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Law Girl
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Category: Bankruptcy Law
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I filed a Chapter 13 in April of 2007. I fell behind in my ...

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I filed a Chapter 13 in April of 2007. I fell behind in my mortgage payments and the judge accepted a new payment plan. It consisted of paying the initial past due balance spread out over time, an amount of $1463, on top of making regular on time payments of the mortgage in the amount of $4229. My question is after making these payment for a few months, I actually fell behind again. Both my business and my husband''s business is doing better but not enough to maintain these large payments, plus the increased higher costs of living recently. What are my options now that I have received a 10 day notice saying pay up or give the house back. Is there anything else we can do to save our house? I live in the Bay Area of California.

Thank you for your time and sincere support to help me save my house.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Law Girl replied 6 years ago.

DearCustomer

Thank you for your question.

The only thing you can do is try to get another payment plan. Unfortunately, since you have been granted 2 payments plans previously, it is possible that a judge will not grant you another plan. In which case, you may be out of options to save your home. Unless you can get into an affordable payment plan and/or catch up the deficiency on your home, there may not be a lot you can do.

You may consider retaining local bankruptcy counsel to see if there is anything they can do to stall the mortgage company and/or get you back into court quickly.

Please let me know if you have any other questions, or require clarification of this matter. Otherwise please hit "ACCEPT", so I may receive credit for my response. Tips and feedback are also appreciated.

Good Luck!

-KAT

Law Girl, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4606
Experience: I am an attorney.
Law Girl and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 6 years ago.
Reply to Law Girl's Post: So is it untrue that you can immediately refile a chapter 13 after it is dismissed? Do you know Calif. Bankruptcy Laws here? I believe we are a matter of 2-3 months or less, away from being able to handle the whole payment plan as it is set up. Does this have any weight with a judge? What do you mean by get me back into court quickly? Have you heard of judges or courts trying to keep people in their plans and homes even if it means tweaking the realistic needs as people get back on their feet?

What would happen to my house if I convert to a chapter 7? Does a 7 mean definite loss of the property or a chance for more time to catch up?

If you're willing to address these ?'s for a more thorough reply, I'm happy to move forward and hit accept.

Thanks for your time.
Expert:  Law Girl replied 6 years ago.

If a case fails to receive discharge for some reason, such as dismissal, then the waiting period for refiling does not apply and a Chapter 7 or Chapter 13 can presumably be filed anytime again. It is possible that the Bankruptcy Court may impose some other waiting period when it dismisses a case, but this is rare.

The benefits of filing a chapter 7 are different than chapter 13. If the court feel that you are able to pay your creditors back, it may not be willing to discharge your debt in a chapter 7. Additionally, chapter 7 generally provides less leniency than a chapter 13.

In chapter 7 bankruptcy, many times you will be required to liquidate your assets or sell them for the benefit of the creditors. In which case, this may give you less options with respect to keeping you home than a chapter 13.

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