How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39152
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
10097515
Type Your Bankruptcy Law Question Here...
socrateaser is online now
A new question is answered every 9 seconds

CAN YOU FILE CHAPTER 13 AND DO A 722 REDEMPTION ON A SINGLE

Resolved Question:

CAN YOU FILE CHAPTER 13 AND DO A 722 REDEMPTION ON A SINGLE WIDE MOBILE HOME ON RENTAL LOT. 10 YEARS OLD HOME. LOAN @ $29750.00 MARKET VALU @ $ 15000.00?

THEN GET A LOAN, PAY MOBILE OFF AND DO THE CHAPTER 13 3 TO 5 YEAR PAYMENT PLAN?

WILL CHAPTER 13 DISCHARGE ALL UNSECURED DEBIT, LIKE CREDIT CARD DEBIT?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 7 years ago.

Under 11 USC §103(b), 11 USC §722 (the redemption statute) applies only to Chapter 7 cases. No exceptions.

 

Hope this helps.

 

Terms and Conditions: By your continuing in this conversation with me, or by your clicking “Accept”, you are expressly agreeing to all of the following: (1) our communication is for entertainment purposes only; (2) you are not consulting me in my professional capacity as an attorney; (3) you do not seek to establish an attorney-client relationship with me, nor do I with you; (4) you will not rely on anything I say and you will obtain appropriate legal counsel via a traditional/office consultation with an attorney licensed to practice in the jurisdiction where your legal issue arises (and you may not use our communication to avoid taxpayer penalties imposed by the U.S. Dept. of Treasury); (5) by communicating with me in this public forum you are irrevocably waiving any right to privacy, confidentiality and attorney-client privilege concerning the matters discussed. You further separately declare that any payment made by you is not consideration for this contract, nor offered for any services rendered by me on your behalf, but rather is made in genuine admiration and respect for my desire to help others. If you do not agree with these terms and conditions, then you must advise me immediately.



Edited by socrateaser on 11/6/2009 at 9:04 AM EST
Customer: replied 7 years ago.
I also asked if a chapter 13 discharges all of the unsecured debit as in credit cards?
Customer: replied 7 years ago.
don't answer 2nd question. how do i now who is telling the truth. i just spoke to this lawyer today.
Expert:  socrateaser replied 7 years ago.

If the goal is to reduce the loan blance owed on the mobile home to market value (actually "replacement value" under 11 USC §506(a)(2)), you can do this in Chapter 13 via the "lien stripping" provisions of 11 USC §1322. The caveat is that you cannot have acquired the mobile home within 910 days of the date of filing the Chapter 13 petition.

 

Re credit cards, yes they are discharged under 11 USC §1328.

 

That said, you seem to be having trust problems. The botXXXXX XXXXXne is that it really doesn't matter what answer I provide here. You have to trust your attorney to get the job done. And, while educating yourself is a good idea, sometimes you can know "too much," and thereby paint your attorney into a corner.

 

In this case, you were so determined to get a specific answer to a specific question, that you caused me to ignore another way around your problem, and I had to be reminded by a colleague that the §722 redemption may be irrelevant to your goal.

 

I must move on now, and I wash you the best.

socrateaser and 3 other Bankruptcy Law Specialists are ready to help you
Customer: replied 7 years ago.
I am very sorry that I have intellectually attacked you as I have. I am scared and angry.

This was not supposed to happen. We've hear so many financial horror stories and the embarrassment of bankruptcies is so overwhelming.

Between my lay off, at a company I loved and my husband feeling some threat at his job, after 15 years.

I guess, because I can't see you it was easy to attack.

We are very happy with our home and we don't care to rent again. But we also know we are in a situation that is simulator to being flipped in the value of the mobile home just as you would be in a vehicle.

Due to economy and changes in the county laws to rid it of it's problem mobile home areas. Which we totally understand. Unfortunately we have been caught up in the
shambles.

Your answers do help and I thank you.

Again, I apologize.