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Questions about Arrearages

What is the definition of arrearage?

An arrearage is a word that is used to describe a payment on an account that is overdue. There are quite a few things that this term can be used for. It can be used for bank loans, mortgages, and certain stocks with payments past due commonly use this term.

If a person had arrearages on their mortgage and was in fear of foreclosure, what could that person do?

In this situation, the person involved could file for a Chapter 13 bankruptcy. This particular kind of bankruptcy case immediately puts a stopper on any sort of foreclosure action on a person’s house. It provides the person with an opportunity to set up a plan specific to their situation that would reinstate mortgage arrearages. This means that the person would be allowed to make arrearage payments over the period of years that the loan covers. After that time has ended, foreclosure could not happen because the loan would no longer be valid.

If a person receives a rescission of trustees deed due to certain arrearages four months after being discharged from a Chapter 7 bankruptcy, what can that person do to get out of the stated situation?

In this situation, if a Chapter 7 bankruptcy has already been had, the only other option one really has is to file Chapter 13 bankruptcy that will address arrearages owed. When dealing with the deed, one should really consult an Expert for advice of what would be the most appropriate action to take.

Can a person file for bankruptcy against back child support if arrearages are owed for that child support?

In many situations, one can include back child support when filing for bankruptcy, but the child support arrearages will not be discharged. Since child support is considered to be a priority debt, it cannot be cancelled. When filing for a Chapter 13 bankruptcy, one should specify that child support arrearages will be paid over a three to five year period. Once everything has been filed, every arrearage included will be paid off.

Is there anything one can do to stall or stop a foreclosure eviction?

Once foreclosure has already been settled upon, there is not much one can do to stop it. If the lender does not provide any sort of voluntary forbearance, and if any type of payment plans for the owed arrearages have been denied, one cannot do anything. Once Chapter 13 bankruptcy has been filed for and has delayed foreclosure but did not put it off indefinitely, there is nothing the owner of the house can do except follow orders and move out.

As is very clearly evident, many people deal with arrearages in their lives. Whether it is from poor budgeting or just not enough money made, arrearages can pop up so quickly if a payment is not made in time. They can be very messy to deal with, and cause many people lots of unwanted trouble. Arrearages can lead to filing for bankruptcy, or they can even lead to foreclosure. However, if one is careful with their money, they will never come across any arrearages. When questions about arrearages or any other subject come up, it is best to consult with the Experts.

Ask a Bankruptcy Lawyer

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Experience:  Bankruptcy Lawyer. Experienced.
9968427
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Recent Arrearages Questions

  • Nationstar Mortgage filed a proof of claim in my Chapter 13

    Nationstar Mortgage filed a proof of claim in my Chapter 13 case as such:
    4. Secured Claim: Arrearages $60,617.62; Amount of Secured claim $307,324.80; Value of Property $ (blank) Amount Unsecured $ (blank); Part 1: Statement of Principal and Interest Due 1. Principal due $257,550.72; Interest Due $36,401.09 (Total $293,951.81);
    Part 2: Statement of Prepetition Fees etc. total $14,110.72.
    Now I know that claims against real estate are bifurcated into secured and unsecured portions for debt eligibility purposes for a Chapter 13 bankruptcy. Are all these claims secured? Or are a portion unsecured for the purposes of a Chap 13 bk?
  • Mortgage arrearages and the loan amount - its my understanding

    Mortgage arrearages and the loan amount - it's my understanding that the arrearages are not secured. Can you please give me the statute or cases (preferable 8th circuit) that state this?
  • This is a chapter 7 question. Some time ago, the Debtor found

    This is a chapter 7 question. Some time ago, the Debtor found out that he had a child in another state. He was assessed back child support and put on a monthly payment plan. The child is still a minor and he is paying a "current" amount now as well. He is up to date on all child support payments, arrearages that were assessed and current child support. Can he still file a 7 and say that he is up to date on child support even though arrearages were assessed? thank you in advance for your assistance.
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