Posted on: 15th Aug, 2008 06:37 pm
I'm cant keep my home.If I file a chapter 13 does it pay off my mortgage in full
Hi morewitt.
Welcome to the forum. If you file chapter13 then you will have to pay the outstanding balance of the loan with an affordable repayment plan. BTW to file the Chapter 13 Bankruptcy you will have to qualify through the Means Test. Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum. If you file chapter13 then you will have to pay the outstanding balance of the loan with an affordable repayment plan. BTW to file the Chapter 13 Bankruptcy you will have to qualify through the Means Test. Feel free to ask if you have any further questions.
Best of luck,
Larry
Hi,
It is not clear as to why you want to file bankruptcy? Under chapter 13 you will be given an easy re-payment plan by the bankruptcy court to pay off your debt but before that court will check whether you qualify for it or not. Even though if you cannot pay your monthly payment then the bank can take legal step against you. The best person guide you is a good attorney. My suggestion would be, if you have a regular source of income then speak with your lender so that you can negotiate with them.
It is not clear as to why you want to file bankruptcy? Under chapter 13 you will be given an easy re-payment plan by the bankruptcy court to pay off your debt but before that court will check whether you qualify for it or not. Even though if you cannot pay your monthly payment then the bank can take legal step against you. The best person guide you is a good attorney. My suggestion would be, if you have a regular source of income then speak with your lender so that you can negotiate with them.