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Chapter 13 bankruptcy - How to keep assets and repay debt

When you're experiencing debt problems and cannot make the payments in full, or as fast as your creditors want, you might want to file Chapter 13 bankruptcy. To learn what it's all about, take a look at the Chapter 13 bankruptcy information below:


Chapter 13 bankruptcy definition

Unlike Chapter 7, Chapter 13 bankruptcy doesn't require you to sell off assets to pay off your debts. Instead, the court appointed trustee negotiates a repayment plan with your creditors that will allow you to repay your debts within 3-5 years. Chapter 13 is essentially a court supervised repayment plan.


When to file Chapter 13

You can file chapter 13 if you're in any of the following situations:
  • Your debts cannot be discharged in Chapter 7.
  • You have property lien exceeding the value of the collateral.
  • You haven't filed taxes for years.
  • You intend to pay off your dues on mortgage/car loan.
  • Your total asset value exceeds the exemptions.
  • Your income is high enough for filing Chapter 7.
  • Most of your assets are non-exempt, and may lose them if you file chapter 7.


How to qualify for Chapter 13

You qualify for Chapter 13 bankruptcy if you satisfy the following:
  • Credit Counseling: You must enroll in a credit counseling course 6 months before filing Chapter 13.
  • Means Test: Your gross monthly income should exceed the State Median Income of your family size. Find out more on how to check whether you qualify for Chapter 7 or 13.
  • Secured and Unsecured debt: In order to qualify for Chapter 13, you must have less than $360,475 in unsecured debts and less than $1,081,400 in secured debts.
  • Previous filing: You can file another Chapter 13 case 2 years after a previous Chapter 13 case has concluded and 4 years after Chapter 7 case has been discharged.


How Chapter 13 Plan works

In addition to the other filing requirements for Chapter 13, you must also provide a proposed repayment plan either at the time of filing or within 15 days of filing. The proposed repayment plan should also be submitted to those creditors whose obligations will be included in the bankruptcy estate.

Your debts must be repaid according to the statutory repayment priority as given below:

  1. The Bankruptcy Court: The first creditor to be repaid in a bankruptcy case is the court. This includes the filing fees and the money owed to the bankruptcy trustee for his/her services in managing the case.
  2. Support obligations: These are obligations that have arisen due to a court ordered obligation, usually spousal or child support back payments.
  3. Back Taxes: These are any amounts you owe to the IRS or state taxing authorities due to unpaid taxes.
  4. Unsecured creditors: The last group to be paid is your unsecured creditors. In some cases you may be obligated to pay interest to your creditors due to the automatic stay.

When creditors can reject your plan
Creditors can reject your Chapter 13 Plan only if:

  • The Plan materially alters the terms of the debt or requires the disposal of a lien before repayment.
  • The amount offered under the repayment plan is less than the creditor would receive under Chapter 7.
  • The creditors have evidence that the Chapter 13 repayment plan was not proposed in good faith.

Most of the creditor's objections to your proposed plan are resolved through negotiation between your creditors and the trustee. If the parties cannot compromise, the judge decides whose interest should control.

How much to pay in Chapter 13 plan
Most of your creditors, especially the court and any judgment debtors (like an ex-spouse), will be entitled to 100% of the amount you owe them. How much your unsecured debtors are entitled to depends on the amount of disposable income you have to put toward the plan every month and how long your plan lasts. The time it takes for you to repay all of your debts under a Chapter 13 bankruptcy plan depends on how much you can afford to pay each month.

When to start payment
You need to make the first payment to the trustee within 30 days of filing Chapter 13. Within 40-45 days of the 341 meeting with your creditors, the bankruptcy trustee and judge will confirm whether or not your plan is acceptable.

Plan modification & Hardship discharge
You can get the trustee's approval to modify the plan if you have severe hardship like a serious illness or you lose your job. However, if you're unable to complete the plan due to reasons for reasons beyond your control, and if modification isn't possible, you can request a Hardship discharge. In order to get a hardship discharge, your creditors must have received as much as they would have if you had filed for Chapter 7.


Pros and Cons of filing Chapter 13

There are several pros and cons to filing for Chapter 13 are:

Pros:

  • Pay back debts: You repay debts in lower payments.
  • Stops legal action: You are protected from collections, judgments, foreclosure, etc.
  • Retain assets: Real and personal property can be retained.
  • Additional debts discharged: Debts nondischargeable in Chapter 7 can be discharged in Chapter 13. These debts include those for willful and malicious injury to property, debts due to a property settlement in divorce or separation, and those incurred to pay nondischargeable tax liabilities.
  • Protect cosigner: Cosigners on credit cards, payday loans, and other consumer debts are protected under Chapter 13.
  • Tax deduction: You will not have to pay taxes on debt forgiven during bankruptcy.

