences depending on when you file your case.  You would need to discuss that with a tax attorney who has bankruptcy experience. Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.  

I would speak either attorney but it certainly appears that he is an indispensable party, and additionally the creditor should be seeking a determination on the discharge ability of his debt if it was incurred as a result of a fraud. Generally, fraudulently incurred debts are not dischargeable.