Bankruptcy Law

Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Bankruptcy Law
This answer was rated:

hello, i am considering chapter 13 to save my house. i have

hello, i am considering...
hello, i am considering chapter 13 to save my house. i have a few questions.
1. i am not sure what the best thing to do is! i'm stressing over my decision.
my mortage co says since i'm 26000 behind my payments will go from 553 to 729 a mo
( i was offered a modification) because of the interest and late fees. (which includes 110 pmi insurance) if i take that offer. but if i file, wont they have to take my original payment of 553? i understand the arrearage would be split up into 60 mo which i don't know how to figure if that would be worse then just paying 729 a month? and eventually i can drop the pmi.
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 5 minutes by:
9/6/2011
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,910
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Verified
Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

it would take $434 per month to cover the mortgage arrears. The plan you have would also pay a percentage of your other unsecured creditors, roll in your car balance and anything else financed. Then add about 7-10% of the total payback to the totals to cover the bankruptcy trustee administrative fees. This is all in addition to your regular monthly mortgage payments.

Talk to a local bankruptcy attorney who can help you set up the plan and get a more, case specific, monthly payment that would be required.

You are correct in that the mortgage payment will be what the contractual payment would be again after you file, without the PMI unless it was there previously.

Thanks for your question, good luck
Let me know if you have any other questions.
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,910
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Verified
Terry L. and 87 other Bankruptcy Law Specialists are ready to help you
Ask your own question now
Customer reply replied 6 years ago

can i ask how you cam up with 434? so that is 434 on top of 553 a month?

 

i would be looking at 987 a month or biweekly?

I took the $26k in arrears and divided it by 60, the maximum months a chapter 13 plan payment can run. Yes, that is in additional to your regular monthly payment of $553. You can roll the payments together if you wish in the chapter 13, or you can keep them separate, that is up to you.

Thanks for your questions, let me know if you have any others.
Good luck.
Ask Your Own Bankruptcy Law Question
Customer reply replied 6 years ago
roll the payments together? don't they have to be paid together? i get paid biweekly so the 433 plus 553 i don't have a car loan or any other sec credit, except i do owe back taxes i know would be 166 a month. so i figure roughly 1152 . is that broken down so i would pay this 600 every two weeks? ( i get paid biweekly) i wouldn't be paying 1152 every two weeks would i?
Customer reply replied 6 years ago
did i loose you?
your chapter 13 plan can pay the mortgage arrears separate from the regular payment that was due. You can also pay them together thru the plan as 1 payment too. That is your choice. Either way, it will be the same amount going out of your pocket each month. Most people pay them separately, so that the trustee percentage would be lower as a result. The bankruptcy payment is a monthly payment, but you can pay some from each paycheck if you wish to break it down that way. Your employer can deduct it from your pay and send the trustee payment to the trustee for you. Otherwise, you can send in the monthly payment to the trustee directly yourself. For your back taxes owed, they can also be paid thru the plan. You would take the balance owed, divide by 60 and that would be added to the monthly payment.

Thanks and good luck.
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,910
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Verified
Terry L. and 87 other Bankruptcy Law Specialists are ready to help you
Ask your own question now
Ask Terry L. Your Own Question
Terry L.
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,910
2,910 Satisfied Customers
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

Terry L. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Terry L.

Terry L.

Attorney

2,910 satisfied customers

Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

cortrightlaw

cortrightlaw

Attorney

511 satisfied customers

Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

JoeLawyer

JoeLawyer

Attorney

376 satisfied customers

Attorney in the practice of Bankruptcy Law since 1996

A.J.

A.J.

Attorney

262 satisfied customers

Experienced consumer bankruptcy attorney.

Fritz

Fritz

Attorney

209 satisfied customers

Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases

Law Girl

Law Girl

Attorney

153 satisfied customers

I am an attorney.

Paul K, Esq.

Paul K, Esq.

Attorney

141 satisfied customers

10 years Exp., Great customer service, Prompt responses.

