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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15854
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 am in Ohio and in a chapt 13. I can no longer afford the

Resolved Question:

I am in Ohio and in a chapt 13. I can no longer afford the home. I am not sure I would qualify for a chapt 7 (to convert). Can I allow the home to foreclose while in the Chapt 13? Am I better off to quit my job and convert to a 7?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 1 year ago.

WALLSTREETESQ :

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

WALLSTREETESQ :

You can give up the home in the chapter 13 however, it would require an amendment and possible motion to your current chapter 13 case,

WALLSTREETESQ :

How much do you make a year?

WALLSTREETESQ :

How many people are in your household?

Customer:

I make 70K, but I have been married since I file. My husband makes 65K. We have two children. I filed alone, but I am now married.

WALLSTREETESQ :

If you are married, your spouses income would be included so a chapter 7 would not be possible in most cases,

Customer:

It is possible to do an ammendment to include the 13?

WALLSTREETESQ :

You may want to stop the chapter 13 now, and let the case get dismissed, and the house foreclosed,

WALLSTREETESQ :

and then refile a chapter 13 after the process, if you stop now you can save money and time as the foreclosure process will take several months,

WALLSTREETESQ :

Yes, you can file an amendment, however, you would have to list your spouses income,

Customer:

If I refile the 13, wouldn't I have to include his income then too?

WALLSTREETESQ :

so your plan payments may increase as you no longer have the mortgage payments as part of a monthly expense

WALLSTREETESQ :

yes,

WALLSTREETESQ :

but at that time, you may not need to file a bankruptcy,

Customer:

So, I can stop my current plan, and then refile? Is that what you are suggesting? I just want to be sure I understand.

WALLSTREETESQ :

Yes, due to the fact, if you file an amendment, your monthly payment would increase, as you are now married, and have to include the increase in income,

WALLSTREETESQ :

I would stop making payments,

WALLSTREETESQ :

and live mortgage free until a foreclosure, and at that point decide whether you want to remain in the home, or let it go, or file a bankruptcy, a chapter 7 would not be possible.

Customer:

My Chapt 13 case is over in Jan 2014 (six months). Does that make a difference? I am at the tail end of Chapt 13.

WALLSTREETESQ :

If you can make the next six payments, that would be good if it would discharge your credit card debts,

WALLSTREETESQ :

If no credit card debts were included, and this is only for the mortgage arrears, I would let it go

Customer:

So, wait till I'm out of 13 and then let house foreclose....I have tried selling, loan mod, ect. With no luck. I had large medical debt in my 13. Just stinks to forclose post discharge of my Chapt 13 case.

WALLSTREETESQ :

If you cannot afford the mortgage, you will have no choice, but if you have medical debts as well, let it get discharged,

WALLSTREETESQ :

so you would only be liable for the property.

Customer:

Thanks for your help. Does not look like I can do anything about the house with-in my current plan.

WALLSTREETESQ :

yes, but atleast you can discharge your other debts,

WALLSTREETESQ :

and live for several months mortgage free and save money for a new place.

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15854
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and 2 other Bankruptcy Law Specialists are ready to help you

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