I have a question about my chapter 7 reorganization

Asked almost 2 years ago - Newport, RI

I have a very complicated BK case and I am trying to figure out how I can stay in my home

Attorney answers (6)

  1. Matthew Erik Johnson

    Contributor Level 17

    8

    Lawyers agree

    Answered . A chapter 7 is not a "reorganization", a Chapter 13 and Chapter 11 for businesses are "reorganizations".

    If you file for a Chapter 13 bankruptcy you can set up a payment plan which must include the principal loan on your home and if you can afford it, you can probably keep your home. If you cannot make the payments, it might be better to let the home go and file under Chapter 7 if you fall under the means test.

    Contact a local attorney to talk over the details in depth

    Matthew Johnson phone# 206.747.0313 is licensed in the State of Washington and performs bankruptcy, short sale... more
  2. Peter Walter Weston

    Pro

    Contributor Level 17

    8

    Lawyers agree

    Answered . Having a complicated case, is a good reason to have a bankruptcy attorney assist you.

    As my colleagues have said, chapter 7 is not a reorganization.
    Either you get current and keep current, and decide whether or not to reaffirm the mortgage, or you need much more assistance.

    General legal advice is offered for educational purposes only. A consultation with a qualified attorney is... more
  3. Robert A. Stumpf

    Contributor Level 19

    7

    Lawyers agree

    Answered . Chapter 7 is not a reorganization, it's a liquidation, not by any means the same thing.

    You need to speak to an attorney if your case is complicated, and even if it isn't. Are you current on your mortgage payments? That is the key factor, I think though.

  4. Carl P DeLuca

    Pro

    Contributor Level 13

    4

    Lawyers agree

    Answered . The RI Bankruptcy Court has an excellent Loss Mitigation Program that is designed to help you keep your home. Please feel free to contact me or any experienced attorney to discuss your situation. 401 732-4420.

  5. Dorothy G Bunce

    Pro

    Contributor Level 20

    4

    Lawyers agree

    Answered . As long as you can describe your question in 4,000 characters or less, you may ask us the question. Just don't try to use legal terminology you don't understand or you will receive replies that say your question doesn't make sense. It is okay to be human with a lawyer & use everyday language.

    Hope this perspective helps!

  6. Michael Curtis Greenberg

    Pro

    Contributor Level 11

    2

    Lawyers agree

    Answered . Please consult with a local bankruptcy attorney.

    No attorney/client relationship is formed between the attorney responding to this question and the individual... more

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