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Category: Bankruptcy Law
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Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I just wanted to confirm that a debtor who is facing foreclosure

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I just wanted to confirm that a debtor who is facing foreclosure and decides to file a Chapter 13 bankruptcy will have to pay her monthly mortgage payment plus any past due arrearages over a period of 36-60 months, correct? And the monthly amount of past due arrearages is the total amount of the arrearages due divided by the number of months under the plan, correct?


Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on


A debtor who wants to keep their home through a chapter 13 bankruptcy has to do the following:


File a chapter 13 plan that includes the arrears or money owed to the mortgage company, and divide that amount by the months on the plan, which is typically 60 months.


You would also have to pay the current monthly mortgage payment, as well as the plan payment, the bankruptcy would reduce significantly your other debts such as credit cards as well.

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