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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36174
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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My wife and I are working with IMC Financial to avoid foreclosure.

Customer Question

My wife and I are working with IMC Financial to avoid foreclosure. Our Mortgage holder is Sun Trust Mortgage. I am the bread winner in our home and I have been laid off since early January. We are not impressed by the amount of information including credit reports to decide of the loan is worth saving. Is there a program that would fit our circumstance and buy us more time to find a job? I am bring in about 75% of my previous income and I am told that it is not enough. Property values have dropped 30-40% in our area. We are not in foreclosure but time is running out. We had plans to stay in our home for many years and we had our first children (twins) in November 2008. I have been told to file for bankruptcy but do not know how the differences between chapter 7 or 13. I own my business and the holdup on getting paid is due to unpaid Federal grants. The grants have been approved and are in the "approved and will be paid soon" bucket. Funny how the circle completes itself.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 6 years ago.

Your goal is to hope and push for the passage of HR 1106, which is currently stalled in the Senate Banking Committee. This bill would permit a bankrutpcy judge to force lenders to accept lower principal balances on their loans as part of a Chapter 13 bankruptcy. And, since you apparently have income, and you want to save your home, you would need Chapter 13 rather than Chapter 7, plus this new law to save your home.


There really is no other option (although there are loads of businesses pushing other options).


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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36174
Experience: Attorney and Real Estate Broker -- Retired (mostly)
socrateaser and other Bankruptcy Law Specialists are ready to help you
Customer: replied 6 years ago.
What would become of our assets filing chapter 13? Would our house, our cars, 401K accounts be saved? And if so, what strings are attached to future income or assets? If you could direct me to a site or explain the chapter 13 process I would greatly appreciate it.
Expert:  socrateaser replied 6 years ago.

The object of Ch. 13 is to spread your payments out so you don't lose any assets, and force any unsecured creditos to accept no more than they would receive were you to file Ch. 7 (total liquidation). Generally, retirement accounts are exempt from creditors, so you would keep that money. As far as future income goes, you have between 3-5 years to pay off the Ch. 13 plan, and if you succeed, then you are discharged from whatever debts remain, and you go forward from there.


If you can't make the payments, then you will either be dismissed from Ch. 13, because your actions were in bad faith, or converted to a Ch. 7 (or discharged directly from Ch. 13), which would liquidate all of your non-exempt assets.


For a discussion of the Ch. 13 rules you may want to pick up a copy of one or more of these publications:





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