Posted on: 22nd Aug, 2010 03:20 am
My husband and I are thinking about filing for ch. 13 bankruptcy. we are already late on mortgage payments and have an intent to forclose letter; have outstanding payday loans; past due credit card bills; past due on our vehicles. can we put our mortgage and vehicle in the bankruptcy? will they give us a repayment plan for our vehicles and mortgage? what happens after the repayment period? are we going back to paying $2200 per month on our mortgage and $1300 per month on our 3 vehicles?
Hi kjsasam
Welcome to mortgagefit
Firstly be cool and calm and do not take any decision in hurry.
"can we put our mortgage and vehicle in the bankruptcy"
Surely you can include everything except your education loan and child support/alimony.
"will they give us a repayment plan for our vehicles and mortgage?"
Yes,They will be offering you detailed and affordable repayment plan so that you will be able to repay the debt well within stipulated time.
" are we going back to paying $2200 per month on our mortgage and $1300 per month on our 3 vehicles?"
I can't exactly comment about the figures but one thing is sure, repayment plan will be such that you will be able to afford it and you don't have to borrow any money in order to repay the debt.(that is what my definition of affordability )
Welcome to mortgagefit
Firstly be cool and calm and do not take any decision in hurry.
"can we put our mortgage and vehicle in the bankruptcy"
Surely you can include everything except your education loan and child support/alimony.
"will they give us a repayment plan for our vehicles and mortgage?"
Yes,They will be offering you detailed and affordable repayment plan so that you will be able to repay the debt well within stipulated time.
" are we going back to paying $2200 per month on our mortgage and $1300 per month on our 3 vehicles?"
I can't exactly comment about the figures but one thing is sure, repayment plan will be such that you will be able to afford it and you don't have to borrow any money in order to repay the debt.(that is what my definition of affordability )
What I'm trying to say is that, do we go back to paying the same payments on our monthly mortgage and vehicles before we filed for bankruptcy? Or What are we left to pay after we r done with the payment plan? Or will they take away our home and vehicles after the payment plan is done?
The trustee, your bankruptcy attorney and your lenders/creditors will negotiate and give you a payment plan to pay off the dues. This payment plan will depend upon your financial situation.