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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Hello. Simple question. Hope its a simple answer. Thinking

Customer Question

Hello. Simple question. Hope its a simple answer. Thinking about filing chapter 13. Dept is AMX about 28,000 and my home. Don't want to lose it. Owe 620,000. Have a car loan but it's in my wifes name. The home loan is just in my name. Tried to modify but for some reason they keep saying i don't pass this test. I think they are just being jerks. Will filing help me keep my home?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 6 years ago.

a chapter 13 can help save your home, and if your equity is little wipe out most of the AMX debt. A chapter 7 would completely wipe out your credit card debts, but you have to have no equity in the property, and pass the means test.

Customer: replied 6 years ago.
I have about 300,000 in equity. So i guess they pay AMX from that? But how then do they come up with my monthly home payment?
Expert:  WALLSTREETESQ replied 6 years ago.
the chapter 13, will be hard, but the court would allow you to pay the AMX over 60 months in a payment plan. Your home payment would be the same.
WALLSTREETESQ and 5 other Bankruptcy Law Specialists are ready to help you
Customer: replied 6 years ago.
ok. thanks.