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So sorry to hear of this dilemma. If my answer is not clear to you, please ask me for clarification by using the reply button.You may want to convert your chapter 13 bankruptcy to a chapter 7. This would give you the opportunity to walk away from the house and the debt associated with the house
"Handling the payments" means the entity that it is servicing the debt
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Does that mean everything inside the house as well as the house gets repossessed? Will another whole new bankruptcy, another lawyer and a whole new charge and waiting process ensue?
You can simply stop making your chapter 13 payments and opt to convert to a chapter 7. There should be no additional filing fee
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I will explain the different chapters in bankruptcy.As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets, if any, that exceed your exemption.A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured credit card debt over a 3 -5 year period. However, you may retain assets that exceed your exemption.Here are the exemptions for Indiana:http://www.bankruptcyinformation.com/in_exemp.htm
Not interested in a Chapter 7. Ony have one year left on the Chapter 13. What can be done to unload the house. Is find a realtor the only option?
Yes that is the option
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Cannot accept this answer. Your answer is not anything new to me I need to know what can I do in the way of just getting out of the mortgage. That seems to be the only thing keeping the bankruptcy enforce along with a minor amount left of the car loan. Like going to get an appraisal, a house modification, or just letting a realtor sell for what they can get and making up the difference. Is that any better than letting the bankruptcy court settle on the house?
I will opt out
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