surrendering property

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Icon Mini Profile iloliver

Joined: 22 Oct 2009

Posts: 1

1.23 Dollars($)
Post Posted: Thu Oct 22, 2009 1:29 pm    Post subject: surrendering property

can you surrender property in a chapter 13 and still stay in the plan?
Icon Mini Profile jenkin7

Joined: 04 Jun 2007

Posts: 4537
Location: Hawaii
728.42 Dollars($)
Post Posted: Fri Oct 23, 2009 12:18 am    Post subject:

Hi iloliver,

You can surrender your property under chapter 13 bankruptcy, if you do not want to keep it. When you surrender the property, the remaining part of the debt becomes unsecured. a portion of this unsecured debt will then be included in your chapter 13 plan and you will be required to pay it off as per the repayment plan.
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