Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
*Due to rules of your state bar or mine, nothing herein is intended as legal advice, only intended as general information to better help yourself.*
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
Please use the REPLY button if you have any questions concerning my answer. Otherwise please click ACCEPT so that I am paid by the site for answering.
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
I am working on your answer. One moment please.
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
JustAnswer requires new questions to be posted on new question pages, but you can request me by starting your question with "FOR WEBLAW" and/or typing your question in my question box, which can be found here: http://www.justanswer.com/profile.aspx?PF=9968427&FID=39
I hope that it helps to know this informationThank you in advance for remembering to click accept. If you experience difficulty using the accept button, please let me know as JustAnswer pays me for my time only if the "accept" registers.
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
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).