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 Roger Your Own Question
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31687
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Type Your Bankruptcy Law Question Here...
Roger is online now
A new question is answered every 9 seconds

My chapter 13 was confirmed in 2007, at the time our second

Resolved Question:

My chapter 13 was confirmed in 2007, at the time our second mortgage was partially sucured so we did not seek a lein strip at that time. Since then the value has continued to fall and the second mortgage is now fully unsecured in my opinion.

My current lawer has the opinion that since the value was established at confirmation and this is binding on all parties "as to treatment and value". In his view I do not have a valid argument for post confirmation modification.

I cannot find any precident establishing this fact and want a second opinin.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 6 years ago.

Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney here to assist you.


What your attorney has said is correct. Generally, Chapter 13 filings don't take much account into value of collateral because you're usually required to repay the outstanding debt regardless of the collateral's value. However, the lender is allowed to reduce the debtor's obligation to current value if it chooses.


Therefore, values are determined at the time the bankruptcy is filed and the corresponding plan confirmed.


You can't continue to modify the agreement after the plan is confirmed.

Roger and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 6 years ago.
Thank you, XXXXX XXXXX have made comments that have confused me even more. I understand my current and second mortgages are outside my chapter 13 and we continue to keep current the payments on them. I am under the impression that once my payment plan is completed with the trustee and the case is completed any outstanding debt inside the chapter 13 would be dismissed, is that correct?