Cons:

  • Tax Liens: You will not be able to avoid paying any tax liens during Chapter 13.
  • Dismissal: If you stop making payments under Chapter 13 Plan, the court can dismiss your case or convert it into a Chapter 7 bankruptcy. Your case can also be dismissed if you don't pay post-filing obligations such as alimony, child support, or taxes. Learn about Chapter 13 dismissal.
  • New credit: You cannot take out new credit and incur new debt without court approval.

Chapter 13 bankruptcy helps you restructure your debt payments and become current on your debts. Chapter 13 has less of an impact on your credit score than Chapter 7. However, prior to filing, make sure it is the only way you can get rid of your debts.

Related Forum Discussions:
Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

How much do I have to pay if I file chapter 13 bankruptcy?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:54 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jaret,

Welcome to the forums.

When you file a bankruptcy you will be charged $189 and chapter 13 trustee will charge a fee of 10 percent on all the payments made under the paln. Plus the fees of attorney of debt relief agency.

Best of luck,
God Bless You.

Thanks,
Samantha

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:54 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

IS IT POSSOPLE TO GET A MORTGAGE LOAN WHILE IN A CHAPTER 13 HAS BEEN 1YEAR ON A 3 YEAR PLAN

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:54 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

You can refinance your mortgage after one year of a chapter 13 case provided you have made your plan payments in time. This time frame varies from lenders to lenders.

You are allowed to refinance as long as you are not getting any funds at the closing. Consent from the Trustee may be required.

Regards,
Blue

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:54 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

You may be able to get a high rate loan within six months after bankruptcy. It will be better to wait for until you qualify for a FHA loan which you may get after two years.

Murphy

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:54 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If I have $35,000 debt, and bring home around $3,500 a month of income and choose to file Chapter 13 how much would my monthle payments be and for how long?
Thanks

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:54 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Chris,

Your monthly payments will dpend upon the repayment plan that you will have to submit to the court under the supervision of the trustee appointed by the court. The creditor and the trustee will decide upoon your payments depending upon the debt you will pay for.

Thanks,

Caron.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:54 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

As Caron has said, the amount of payments you would be required to make on a monthly basis as per your plan would largely depend on the amount you will be able to afford after paying for essential living expenses.

Farrelly

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:54 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can most people quailify for chpt 13 and can a [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url] be reduced

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:54 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jill,

Whether one qualifies for Chapter 13 will depend on his financial strength to pay off debts. This is better determined by the Means Test. Get more on insight on this issue from:

http://www.mortgagefit.com/discuss/about705.html#filebankruptcy
http://www.mortgagefit.com/bankruptcy/chapter7-chapter13.html

Thanks,

Caron.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:54 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes, a home equity loan can be reduced in Chapter 13. In fact, this kind of bankruptcy lowers the overall debt level of a debtor and helps him repay his debts by a repayment plan.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:54 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What happens if one files a chapter 13 with more than the permitted secured debt? Can it be converted to a chapter 11? What is the secured credit limit? Is there an asset limit for a chapter 13?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:54 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi jaa,

Whether you qualify for a Chapter 13 or not will depend upon the Means Test. If you have more than permitted secured debts, may be you will not be allowed to file a Chapter 13 bankruptcy. As far as I know, there is as such no asset limit for filing Chapter 13. If your disposable income for 5 years exceeds 25% of the total unsecured debts, then you will not be able to file chapter 7. In such a case, you may have to file Chapter 13. As far as I know, a Chapter 13 bankruptcy can be converted into chapter 11.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Question my disposable income for 36 months = $61,155, I had to pay around $40,000 for secure debt to the trustee within the plan. My attorney fee 2500. I am in a 50% to unsecure creditors, where my total unsecure debt before the 50% = $85,000. At 50% of that it will be around $43,000. My question is once I have paid in $61,155 can I be discharge or do I have to pay the 50% to unsecure plus the $40,000 for secure. Please advise.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:54 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Has the limit for secured debt increased with any of the goverment bailout programs? I live in CA and my debt exceeds the limit.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:54 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Mary!

Welcome to forums!

