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Maverick
Maverick, Attorney
Category: Bankruptcy Law
Satisfied Customers: 6392
Experience:  20 years of professional experience
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i live in the state of georgi aabout 7 months ago my chapter

Resolved Question:

i live in the state of georgi aabout 7 months ago my chapter 7 has been discharged.my mortage company raised my payment $140 bucks and raised the late fees so now i cant afford my house can i file chapter 13?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Maverick replied 6 years ago.

Welcome to Just Answer! My name isXXXXX very much enjoy what I do and I hope that you will benefit from this information.

 

 

Yes, that is what is known unofficially as a chapter 20 and can often be a smart move. Also, since there has been a change in your payments, this will not likely viewed as fraudulent. Also, now would be a good time to file since it will not effect your credit for anytime longer than the chapter 7 which will be on your record for ten years while a chapter 13 is only there for 7 years.

 

 

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Customer: replied 6 years ago.
what if i want to walk away from the house?? can i and how much would i have to pay? i owe 200,000
Expert:  Maverick replied 6 years ago.

What is the house worth?

 

Customer: replied 6 years ago.
in this market 100 k .. he needs alot of work the a/c or heat dosent work now..
Expert:  Maverick replied 6 years ago.
Yes, you can walk away but you would be on the hook for the negative balance between the loan amount owed and the fair market value as GA allows lenders to collect deficiency judgments.
Customer: replied 6 years ago.
threw a chapter 13? lets say the balance is 140k how much would i pay..
Expert:  Maverick replied 6 years ago.
Not sure what you are asking. Under a Chapter 13 you do not walk away, it is more of a reorganization plan but you still have to pay the secured creditor the full amount of his loan.
Maverick and other Bankruptcy Law Specialists are ready to help you