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    modifiedman's Avatar
    modifiedman Posts: 3, Reputation: 1
    New Member
    		  
    #1

    May 20, 2006, 08:33 PM
    Chapter 13 bankruptcy
    May Have To Do A Chapetr 13 To Safe My House
    I Have Spoken To A Lawyer About All This But What Gets Me Is
    I Still Have To Pay My 1500.00 Morg Which I Just Can't Do
    And That's What Got Me Into This Mess In The First Place.
    We Have Been In This House 10 Years Now And Did A Refi 4 Years
    Ago.it Was A Fixed For The First 3 Years Then Adjustable
    Starting The 4th And It Jumped To Were We Can't Do It.

    We Are Behind In Paying By 4 Months And Just Can't Come Up
    With It.so Bankruptcy Is The Only Way We Can Do It Or Sell It.
    What Do You Think?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    May 21, 2006, 08:36 AM
    A chapter 13 bankruptcy will not lower your house payment, it will take all of your debts, and all of the secured debts will be paid off , your unsecured debts will be paid at less than full value depending on your ability to pay.

    They will work out a very strict budget for the next three years normally, you will make payments to the court and they will pay your debts.

    It does not do away with the money you owe on the house.

    You need to refiance if posible to lower the payment if that is the issue, if not, you need to sell your house to pay off the debts.
    cliffdar's Avatar
    cliffdar Posts: 4, Reputation: 1
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    #3

    Jun 30, 2006, 11:11 AM
    How many times can a person file for Chapter 13? I have a tenant that has filed Chapter 3 times since Oct. 2005. They are late with the rent and owe back rent. I would like to get the tenant to vacate the premises. Any idea on how I can do this and what is my next step?
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