Posted on: 04th Apr, 2009 09:51 pm
i have about 3 yrs. 10 months left on a chapter 13 bankruptcy, my payments are 2636.00 per month. i have been having difficulties with my ability to pay this payment over the past few months. my work has slowed and i am afraid that i might get too far behind to be able to keep my home. my home is worth more than what it would take to pay off the chapter 13. is there any thing that can be done , similar to the government help programs against foreclosure?
hi atlantadmc,
you can request for a loan modification which requires trustee's approval. this could be approved on the grounds of serious illness or loss of job. this can make your monthly payments affordable and help you keep your house. if the modification is not possible, you can request for hardship discharge. in that case, your creditors need to be paid atleast the amount that they could have got, had you filed chapter 7 bankruptcy. you need to consult your bankruptcy attorney in this regard.
you can request for a loan modification which requires trustee's approval. this could be approved on the grounds of serious illness or loss of job. this can make your monthly payments affordable and help you keep your house. if the modification is not possible, you can request for hardship discharge. in that case, your creditors need to be paid atleast the amount that they could have got, had you filed chapter 7 bankruptcy. you need to consult your bankruptcy attorney in this regard.