Posted on: 18th Jan, 2011 05:41 pm
i have a mortgage of 300,000 but the house is worth 800,000. because my income has dropped drastically, i cannot get an equity loan or refinance to pay off a significant amount of unsecured credit card debt. how does the bankruptcy court calculate how much i would have to pay into a chapter 13 plan towards unsecured credit card debt to avoid these unsecured creditors coming after my home?
Hi annasarrazin,
The bankruptcy trustee and your creditors will check your financial situation and they will give you a payment plan in order to pay off the dues under the court's observation in case of Chapter 13.
Thanks
The bankruptcy trustee and your creditors will check your financial situation and they will give you a payment plan in order to pay off the dues under the court's observation in case of Chapter 13.
Thanks