As far as I know, the limit for secured debts has not increased. As per Chapter 13 rules, you shouldn't have more than $922,975 in secured debt. In case of unsecured debts, you should not have more than $307,675.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I went through a divorce and child support will decrease after my exhusband recieves more parenting time with my child and I am left with a home, three other children and many debts that qualify myself for chapter 13 but how long does this stay on your credit report, and does it vary according toState and judge

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi mandy,

As far as I know, Chapter 13 bankruptcy will stay on your credit report for 7 years. It will also reduce your credit score by 200-250 points. The rules of Chapter 13 may vary from state to state.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I owe back taxes from 2006, should I wait till April 16th to file my chapter 13 bankruptcy?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Well, in bankruptcy, your back taxes will not be fully forgiven and you will be liable to pay them off. I would suggest you to contact your bankruptcy attorney and take his opinion in this regard.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:54 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

In filing my 2008 taxes this april 15th, I expect to owe $30,000 of which I don't have. I also have very large unsucered dept. I do own some property that would cover my taxes and a small portion of my other dept. My question is, under chapter 13 will I be able to include 2008 taxes, or to say my bankrupsy cannot procede until I have paid them? I read that the prior year to filing must be paid in full??? i have paid my 2007 taxes in full. Can someone please clairify? Please help. I know I wil have to file bankruptcy as I will no longer be able to magage my existing debt.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi jimmy!

Welcome to forums!

As far as I know, back taxes are not discharged when you file bankruptcy. You'll have to clear off your back taxes. If you are facing hardship in paying off the taxes, you can contact the IRS and go for a payment plan. This will help you in clearing off the taxes.

Feel free to ask if you have further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:54 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have filed for bankruptcy chp. 13. I got addicted to games using money, my debt got out of control. I want to know will this be held against me when I got to court?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:54 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

When you go to the court, the bankruptcy court will judge your financial situation and then decide whether you would be able to file bankruptcy or not.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

After filing chapter 13 bankruptcy filling, due I still have to pay taxes on foreclosed properties ( I have 2 properties, foreclosed on both) or this filling will shield me from paying taxes on the diferrence between the loan value and selling value/mkt value that is consider income for me next year.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes, you will have to pay the taxes. Bankruptcy will not help you in discharging your taxes.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We will be one year into our chapter 13 in August. We are currently leasing our home and would eventually like to buy it. We have a good income (around 95,000/yr). About how long will it take us to find a mortgage company willing to take a risk on us? We have not accumulated any additional debt, so our monthly expenses are low. Thank you!

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome wagmore,

You can get FHA loan after 1 year of discharge of your Chapter 13 bankruptcy. If you are planning to take a conventional loan, you would have to wait for 2 years.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

As regarding real estate, how far back must a petitioner report on his/her past transfer and/or sale of a parcel?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Mitchell,

This may vary from one case to another. Your attorney will be the best person to answer your query. I would suggest you to contact an attorney and take his opinion in this regard.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi. i have recently got a lien against me with not paying a 3500 dollar bill. tcan they take any money out of my account if i have a joint account ith my boyfriend? he has added me recently, and he had the account for a while though. is this possible? should i take my name off ? :cry:

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

anonymous, if you neglect to pay this lien, then the creditor will have the right to take from any account you may have. if that includes an account that is joint with your boyfriend, then the answer is yes.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Are such assets subject to forfeiture or liquidation to pay off debts in a Chapter 7 or Chapter 13?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi john!

Welcome to forums!

As far as I know, your 403(b) will not effected if you file for Chapter 7 or chapter 13 bankruptcy. However, it would be better if you could consult a bankruptcy attorney and take his opinion in this issue.

Feel free to ask if you have further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

CAN I FILE A CHAPTER 13 IF MY MORTGAGE & CAR PAYMENTS ARE CURRENT BUT MY UNSECURED DEBT IS 30+ DAYS PAST DUE?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My parent gave a former employee a loan to purchase a home almost 20 yrs ago. Their payments were only $325.00. Since my father died 16 yrs ago I've inherited this. She has consistantly been late with payments and as of July 2007-2 yrs ago she hasn't made a payment. We were literally sending this to the sheriff's office this week-have done all the preliminary paperwork-have been working on this since Aug 2008-so it could be put on the block for sheriff's sale-the final step in foreclosure but we received paperwork today that she had filed chapter 13. If she hasn't even made an effort to pay $325 in almost 2 yrs-there is no penalty on this mortgage would any judge approve this? There is no good faith in this at all! Where can anyone even rent an apt for 325/month let alone a house on 2 acres? What are the chances of her getting denied? She's already applied for assistance federal/state and got denied. Thanks for the info I have to wait for a meeting with the attorney.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

To LISA,

In my opinion, it is not a good option to file bankruptcy just because your unsecured debts are 30 days behind. I would suggest you to speak to your creditor and check out if he can offer you an alternative payment plan.

To Maggie,

As she had filed for Chapter 13 bankruptcy, you won't be able to continue with the foreclosure procedure now. However, you can apply for the removal of automatic stay. If the court accepts this, then you can continue with the foreclosure procedure and thereby sell off the property.

