Posted on: 10th Nov, 2009 06:25 pm
I am out of work.....I am 66 years old
Total outstanding debt $99,000.00
Earn Gross $92,000 - Net $67,000
Monthly expenses $5000
Under Chapter 13 Bankruptacy - how much would I be required to pay back...can you advise me on amonthly basis and also advise the total term perod....
Thanks
Total outstanding debt $99,000.00
Earn Gross $92,000 - Net $67,000
Monthly expenses $5000
Under Chapter 13 Bankruptacy - how much would I be required to pay back...can you advise me on amonthly basis and also advise the total term perod....
Thanks
hi broadwaytone!
welcome to forums!
the bankruptcy court and the lender would decide upon your payment plan in chapter 13 bankruptcy. the total term period to pay off the mortgage dues would be 3-5 years.
in my opinion, rather than applying for bankruptcy immediately, you should check out the option of reverse mortgage. you can take the reverse mortgage and pay off your existing dues. you will not be liable for monthly payments during your lifetime. the lender will sell off the property after your death to recover the dues or your heirs can refinance the loan and pay it off.
feel free to ask if you've further queries.
sussane
welcome to forums!
the bankruptcy court and the lender would decide upon your payment plan in chapter 13 bankruptcy. the total term period to pay off the mortgage dues would be 3-5 years.
in my opinion, rather than applying for bankruptcy immediately, you should check out the option of reverse mortgage. you can take the reverse mortgage and pay off your existing dues. you will not be liable for monthly payments during your lifetime. the lender will sell off the property after your death to recover the dues or your heirs can refinance the loan and pay it off.
feel free to ask if you've further queries.
sussane