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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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If I file for chapter 13 to save my house. Will I have to sell

Resolved Question:

If I file for chapter 13 to save my house. Will I have to sell my other house?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.

Hi JACustomer,

Is the current market value of the other house more or less than the balance - if any - on the mortgage?

Customer: replied 6 years ago.
The house is paid for.
Expert:  cfortunato replied 6 years ago.

Last questions:

1) How much equity does the home you live in have? (Equity is the market value minus the balance - if any - on the mortgage.)

2) What is the market value of the other house?



Edited by cfortunato on 2/7/2011 at 3:55 AM EST
Customer: replied 6 years ago.

30,000

 

The other home is worth around 70,000

Expert:  cfortunato replied 6 years ago.

This is how a Chapter 13 works. If the debtor has non-exempt assets, such as a house with equity, the debtor can keep that property if, and only if, the debtor is able to pay the total value of the non-exempt property ($70,000 in this case) to the Bankruptcy court over the Chapter 13 period of up to 5 years. That means you would have to be able to pay at least $1166 per month to the Bankruptcy court to be able to keep the other house.

I think this is what you wanted to know. If not, please let me know.
Thank you!

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