< Previous | Next >

Related Bankruptcy Law Questions
A few years ago I lost a house to the trustees. It went on a
A few years ago I lost a house to the trustees. It went on a short sale. Now the Franchise tax board says I Tax Board says I "earned" $184,000.00 and that I owe them $20,000.00 in taxes. Of course I r… read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
I have one primary home, one rental property and I file
I have one primary home, one rental property and I file bankcrupcy chapter 7 , the rental property will be sell for action to pay for creditor, the house has appraise for $640,000.00 Here is trustee c… read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
My mothers deed to the house, along with my sister. The
My name is ***** ***** mothers deed to the house, along with my sister. The house is long since been paid off, I need to file Chapter 7. She has proposed to sell the house/property to my sister... Wil… read more
KJL LAW
KJL LAW
Juris Doctorate
1,626 satisfied customers
If I am buying a house that i have lived in for 23 years
If I am buying a house that i have lived in for 23 years owned by my mother and father, who are now ill, and have come into hardship. My mother claimed chapter 13, It was confirmed, now i want to buy … read more
KUMI95
KUMI95
Attorney
Doctoral Degree
17 satisfied customers
My question is regarding a bankruptcy, chapter 13. one of my
Hello. my question is regarding a bankruptcy, chapter 13. one of my clients filled for chapter thirteen 8 years ago. I leaned several pieces of his equipment. We went to trial in Oakland ca. several m… read more
Ray
Ray
Lawyer
Doctoral Degree
30,259 satisfied customers
If you have a trial scheduled and the US Trustees Office is
If you have a trial scheduled and the US Trustees Office is trying to get your case dismissed and you have been dealing with your attorney who has been doing things that will get him disbarred, how do… read more
Michael Bradley
Michael Bradley
JD
1,131 satisfied customers
I filed bankruptcy March 2015. I had an audit for 2015 taxes
I filed bankruptcy March 2015. I had an audit for 2015 taxes and the IRS just finished the audit this month. The State refunded me $600 a few months ago but The Federal I owe $1500. The trustee was wa… read more
DrakeLAW
DrakeLAW
Juris Doctorate
842 satisfied customers
I have hard evidence that the Trustee and Trustee atty were
Hello - I have hard evidence that the Trustee and Trustee atty were negligent, breached their fiduciary duties and allowed my federal case of fraud in the inducement run the SOL, without pursuing as t… read more
Dwayne B.
Dwayne B.
Juris Doctor
28,500 satisfied customers
The Trustee in a corporate bankruptcy case erased and/ or
The Trustee in a corporate bankruptcy case erased and/ or deleted tape recorded testimony of a key witness in a 2004 bankruptcy rule deposition. what recourse do I have being that witnesses testimony … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,959 satisfied customers
Second opinion] The Trustee in a corporate bankruptcy case
Second opinion] The Trustee in a corporate bankruptcy case erased and/ or deleted tape recorded testimony of a key witness in a 2004 bankruptcy rule deposition. what recourse do I have being that witn… read more
DrakeLAW
DrakeLAW
Juris Doctorate
842 satisfied customers
My confirmation meeting is next week and th trustee wants a
my confirmation meeting is next week and th trustee wants a modified plan so i won't be confirmed, what may happen … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
17,996 satisfied customers
I received notice from the Trustee of an "Order Striking
I received notice from the Trustee of an "Order Striking Filing For Failure To Comply With Required Procedures".I believe the problem is with a creditor who had an undeliverable address, however, I ha… read more
DrakeLAW
DrakeLAW
Juris Doctorate
842 satisfied customers
I had just filed chpt 13 met with trustee last Thursday I
I had just filed chpt 13 met with trustee last Thursday I got a surprise when I got home my son had paid off my home and car 359000 What do i do from here? … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I recently made my last chapter 13 payment to the trustees
I recently made my last chapter 13 payment to the trustees office. I fell behind on my mortgage and have been in a trial modification. On the notice of final cure my lender stated the amount I was del… read more
socrateaser
socrateaser
1,031 satisfied customers
Does the trustee need a court order to sell a debtors
Does the trustee need a court order to sell a debtors primary residence? The equity is claimed as exempt, but the trustee believes there is more equity in the house than the debtor claimed. Reference … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
17,996 satisfied customers
The trustee in my ch 13 case is seeking to reopen my case
The trustee in my ch 13 case is seeking to reopen my case after closing it 9 months. He says I owe $1000. The trustee has never directly contacted me but contacted my former bankruptcy attorney who ha… read more
Law Tutor, Esq.
Law Tutor, Esq.
Lawyer
Doctoral Degree
165 satisfied customers
My trustee filed a motion to dismiss my chapter 13, which I
my trustee filed a motion to dismiss my chapter 13, which I filed July 1, 2016. He argued that since I filed on chapter 7 in 2011, which was later coverted to chap 13 and then another chapter 13 in 20… read more
DrakeLAW
DrakeLAW
Juris Doctorate
842 satisfied customers
What recourse is there a bankruptcy trustee who has
What recourse is there for suing a bankruptcy trustee who has committed fraud on the court by producing false documents and statements to that court in order to get a judgment? The judge was made awar… read more
AttyHeather
AttyHeather
Attorney
Juris Doctorate
637 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x