Hi, I am a moderator for this topic. I've been working hard to find a Professional to assist you right away, but sometimes finding the right Professional can take a little longer than expected. I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
I am okay to wait.
Thank you for your patience. We will continue the search for a Professional for you.
You have correctly understood the question.
There is only a first mortgage. There is $400,000 of "undersecured" debt according to your analysis.
Let's assume there is no other unsecured debt--just an undersecured first mortgage. In that case the person would definitely qualify for a chapter 13 right?
Let's suppose there is $360,475 of unsecured debt in credit cards and $100,00 of "undersecured" debt from the first mortgage. No second mortgage and secured debts are under 1 million dollars.
I just want to make sure this debt distribution qualifies for a Chapter 13.
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).