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socrateaser
socrateaser, Lawyer
Category: Legal
Satisfied Customers: 37959
Experience:  Retired (mostly)
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We have an issue with our bank bout four years ago we filed

Customer Question

We have an issue with our bank bout four years ago we filed a,chapter 13 till I got somethings fixed I got out of it so I could repay my debt the way I agreed after months on negotiations with this bank they agreed to redo the loan there is more to it they told me to pay 3000 a month for three months then they would redo it after that time it took 4 months or more to get them to redo it so we did paid on time with no problems for a year or so we fell a little behind for bout 7 months never being over thirty days late now we have been paying the loan a month ahead since may and the bank notified us we have to move our loans by Dec 31 we don't have good enough credit to do that just yet and they just keep email us asking if we found any where to take loan yet and a few calls but everytime they call they say don't take this as harrisment so it's got me thinking they are doing something wrong any ideas thanks
Submitted: 1 year ago.
Category: Legal
Expert:  socrateaser replied 1 year ago.

Hello,

Was your bankruptcy discharged or dismissed?

Customer: replied 1 year ago.
I had it dismissed so I could resume with my terms to repay
Expert:  socrateaser replied 1 year ago.

Okay, thanks.

It seems that the bank may have preyed on your good faith in convincing you to dismiss the bankruptcy -- which is something that you didn't have to do in order to renegotiate the loan. You could ask the bankruptcy court to vacate the dismissal order and reinstate the previous Chapter 13. Or, you could simply file a new Chapter 13 and put yourself in a better bargaining position with the bank again. And, you could tell the bank first, that you will file Chapter 13 again, unless you can negotiate something adequate outside of bankruptcy. That may encourage a settlement without the bankruptcy.

Worth a shot!

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf.

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Customer: replied 1 year ago.
It was dismissed in 2011 and been doing good would hate to mess it up
Expert:  socrateaser replied 1 year ago.

That's why I said you could threaten bankruptcy as a means of trying to leverage the bank. Banks have unlimited financial resources. They can outlast anyone, so they won't negotiate in good faith, without the court ordering them to do so. The only court that the average person can get into where the bank will be forced to negotiate is bankruptcy court. In any other circumstance, you would be paying out $50,000-$100,000 in litigation expenses.

You could complain to the federal Consumer Financial Protection Bureau, but there's no guarantee that they will get involved. And, that will lead you right back to the bankruptcy court.

I realize that my answer may not be exactly what you were hoping to read. However, under the circumstances, the best that I can do is to explain what the law is and is not, so that you can avoid expending valuable resources looking for answers that do not exist, and concentrate on the options that are actually available.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf.

Thanks again for using Justanswer!

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