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btwr's picture
btwr | Joined: June 5, 2009 12:26 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We made the mistake of investing in a piece of vacant property on a 3 year arm. When it came time to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the bank wanted $20k down and bigger payments. We couldn't afford this so had to let it go back to the bank. Recently they've contacted us as they are going after us for the difference between what it sold at auction and the value. A total of 50k.

Now they say they want 10K down and payments. We don't have any savings, I was in and out of hospital last year and my business fell flat. So we only have my husbands income and bills up the rear-end.

We do have 3 other pieces of investment properties that were actually my mothers but she transferred over to me. We are more then willing to sign one of these over to the bank or put it up for sale and give the proceeds to the bank once sold but in today's climate who knows when that will be.

So the other option we are thinking about is Chapter 13. Could we do this and not loose all the other properties one being my mom's house? It's so frustrating before this my husband and I had perfect credit, at the top of the scale. We were never late or missed a payment on anything and now it looks like we could loose everything because of this one bad investment.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi btwr.

I can understand that you are facing a tough situation right now. I would suggest you to speak to your lender and convince him to forgive your deficient amount. Inform him about your hardship. There are chances that the lender may forgive your dues.

If you file Chapter 13, then you should not include the 3 investment properties that you received from your mother. This may help you in saving those properties. However, before taking any step, make it a point to consult a bankruptcy attorney.

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btwr's picture
btwr | Joined: June 5, 2009 12:26 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thank you adonis. It's gotten past the point of talking to the lender as they have hired an attorney which of course forced us to have to hire one too, more expense. It seems that they are going after it all, the difference on the property, their attorney fees etc.

We have decided we are going to go to them with an offer of payments no more then $450.00 a mth as that is all we can afford using one of the properties as collateral. Then put one of the other properties up for sale and when we sale it pay off what we owe. Also point out to them that up to now our credit has been exemplary and that when the loan first came due we did try to refinance but they wanted 20K down and we couldn't do that. Also that if they won't accept this we won't have any choice but to go Chapter 13. We are just hoping they will go for this. After all it's not like we are trying to get out of it but hell they have to be realistic about this. Or maybe they will just laugh in our faces.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi btwr!

Welcome back to forums!

I wish you all the best in your attempt. :) I hope that the lender accepts your offer so that you don't have file bankruptcy.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am so confused, I got behind on my house pymt. The lender sent my payment back due to now it was in forclosure. 8 month behind I filed chapter 13. I only had around 4,000.00 unsecured debt. My house pymt was 1500 a month now I'm paying around 2400 month for 5 years how can that be? Thank u

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Annie,

The lender must have given you a new payment plan after you filed for Chapter 13 bankruptcy. The new payment plan will help you come current on your mortgage payments. You could have negotiated your payments with your lender when he gave you the new payment plan. I guess, as 5 years have passed, you must have paid off most of your mortgage dues.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am behind in my mortgage payments and tried to work it out with my lender; however they have stated that I only qualify for a short sale or deed in leiu. Which is the better of the two options?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can i file with $200,ooo in credit card debt

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi sad

Is it the only debt for which you are planning to file bankruptcy? If yes, then I would suggest you to check out the option of debt settlement first. This will help you in reducing your payments to a certain extent depending upon your situation, so that you can pay off the dues.

Thanks.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

if i am late with my bankruptsy payment what will happen

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

It has been 3 yrs and 11 months since filing a chapter 7 can i file the chapter 13

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome,

To daisy,

If you're late with your bankruptcy payments, your bankruptcy can get dismissed.

To amgrag,

In order to file Chapter 13 bankruptcy, you will have to wait for 4 years after the discharge of [url=http://www.mortgagefit.com/bankruptcy/chapter7.html]Chapter 7 bankruptcy[/url].

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I HAVE EXTREMELY HIGH MONTHLY EXPENSES AND CRED CARD DEBT. I AM NOT LATE W/ CRED CARD PAYMENTS BUT SOME FINANCE CHARGES HAVE INCREASED. I HAVE NO PROPERTY. HOUSE, NOTHING BUT A CAR WITH 9000 LEFT ON THE LOAN.
WOULD YOU ADVISE CHAP 13 BANKRUPTCY?
MY OUTGOING MONTHLY PAYMENTS = APPROX 7500. MY TAKE HOME IS ONLY 4000.
IF I DO CHAP 13 I HAVE NO CREDIT. I HAVE NO SAVINGS AND LIVE PAY CHECK TO PAY CHECK.
ANY SUGGESTIONS?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:54 | Post subject:

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