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cortrightlaw
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
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in the setup of this ch 13 schedule where does this lot loan

Resolved Question:

in the setup of this ch 13 schedule where does this lot loan foreclosure fit in and when the five year deal is done can they still come after me
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  cortrightlaw replied 2 years ago.

cortrightlaw : If it is a loan on property the it would be listed as a secured debt. And then it woul depend on if you are planning to keep the property or surrender it. If you are going to keep it then You need to continue paying on it, if you no longer want the property you list it as surrender and them you will not be responsible for te Liam and they will eventually foreclose on it.
Customer:

they are foreclosing on it to begin with thats why im doing ch 13 and i don't want it

cortrightlaw : I'm that case if you qualify for a chapter 7 it will eliminate any liability for any loans you have on the property.
Customer:

i do not qualify for ch 7

cortrightlaw : If you have to file a chapter 13 and you surrender the property, then they can foreclose and file a claim for the deficiency as unsecured debt and it will get paid out in proportion with your other secured debt. And at the end of the 5 year plan of you complete it the debt will be discharged and they can not come after you ever again.
Customer:

great thanks

cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience: Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
cortrightlaw and other Bankruptcy Law Specialists are ready to help you
Customer: replied 2 years ago.
my wife will be getting money from a dying grandmother and wants to go buy a condo, in the upcoming ch 13 this would also be listed as a secured property getting paid first but would it hurt the ch 13 case
Expert:  cortrightlaw replied 2 years ago.
If the new condo is going to be your primary residence then it will probably not be an issue as you are allowed an expense for a home.
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience: Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
cortrightlaw and other Bankruptcy Law Specialists are ready to help you
Customer: replied 2 years ago.
my current house is barely liveable but the land value is increasing a lot.it has a mortgage on it . will purchase of the condo hurt the ch 13 or will i have to give up the current residence
Expert:  cortrightlaw replied 2 years ago.
that is a loaded questions and I am not sure I have enough information to answer it through this forum. I think you should hold that question and go meet with a bk attorney who can look at the details of your complete financial situation so you can decide which way to proceed.
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience: Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
cortrightlaw and other Bankruptcy Law Specialists are ready to help you
Expert:  cortrightlaw replied 2 years ago.
I was glad to be of assistance answering your bankruptcy question. As you proceed through the bankruptcy process if you have any additional bankruptcy questions I would be glad to assist you. When asking your questions just request cortrightlaw and the question will be routed to me for a response.

Attorney Kevin Cortright
Customer: replied 2 years ago.

when i file a ch 13 can i just list unsecured debt and a land lot foreclosure


and surrender it making it unsecured because the secured debt keeps


getting paid anyway or does it make a difference. Also can i put a stop on


a retirement payment so it doesn't become part of the payment pool.

Customer: replied 2 years ago.
,

when i file a ch 13 can i just list unsecured debt and a land lot foreclosure


and surrender it making it unsecured because the secured debt keeps


getting paid anyway or does it make a difference. Also can i put a stop on


a retirement payment so it doesn't become part of the payment pool.

Expert:  cortrightlaw replied 2 years ago.
the loan on the land should be listed as secured, but mark surrender so it is clear that you will no longer be paying on it, they will eventually foreclose on it. And I am not clear on your question about your retirement payment?
Customer: replied 2 years ago.

the lot was foreclosed today am finding a ch 13 attorney tomorrow. i


receive several retirement checks. so i wondered if i could stop one and then not use it for the payment in the 13 schedule

Expert:  cortrightlaw replied 2 years ago.
If you could stop one you would need to wait at least 6 months to file your chapter 13. Trustees will look at your average monthly income for both the last 6 months and your year to date average in figuring out your monthly income.
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience: Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
cortrightlaw and other Bankruptcy Law Specialists are ready to help you
Customer: replied 2 years ago.

could i do the ch 13 without including my wife we have separate ch accts.

Expert:  cortrightlaw replied 2 years ago.
She does not have to file if he debt is not hers but her income will have to be considered.
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience: Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
cortrightlaw and other Bankruptcy Law Specialists are ready to help you
Customer: replied 2 years ago.

would a pension and social security monies be used as payment in ch 13 a payment schedule

Expert:  cortrightlaw replied 2 years ago.
Yes all income is considered
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience: Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
cortrightlaw and other Bankruptcy Law Specialists are ready to help you

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cortrightlaw
cortrightlaw
Bankruptcy Lawyer
513 Satisfied Customers
Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.