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while reaffirming your morgage in a chapter 7 can it also be refinanced at the same time

Posted on: 22nd Apr, 2010 06:40 pm
my husband lost his job of 21 yrs. Before losing his job we had filed a chapter 13, we were going to be finished with in 36 months, we had about 2 yrs to go when he lost his job, we had to put our mortgage in the chapter 13 which extend our time in the bankrupty.We have exhausted our severance at the time he lost his job and can no longer afford out payment. We want to change from a 13 to a 7 bankruptcy and reaffirm out mortgage however that mortgage is still to high. My husband is unemployed and I only have my income at this time. Is there anything I can do to save the family farm?
Hi mmholmes!

Welcome to forums!

You can definitely convert your Chapter 13 into Chapter 7. You should contact your bankruptcy attorney and ask him to take steps to convert your bankruptcy filing. However, if you file Chapter 7, then you'll have to list all your assets and debts in the filing and the lender may sell off the farm to pay off your creditors.

Feel free to ask if you've further queries.

Sussane
Posted on: 22nd Apr, 2010 10:08 pm
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