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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2878
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I have an inquiry regarding how is a HELOC treated in a

Customer Question

I have an inquiry regarding how is a HELOC treated in a chapter 13 bankruptcy. Please see the Iink below to details.
Submitted: 1 year ago.
Category: Bankruptcy Law
Customer: replied 1 year ago.
Iink: https://dl.dropboxusercontent.com/u/28841209/bkquestion.pdf
Customer: replied 1 year ago.
this question is for Terry L.
Expert:  Terry L. replied 1 year ago.

it's locked. but. if they drew on it and there is a balance owing, then you can pay it directly, or you can put it into the plan, your/debtor's choice.

It's just like a mortgage loan, no real difference. Watch though if paid outside, the principal payment could come due during the case since these often are interest only at the front end., and your plan would have to accomodate for that, or motion to permit a refi.

Let me know if i hit the points...thanks

Customer: replied 1 year ago.
please type your name lowercase to access, thank you
Customer: replied 1 year ago.
Please let me know if you are able to access now. Thank you
Customer: replied 1 year ago.
Please opt out if you cannot respond as I need to get this answered ASAP. Thank you for your understanding
Expert:  Terry L. replied 1 year ago.

sorry i was out sick the last 2 days. link is no longer valid

Customer: replied 1 year ago.
No worries, something is definitely going around lots of people are sick... here is the link again, thank you
https://dl.dropboxusercontent.com/u/28841209/Document80.pdf
Customer: replied 1 year ago.
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