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 WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17252
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
Type Your Bankruptcy Law Question Here...
WALLSTREETESQ is online now
A new question is answered every 9 seconds

Hello. Simple question. Hope its a simple answer. Thinking

Customer Question

Hello. Simple question. Hope its a simple answer. Thinking about filing chapter 13. Dept is AMX about 28,000 and my home. Don't want to lose it. Owe 620,000. Have a car loan but it's in my wifes name. The home loan is just in my name. Tried to modify but for some reason they keep saying i don't pass this test. I think they are just being jerks. Will filing help me keep my home?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 7 years ago.

a chapter 13 can help save your home, and if your equity is little wipe out most of the AMX debt. A chapter 7 would completely wipe out your credit card debts, but you have to have no equity in the property, and pass the means test.

Customer: replied 7 years ago.
I have about 300,000 in equity. So i guess they pay AMX from that? But how then do they come up with my monthly home payment?
Expert:  WALLSTREETESQ replied 7 years ago.
the chapter 13, will be hard, but the court would allow you to pay the AMX over 60 months in a payment plan. Your home payment would be the same.
WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you
Customer: replied 7 years ago.
ok. thanks.