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dylatess
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4656
Experience:  35 plus years of experience specializing in bankruptcy law
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We have 2 short sales one closed in Nov 2010 and second Feb

Resolved Question:

We have 2 short sales one closed in Nov 2010 and second Feb 2011. We are considering chapter 13 since we make too much for chapter 7 (wife makes $75,000)

Question we are about to buy a house on a land crontract will this effect the bankruptcy? We were lucky to get this land contract 10 year balloon 30 year amortization 5% interest no prepayment penalty ..I am a realtor
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  dylatess replied 2 years ago.
Over 33 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions. If you enter into the land sale contract and then file BK 13 before the house closes, you will need court permission. Aaccordingly, my best advice is to close the transaction first and then file a Chapter 13. Likewise, for a 13, you need to show expenses and you can itemize your house payment
if the transaction has closed. Please consult with a BK attorney so that you can propose a plan that is most beneficial to you.
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4656
Experience: 35 plus years of experience specializing in bankruptcy law
dylatess and 3 other Bankruptcy Law Specialists are ready to help you
Customer: replied 2 years ago.

I want to ask a couple of other questions regarding Chapter 13. We are pretty sure we will file soon. The main reason is bank is pursuing us over a 2nd mortgage of $125,000. They have threatened to sell to credit collection agency if we didn't pay them something.

 

My father in law cosigned a note from GE capital regarding some furniture we bought from Ashley furniture in NM over a year ago.. How do we not involve him in our choice to go bankrupt since he signed as a cosigner?

 

I would like to start taking my social security (I am 63) not sure implication's with chapter 13. PLus my wife has a small pension she could start taking.

 

We want to take care of things that should be before we do this

 

Plus how much should we be prepared to pay atty?

 

 

What are your thoughts?

 

 

Expert:  dylatess replied 2 years ago.
if you file a chapter 13, your father in law is protected as well as credtitors cannot pursue cosignors while you are in the BK process. And you starting to receive SS has no impact though the court does look at it as income as well as any pension your wife will receive. But this does not really change anything. Note, as for fees, the fee is set by law though it does vary from state to state. the average fee is $4000 and most attorneys will allow you to pay the fee through the plan and therefore only filing fee directly to the attonrey is required to file. Best regards.
Customer: replied 2 years ago.

Should we try to pay off the credit card my father in law is on or can he pay it off so as not to effect him at all. I read you can't do a favored status on debts ..

Is there also difference in secured and unsecured debt?

 

Lastly our student loan is with Direct Loans that we keep?

 

Thank You!

Expert:  dylatess replied 2 years ago.
Secured debts are like car loans or a mortgage where the creditor holds somethig of collateral. If your father in law can pay off the debt, he should so it will have no impact on his credit. And yes you continue paying the student loan outside of the plan.
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4656
Experience: 35 plus years of experience specializing in bankruptcy law
dylatess and 3 other Bankruptcy Law Specialists are ready to help you

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