Posted on: 19th Aug, 2009 10:31 am
my husband and I have a mobile home that is being rented for less than our expenses and we also own free and clear some acreage that is is being sold thourhg a lease purchase agreement. We have both took a paycut the last year. we have our primary house, two vehicles, a boat, jet ski and tractor financed that are not yet paid for. Along with the massive credit card debt and student loans that we have acquired we are just making minimum payments and falling behind. We have sold some assets at a loss to get out from under the payments. IF we file chapter 13 would we have to immediately sell the mobile home or land and other assets that we are currently paying for?
hi apjones!
welcome to forums!
if you are filing chapter 13 bankruptcy, you will not have to sell off the property or other assets. when you file chapter 13 bankruptcy, your lender would give you a payment plan with which you would be able to pay off the mortgage dues. the lender would consider your financial situation while giving you the payment plan.
feel free to ask if you've further queries.
sussane
welcome to forums!
if you are filing chapter 13 bankruptcy, you will not have to sell off the property or other assets. when you file chapter 13 bankruptcy, your lender would give you a payment plan with which you would be able to pay off the mortgage dues. the lender would consider your financial situation while giving you the payment plan.
feel free to ask if you've further queries.
sussane