Ask a Lawyer and Get Answers to Your Legal Questions
Was your bankruptcy discharged or dismissed?
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.
Thanks again for using Justanswer!
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.