My husband and I are in Chapter 13 with 4 1/2 years to go. I was just put into a nursing home and my husband cannot afford condo we lived in for 30+ years with mortgage and common charges. He is retiring next year. The association has right of first refusal. Our condo is in an inner city and has lost value due to now being high crime area and building needing massive repairs. We need to sell but, the amount we are being offered is less than to pay off bankruptcy. With the revaluation on the property we are getting more than it is worth so there is no way we can get anymore for condo. What happens now?
Your own attorney would have information that would allow him/her to answer your questions; but there's not enough information here to really answer your question. A lot depends on what determined the amount that is to be paid into your plan. If it was based, for example, on the non-exempt equity in the condo, you should be able to modify the Plan to account for the lower figure. And you are always free to simply dismiss the Ch13.
So many moving parts to your question that you really need to meet with a bankruptcy attorney in person. My first question is why are you in Chapter 13? Next, even if selling your home does not pay off the Chapter 13, will it pay enough to pay off the mortgage and the common charges? Do you and your husband have income sources that are not protected by exemptions? In other words, if any creditor sued you to collect, could they take your paycheck or other assets? If you have a chapter 13 attorney, this is a question to have an additional consultation about. If you don't have a chapter 13 attorney, no wonder you are in the dark. Hope this perspective helps!
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You really need to discuss this with your attorney or with a new attorney if you don't have one. You can amend you plan to surrender the condo to the lien holder (mortgage company) or you can go through with a sale, but you'll have to file a motion to allow the sale of the property with the court. Either way, you're gonna need an attorney to assist you with this.
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There are too many variables and not enough facts to give you a useful answer to your question. You need to discuss this with your attorney.
First, the firm is a debt relief agency according to the U.S. Bankruptcy Code. We help people file for bankruptcy. We also do other stuff and we do it well, but Congress wants me to post this notice. Second, nothing on this site is legal advice. You are not my client unless you enter into a written agreement signed by you and me.
It is very important to consult with an attorney as soon as possible. Is there a reason your current attorney can't answer these questions? There may be options to help you through this, but it requires a proper and complete consultation.
You should discuss your overall situation with a bankruptcy attorney, and plan out a strategy. You either need to modify your plan, and surrender the condo, or convert your Chapter 13 case to a Chapter 7 case, and surrender the condo. You also need to look into a sale of the condo, and you can petition the court for permission to sell the condo in a Chapter 13 case, if you have a signed agreement from a potential buyer. You need to get up information, meet with counsel, and decide on a course of action.
My answers to questions posed on this site is no substitute for obtaining legal advice from competent local counsel.
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