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I just asked this question - Hi, my wife and I filed for

I just asked this question...
I just asked this question -

Hi, my wife and I filed for Chapter 13 a couple of years ago (a little more than). Our mortgage is outside the case and is current. I lost my job about 5 months ago and realistically it will be unlikely that I can find a similar job at my age and circumstances. I have not been able to find any job in the interim and stopped making payments. The Trustee has filed a motion to dismiss our case for non-payment. Is conversion to Chapter 7 possible since our mutual income is now about 25% of what it was at the time of the Chapter 13 filing, and will likely not rise above 50% of that figure given all the circumstances around my employment. There are no secured creditors left. Would we be able to keep our house?

But I failed to ask the issue we are most concerned about - is keeping our house (the mortgage is outside our Chapter 13 case and has always been current) a possibility? All secured creditors in the estate have been paid (except the house).
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6/1/2009
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,914
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Yes, you can keep your home, if you stay current and there is no equity in the home. When you convert, the ch7 trustee liquidates assets and pays creditors. You have a state exemption for homestead, $5,000 for the homestead of an individual $7,500 if property is jointly owned. If no equity, then conversion would be ok and you can keep your home by signing a reaffirmation agreement.
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,914
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Verified
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Category: Bankruptcy Law
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Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

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