How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 38438
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
Type Your Bankruptcy Law Question Here...
socrateaser is online now
A new question is answered every 9 seconds

I am fumbling thru a chapter 13. I want you to argue cramdowns.

Customer Question

I am fumbling thru a chapter 13. I want you to argue cramdowns. Can you put your fee in with the 13. I am a Cub fan and don't screw people
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 7 years ago.

A Chapter 13 requires that the debor apply all of his or her disposable income towards payment of the confirmed plan. To the extent that the plan provides more payment to unsecured creditors than they would receive in a Chapter 7, but less than 100% payment, the entire plan operates as a global "cramdown" of all unsecured debts.


Secured creditor claims on personal property are similarly defeated to the extent that the actual value of the collateral is less than the amount due the creditor.


Real property, however, is not similarly situated. Secured claims on a debtor's principal residence may not be stripped or subjected to a cramdown. An attempt to change this rule was defeated by the Senate last March, and there appears to be no willpower in Congress to change the situation.


Hope this helps.


Terms and Conditions: By your continuing in this conversation with me, or by your clicking “Accept”, you are expressly agreeing to all of the following: (1) our communication is for entertainment purposes only; (2) you are not consulting me in my professional capacity as an attorney; (3) you do not seek to establish an attorney-client relationship with me, nor do I with you; (4) you will not rely on anything I say and you will obtain appropriate legal counsel via a traditional/office consultation with an attorney licensed to practice in the jurisdiction where your legal issue arises (and you may not use our communication to avoid taxpayer penalties imposed by the U.S. Dept. of Treasury); (5) by communicating with me in this public forum you are irrevocably waiving any right to privacy, confidentiality and attorney-client privilege concerning the matters discussed. You further separately declare that any payment made by you is not consideration for this contract, nor offered for any services rendered by me on your behalf, but rather is made in genuine admiration and respect for my desire to help others. If you do not agree with these terms and conditions, then you must advise me immediately.

Customer: replied 7 years ago.

Sir Where is your office? I am a retired Postal worker and my income is going to increase. Can I put your feee on the Chapter 13? I believe The Bank has placed a 362 to have the stay lifted. I have a property in Fla and the legal aid people in Fla. are fighting because Countrywide has lost the mortgage and the deed. I have to submit a revised plan today. I think that if we cramdown too much we may exceed the unsecured limits. I need your help now?


Expert:  socrateaser replied 7 years ago.

I'm flattered by your request, however, I am not taking cases at this time. I "just answer" questions about the law in this forum.


If you need a lawyer to represent you, please see: and

Related Bankruptcy Law Questions