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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 34102
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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CAN YOU FILE CHAPTER 13 AND DO A 722 REDEMPTION ON A SINGLE

Resolved Question:

CAN YOU FILE CHAPTER 13 AND DO A 722 REDEMPTION ON A SINGLE WIDE MOBILE HOME ON RENTAL LOT. 10 YEARS OLD HOME. LOAN @ $29750.00 MARKET VALU @ $ 15000.00?

THEN GET A LOAN, PAY MOBILE OFF AND DO THE CHAPTER 13 3 TO 5 YEAR PAYMENT PLAN?

WILL CHAPTER 13 DISCHARGE ALL UNSECURED DEBIT, LIKE CREDIT CARD DEBIT?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 4 years ago.

Under 11 USC §103(b), 11 USC §722 (the redemption statute) applies only to Chapter 7 cases. No exceptions.

 

Hope this helps.

 

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Edited by socrateaser on 11/6/2009 at 9:04 AM EST
Customer: replied 4 years ago.
I also asked if a chapter 13 discharges all of the unsecured debit as in credit cards?
Customer: replied 4 years ago.
don't answer 2nd question. how do i now who is telling the truth. i just spoke to this lawyer today.
Expert:  socrateaser replied 4 years ago.

If the goal is to reduce the loan blance owed on the mobile home to market value (actually "replacement value" under 11 USC §506(a)(2)), you can do this in Chapter 13 via the "lien stripping" provisions of 11 USC §1322. The caveat is that you cannot have acquired the mobile home within 910 days of the date of filing the Chapter 13 petition.

 

Re credit cards, yes they are discharged under 11 USC §1328.

 

That said, you seem to be having trust problems. The botXXXXX XXXXXne is that it really doesn't matter what answer I provide here. You have to trust your attorney to get the job done. And, while educating yourself is a good idea, sometimes you can know "too much," and thereby paint your attorney into a corner.

 

In this case, you were so determined to get a specific answer to a specific question, that you caused me to ignore another way around your problem, and I had to be reminded by a colleague that the §722 redemption may be irrelevant to your goal.

 

I must move on now, and I wash you the best.

socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 34102
Experience: Attorney and Real Estate Broker -- Retired (mostly)
socrateaser and 3 other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.
I am very sorry that I have intellectually attacked you as I have. I am scared and angry.

This was not supposed to happen. We've hear so many financial horror stories and the embarrassment of bankruptcies is so overwhelming.

Between my lay off, at a company I loved and my husband feeling some threat at his job, after 15 years.

I guess, because I can't see you it was easy to attack.

We are very happy with our home and we don't care to rent again. But we also know we are in a situation that is simulator to being flipped in the value of the mobile home just as you would be in a vehicle.

Due to economy and changes in the county laws to rid it of it's problem mobile home areas. Which we totally understand. Unfortunately we have been caught up in the
shambles.

Your answers do help and I thank you.

Again, I apologize.

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