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Elizabeth Prentice
Elizabeth Prentice, Attorney
Category: Bankruptcy Law
Satisfied Customers: 174
Experience:  Managing Attorney for one of the largest consumer bankruptcy firms in America.
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if someone filled chapter 13 bankruptcy is there still a chance

Customer Question

if someone filled chapter 13 bankruptcy is there still a chance someone can take over the mortgage
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Elizabeth Prentice replied 3 years ago.
I am a bankruptcy attorney and I would be happy to assist you. In a chapter 13, the debtor must receive court approval first to transfer property. This is done via motion to the judge, explaining the details about the property. Additionally, the transfer may affect the debtor's plan payment, since if the debtor is no longer paying the mortgage (since someone else is), the trustee will request that the plan payment to the trustee increase. Many Chapter 13 debtors are permitted to surrender their home, refinance, or sell their home while in bankruptcy. However, the court will seek approval in all situations where the bankruptcy is still on going, before an asset is transferred.

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