How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask WALLSTREETESQ Your Own Question

WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15685
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
Type Your Bankruptcy Law Question Here...
WALLSTREETESQ is online now
A new question is answered every 9 seconds

We had filed for Chapter 13 Bankruptcy several years ago because

Customer Question

We had filed for Chapter 13 Bankruptcy several years ago because our business was hit hard by the recession and we no longer made as much as we had been prior to the recession. In the meantime we were working on getting our first mortgage modified while we were under the Chapter 13 Bankruptcy stay. We were granted a loan modification several weeks ago and have already made our first trial payment. I am inclined to let the Chapter 13 go because we included a lot of debt from our business which we are now thinking we will just let whither and die and free ourselves of the burdens of problems that were caused by the recession. We only have a couple of things that I feel need to be addressed if we did let the Chapter 13 go. I would be concerned with the payments for one of our automobiles which we were paying in the Chapter 13 plan, as well as our second mortgage. Our first mortgage is now reworked and should be fine as long as we continue to make our payments. Any suggestions as to how to make sure these other debts are secured? Should I call up both the Auto and Mortage holders and try to re-up on both of those loans? Just don't want to put us in harms way now that things are starting to work out.
Submitted: 8 months ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 8 months ago.

WALLSTREETESQ :

In terms of a secured creditor, a car loan and home mortgage would be secured,

WALLSTREETESQ :

secured only means that if you fail to pay they can take the property, both would be secured,

WALLSTREETESQ :

the second mortgage holder may not choose to foreclose if their is a first mortgage,

WALLSTREETESQ :

I would contact the lenders of both and make sure they will not stop accepting payments if you are not ina chapter 13,

WALLSTREETESQ :

the car lender in most cases will be the harder party

WALLSTREETESQ :

as they may try to take the car if payments are not all up to date,

WALLSTREETESQ :

You could consider letting the chapter 13 go,

WALLSTREETESQ :

and if the lenders try to take the car,

WALLSTREETESQ :

you can refile a chapter 13 and not include the business debts,

Customer :

What about the second mortgage?

WALLSTREETESQ :

the second mortgage holder will be considered secure,

WALLSTREETESQ :

however if equity is limited they will not foreclose,

WALLSTREETESQ :

in most second mortgage cases, they will accept some payment plan or modification,

Customer :

Okay, thanks so much!

WALLSTREETESQ :

good luck, also in a chapter 13, you could lien strip a second mortgage,

WALLSTREETESQ :

if the second mortgage is 100% underwater,

WALLSTREETESQ :

meaning if the home is worth $500,000 and the first mortgage is $600,000

WALLSTREETESQ :

the second would not be secured by any equity,

WALLSTREETESQ :

and you can discharge much of the debt as it will be considered

WALLSTREETESQ :

unsecured in bankruptcy court only,

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask.

WALLSTREETESQ :

If satisfied with our service please provide us with positive feedback, thank you

WALLSTREETESQ :

Thank you

Expert:  WALLSTREETESQ replied 8 months ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

What happens now?

If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
Expert:  WALLSTREETESQ replied 8 months ago.
If you have any further questions please do not hesitate to ask.
If satisfied please provide us with positive feedback, thank you
Expert:  WALLSTREETESQ replied 8 months ago.
If you have any further questions please do not hesitate to ask.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.