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 cortrightlaw Your Own Question
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
Type Your Bankruptcy Law Question Here...
cortrightlaw is online now
A new question is answered every 9 seconds

13 relief as long as the individuals unsecured debts are less

This answer was rated:

13 relief as long as the individual's unsecured debts are less than $360,475 and secured debts are less than $1,081,400

regarding a second mortgage which is secured at the beginning of the bankruptcy filing but then is stripped off when the plan is confirmed. Does the second mortgage which is stripped because the house value fell far enough that the lien is unsecured by equity count as a secured or unsecured debt. In other words, do I need to consider an upside down second mortgage as part of the 360,475. limit in chapter 13 for unsecured debt or does it remain part of the secured debt allowance of 1,081,400.


cortrightlaw : If you are stripping it becomes unease cured and is counted with the unsecured total.
cortrightlaw : Sometimes this can become problematic and make it not possible to strip the second and still qualify for a 13.

Thanks, XXXXX XXXXX I thought but wasn't sure.....

cortrightlaw and other Bankruptcy Law Specialists are ready to help you