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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2900
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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March 2, 2010 I am in Chapter 13 Bankruptcy (State of Tennessee)

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March 2, 2010
I am in Chapter 13 Bankruptcy (State of Tennessee) and have two more years remaining until it ends. In about a year, the HELOC that has been in my Bankruptcy will terminate. Can the HELOC end prior to the end of the Bankruptcy? Is there anyway that I can continue to pay the bank (HELOC) and live in my home? What options do I have if any? [email protected]
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
You would need to refinance the HELOC, or else you are subject to the contract terms (some allow the rate to adjust a certain amount, some loans have the balance come due, check your mortgage contract with the HELOC to see). The bankruptcy has no effect on those contractual obligations. If your payment goes up, you may need to bring a motion in the bankruptcy case to modify the plan to be able to afford the new payments. Talk to your bankruptcy attorney about getting the appropriate relief needed. Thanks for your question and good luck.
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