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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.