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Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 26626
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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i live in new York state, am in chapter 13 and late on payments,

Resolved Question:

i live in new York state, am in chapter 13 and late on payments, can I still save my home
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Roger replied 1 year ago.

Kirk Adams : Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney. Thanks for using JA! I'll be glad to assist you.
Kirk Adams : Yes, Chapter 13 is the only real way that a person can save his/her home from foreclosure.
Kirk Adams : In order to do this, you have to propose a repayment plan where the arrearage is paid during the term of the plan; and you still must pay your monthly payment as well.
Customer:

i am already in chapter 13 and late on the payments, what can i do, the court is going to dismiss the case

Kirk Adams : You can't get a reduction in the amount you owe, but you can seek to extend the terms of the loan in order to reduce the monthly payment you have to pay.
Kirk Adams : OK.....
Kirk Adams : In that case, the only thing you can do is file a motion to modify your plan and try to extend the length of your plan.
Customer:

i am scared, does it matter that the ;payments are late to the court, if they dismiss the chapter 13 what happems

Kirk Adams : If you can modify your plan to absorb the missed payments and continue to pay, you can regroup and stay in bankruptcy.
Kirk Adams : Yes, it matters that the payments are late - - and the trustee OR a creditor can file a motion to dismiss.
Kirk Adams : If your bankruptcy is dismissed, it would be as if you never filed and the lender to proceed with foreclosure.
Customer:

the trustee is looking to dismiss

Customer:

are u there

Kirk Adams : The only way to combat that is to file a motion to modify your plan and offer to make the late payments up through the new plan.
Customer:

thank you at least i still have some hope. do you know of any investors that would help

Kirk Adams : No problem. Glad to help.
Kirk Adams : As for lenders/investors....
Kirk Adams : IT's going to be tough to find a lender because of the filing and being in default......also, any loan would have to be approved by the court, which can sometimes be problematic
Customer:

ok thank you

Kirk Adams : Sure. THANK YOU for allowing me to assist. If you have any additional questions, please don't hesitate to ask.
Customer:

have a good night

Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 26626
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Roger and 2 other Bankruptcy Law Specialists are ready to help you

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