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Ask Ellen Your Own Question
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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We are going through bankruptcy and we just signed the papers

Customer Question

We are going through bankruptcy and we just signed the papers on friday but they have not been submitted yet . We have been waiting on Wells Fargo our mortgage lender because they said they are trying to restructer our mortgage like our 2nd mortgage did . but they said that it would take 30 days which is why we waited to file but know they are saying that it can be another 30 - 60 days , our lawyer stated that most likely they will not want to work with us once we file bankruptcy , we are not sure what to do .
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.
Are you planning to file a 7 or a 13?
Customer: replied 8 years ago.
Expert:  Ellen replied 8 years ago.

Your lawyer is correct. A lender will be typically very unwilling to negotiate while in a Chapter 13. The reason is that the Chapter 13 itself forces a payment plan to bring the mortgage current. Absent an urgent reason to file now, it may be best to wait until after your first mortgage is modified.
Customer: replied 8 years ago.
is it ok if we wait like maybe a month to file , even though we have already signed the papers .
Expert:  Ellen replied 8 years ago.

Usually a bankruptcy trustee would consider month old papers to be "stale". However, if your attorney files them he will be responsible to bring them up to date.