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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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i have decided against filing a chapter 13 at this time because

Resolved Question:

i have decided against filing a chapter 13 at this time because my mort co offered me
a modification, although i do have quite a bit of debt i would like to have had managed by the filing, i will have to try to deal with them on my own. i did file ch 7 back in july 04. if i end up needing to file when i am allowed 8 years from then, this time next year if my house is worked out and i'm in a new payment plan with them and the arrearage is added to end of loan, can i file another ch 7 to and stay in my home?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.
Hi JACustomer,
1) What is the current market value of your home?
2) What is the balance on the mortgage?
3) Have you lived in Indiana continuously for the past 2 years?
Customer: replied 6 years ago.

my home appraises for 86000

balance is 51000, arrearage is 26000

yes always lived in indiana

Expert:  cfortunato replied 6 years ago.
Is the arrearage ($26,000) part of the $51,000 balance, or in addition to it?
Customer: replied 6 years ago.

in addition, my payments use to be 553, with arrearage and pmi i will be paying 739

629 payment with 110 pmi until i can drop it.

Expert:  cfortunato replied 6 years ago.
Since the total balance of your mortgage - including the arrearage - is only approximately $9,000 less than what your house appraises for, you would be allowed to keep your house if you file a Chapter 7 Bankruptcy, as you are allowed to keep a home with up to $15,000 in equity. Indiana Stat. 34-55-10-2(c)(1).

I think this is what you wanted to know. If not, please let me know.
Thank you!

Customer: replied 6 years ago.

ok so when can a person actually file like another ch 7, i know it's 8 years, but is it

exactly 8 years. like if i filed 7-15 04 i have to wait until 7-15 2012?

Expert:  cfortunato replied 6 years ago.
Yes - it is exactly 8 years from the date the prior one was filed. If the prior one was filed 7/15/04, you would have to wait until 7/15/12. Bankruptcy Stat. 727(a)(8).
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