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Will a Ch 13 help me?? I am afraid my property will go into Foreclosure with Wells Fargo... Debt is around $245,000 and property worth around $780,000 in North Downey, CA. I am 63 yrs old and my name is the only one on the property. My Husband i...
Chapter 13 may be a strong option to keep you out of foreclosure and cure the mortgage default so long as ... you have enough steady, verifiable income to again resume making your regular mortgage payment(s) each month AND also monthly chapter 13 plan payment to "catch up" on the several months of missed payments. These missed payments may be spread out over 36-to-60 months in a standard chapter 13 bankruptcy case.
Since you have excess equity in your home, all creditors including your missed mortgage payment will likely need to be paid 100% to satisfy legal requirements.
Bottom line: chapter 13 bankruptcy cases often provide effective long-term solutions but you need a complete analysis to determine if your own situation is a good fit. Talk to an experienced bankruptcy lawyer for help see if a chapter 13 will satisfy your goals.
Best of luckSee question
To much debt
If you previously filed for bankruptcy protection and relief under Chapter 7 (2010), you must wait 8 years from the date of your prior case filing before you will be eligible to receive a discharge in a later filed Chapter 7 case.
If your prior case did not complete successfully and was dismissed prematurely, then you do not have to wait and may file bankruptcy again at any time so long as the court has not placed a bar against refilling (unlikely, but possible in situations of repeat or serial bankruptcy filings).See question
Im in a chapter 7 to remove my debt, but behind on my mortgage by 7 mos. My attorney advise me to do a chapter 13 but is referring me out due to him not well verse. So now I need to know what is the cost of a chapter 13 and and how quickly should ...
As soon as possible you should consult with an experienced bankruptcy lawyer who is familiar with filing chapter 13 bankruptcy petitions in Riverside Division (if this where your case is filed). If you are not satisfied or comfortable with the lawyer, contact others since there are plenty of good, qualified lawyers who also respect their clients.
It sounds like your case needs some work if you're in a chapter 7 already - you may be converting your case to a chapter 13, in which case a new trustee will be assigned, with new hearing dates.
Of your standard chapter 13 fees ($5K-$6K based on the court approved RARA ...), you may be able to pay a portion of your attorney fee through your chapter 13 plan payment.
First and foremost, talk to a lawyer who will thoroughly evaluate your current situation to be sure a Chapter 13 will actually work for you.See question
I only have a TIN. Can I file chapter 7?
Yes it is possible to file so long as you have a valid TIN or SSN.See question
I'm behind on mortgage and need to save my home. But I was advised to do a chapter 7 and once it's discharge do a chapter 13 right away. My question is how come it cant be discharged once the arrears are paid in full
Short answer: YES, it is possible to file for chapter 13 protection after having completed a chapter 7 bankruptcy. The chapter 7 very likely discharged your debt (with limited exceptions as described by the bankruptcy code). Your chapter 13 case will permit you to catch up on past due arrears /missed mortgage payments. Upon successful completion and the conclusion of the chapter 13 case you will NOT receive a discharge... but this shouldn't matter since you have already discharged your debt via your chapter 7 case - the chapter 13 filing allowed you to protect your home.
Please Note: by no means is this a "simple" type of case. Do yourself the favor to enlist an experienced bankruptcy lawyer that knows what they are up to.See question
I will be coming back to Riverside for the hearing but I believe it is still the proper place to file since I was there for last 5 years. Any issues with using the out of state address? I just moved.
Be careful - where you file, and when you file are conditioned by specific timing rules. If you have not already filed your bankruptcy case and only plan to do so after moving, then whether you are moving to Arizona permanently and intend to change your domicile (or if you already have) to AZ, are factors to be aware of and could affect your case. It would be wise to consult with an experienced bankruptcy attorney to help navigate a tricky are of law, not only before filing, but also after your case is active and in preparation for your hearing, and all other events that could impact the success of your case.
Best of luck!See question
What do I do in anticipation of the bankruptcy chapter 7? I don't have an exemption problem as I really don't own much. It's just that I sold my car (which blue books for about $4-$5k to my sister so I could pay some bills. How do I deal with ...
Selling a car to an insider (your sister) before filing bankruptcy does not have to cause a problem, so long as you are selling at a reasonable price/ FMV (meaning you are not "giving away" equity to someone close to you, by selling for less than the car is actually worth). The most essential element when completing your case will be to disclose all transfers of assets and sales of property/cars/etc. which occurred in the months/years leading up to your bankruptcy filing. Full disclosure is always necessary when.filing for bankruptcy protection and relief.
Best of luck!See question
I have a credit debt from ~2006 (in New York) that has been written off of my credit report. I have not heard from this creditor in years and all of a sudden receive a letter from a law office stating That. The creditor has requested action be tak...
A creditor's charge off on your credit report is very different from a creditor having obtained judgment against you. This is commonly misunderstood, but an indication of "charge off" does not necessarily mean you no longer owe a debt.
Look into whether a judgment was obtained and if so, when (since legal judgments are effective for 10 years, and then may be renewed for an additional 10 years, indefinitely).See question
Hello, I went to a free consultation with an attorney today for a chapter 7 bankruptcy and when going over the charges, they mentioned that aside from the attorney fees, credit report, and court filing fees, there was a $100 charge for each indivi...
Wait. An additional $100.00 extra per each creditor? Sounds absurd, however, chapter 7 bankruptcy fees are freely negotiated between attorney and client. Some law firms may entice you to choose their services and try to get you in their door based on pricing alone, such as when offering bottom dollar chapter 7 bankruptcy services for $595 or $795. I would advise you to use extreme caution here.
Bankruptcy lawyers provide a valuable service to their clients, oftentimes for 4 months or longer from case preparation through discharge and case completion. It should be no surprise that this work comes at a price.
Clearly your senses were right to wonder about this fee scheme and if the per-creditor charge is standard among bankruptcy law firms. Don't be lured in by flashing lights and lowest prices --- you may get exactly what you pay for.
Best of luckSee question
I have overextended myself and don't have the money to pay my bills. Can you help me solve my problem.
Filing for bankruptcy protection and relief is a legal option for many individuals and families, small business and large enterprises too. You have already taken the first step by facing the fact that you need to do something about your finances, and looking for professional help and support to assist that process.
You would be well advised to continue along this path as your own best advocate for now, taking time to consult with at least a few experienced bankruptcy professionals who can answer your questions accurately and will take the additional time necessary to listen to you, paying close attention to details that may affect your bankruptcy filing, should you choose to pursue this option.
Best of luckSee question