I have a rental property that may be foreclosed on soon; applying for loan modifications have been unsuccessful; I was discharged in chapter 7 in May 2012; can I file for Chapter 13 to save this property from permanent foreclosure proceedings. Next, will my mortgage payments if successful under chapter 13 be double; example, the payments are $427.50; will I have to pay the trustee $900 to catch up? Want to see if this will be to my benefit in the long run to save this house. Thank you in advance.
Yes. You can absolutely file a chapter 13 immediately after filing a chapter 7 bankruptcy. You can take up to 60 months to pay all past due mortgage arrears (not the current amount) to the chapter 13 bankruptcy trustee. Your mortgage payments will not double.
This response is for informational purposes only. No attorney client relationship exists unless you hire this lawyer to work for you.
Yes, you can file a Chapter 13 petition after receiving a Chapter 7 discharge. As for the trustee payments, they depend upon the amount of your arrears and other factors. As a general rule, the sooner you file, the less your trustee payments.
CHRISTOPHER BOKAS, ESQUIRE
You should arrange for a free initial consultation with a bankruptcy attorney in your area. They should be able to advise you and give you at least a ballpark idea of what kind of plan payment you might be looking at.
Chapter 7 Bankruptcy Attorney
You absolutely can file to save the property. Call an experienced BK attorney lawyer ASAP.
Legal disclaimer: The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the Commonwealth of Pennsylvania.
General Practice Lawyer
The Waiting Periods Are 2, 4, 6 and 8 Years
If your prior case was a Chapter 13 bankruptcy case and your new case will be Chapter 13, then the waiting period is only two years.
If your prior case was a Chapter 7 bankruptcy case and your new case will be Chapter 13, then the waiting period is four years.
If your prior case was a Chapter 13 bankruptcy case and your new case will be Chapter 7, then the waiting period is six years.
If your prior case was a Chapter 7 bankruptcy case and your new case will be Chapter 7, then the waiting period is eight years.
Important Note for homeowners in foreclosure: Even if you do not qualify to file again based on the above criteria, you can still file for Chapter 13 if the primary concern is curing mortgage arrears. In this instance, you will not receive a Chapter 13 discharge, but you will be able to cure all of your mortgage arrears and stop foreclosure.
The Above Waiting Periods Can be Tricky, So Get Good Bankruptcy Advice
Since the new bankruptcy laws made repeat filings somewhat complicated, it makes sense to meet with an experienced bankruptcy attorney who can give you the appropriate advice about filing a second bankruptcy.