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FloridaBKlawyer
FloridaBKlawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 11
Experience:  I have over ten years of experience in corporate and individual bankruptcy.
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I am in chapter 13 bankruptcy and have been paying for 13 months

Resolved Question:

I am in chapter 13 bankruptcy and have been paying for 13 months my income has lowered and I am having a hard time making my bankruptcy payment and my mortage payment if I convert to a chapter 7 would I be able to keep my house and cars would I still have to make my mortage payment or would it be disolved in bankruptcy
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  FloridaBKlawyer replied 3 years ago.
Hello
Thank you for allowing me to assist you today.

I have a few questions and then I can sum it up for you. Why were you in a 13 from the start. Was it because you were trying to keep your house or was it because you exceeded your exemptions (what you are allowed to keep by law). Second are you cars paid off? With this information I can give you a better answer. Generally speaking if you were only in a 13 to save your house, you should be able to convert and let the house go back with no issues.
Customer: replied 3 years ago.
I have 2 cars that are in my 13 case, the only other asset in my 13 is a boat which I would give up no problem. I entered 13 in order to stop forclouser because of an equity line that came due and I was unable to pay it off due to medical bills my credit is very poor and I could not refiance the equity line . I would rather keep my home but I am becoming unable to make the payments.
Expert:  FloridaBKlawyer replied 3 years ago.
Are you vehicles paid off or do you still owe on them? Is the boat paid off? If you still owe on the equity line, then converting to a 7 would allow them to foreclose the equity line, if it is not paid off. This is the problem with conversion. How much do you owe on your first mortgage and on the equity line? How much is the house worth and what part of N.C. are you in?
Customer: replied 3 years ago.

The cars and the boat are not paid off they are in the 13 . I owe $23000.00 on the equity and $148,000.00 on mortage I live in Elizabeth City NC

Customer: replied 3 years ago.
My house is valued at 230,000.00 how ever I have it on the market for 195,000.00
Expert:  FloridaBKlawyer replied 3 years ago.
Will try to get you through this. I have a home in Murphy, N.C.

So the two vehicles, the boat, and the equity line are being paid through the chapter 13 plan? When did you file and when was it confirmed? How much is the plan payment per month and for how long. How much is your house payment (1st mtg.), insurance, and taxes. (it is paid out of plan correct). How much are you making approximately and are you married with kids? Sorry, for requesting all the information. I am just trying to find the right solution for you.
Customer: replied 3 years ago.
Only two vehicles,boat and equity line are in the plan, my mortage is paid seperate it is not in the plan. My plan payment is 1500.00 a month for 60 months Im not sure of the dates Im at work dont have the paperwork with me but I made my first payment June 1st 2009. I am single but have lived with someone for the past 12 years they did agree to use his income,our combined income is approx. 1100.00 a week my children are grown. My house payment is $1350.00 per month and it is not in the plan.
Expert:  FloridaBKlawyer replied 3 years ago.
If you modified the plan you could let the boat go back and if that didn't save enough, then you could let a car go back. If you want to stay in the house you have to pay the first and the second. I am assuming that the house is worth as much or more than the first and second (you have equity in it). In Florida you can strip a second mortgage if it is totally unsecured, but I am assuming since that wasn't done it isn't a possibility in your case.
FloridaBKlawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 11
Experience: I have over ten years of experience in corporate and individual bankruptcy.
FloridaBKlawyer and 2 other Bankruptcy Law Specialists are ready to help you

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