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I am temporarily unemployed and receive weekly benefits. I'm going through arbitration and still looking for employment.
9 ANSWERS
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Please understand that bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on Jul 18th, 2013 at 8:03 PM
If you file Chapter 13 before the foreclosure sale takes place, the bankruptcy stay will halt the foreclosure. Then you can set up a Chapter 13 plan to catch up on the mortgage arrears. However, you need to be able to resume making the regular monthly mortgage payments the calendar month after you file the bankruptcy. If you fall behind on the mortgage payments after you file the bankruptcy, then the mortgage company can eventually start up the foreclosure process again.
Answered on Jul 15th, 2013 at 8:37 PM
Deborah F. Bowinski
You can file a chapter 13 plan, but whether it will help you save your home depends on the details o your situation. Are your mortgage payments delinquent? Can you afford the new loan payments as they come due? Will you be able to pay a bankruptcy plan payment AND the mortgage payment? You should consult with a chapter 13 attorney as soon as possible. Chapter 13 cases are quite complicated and Most who try to file them without an attorney are not successful. It is easier and cheaper to hire an attorney at the start than to find someone to step in after the fact.
Answered on Jul 15th, 2013 at 8:36 PM
In order to file Chapter 13, you must be able to show that you can afford to resume your living expenses and make a payment each month to the Trustee to catch up on your past due mortgage payments. It might be possible to start off with small payments and increase them once you find work to pay off the entire past due amount. People file Chapter 13 for just this reason all the time but the devil is always in the details.
Answered on Jul 15th, 2013 at 8:36 PM
Personal Injury Attorney serving Glendale, CA
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JT Legal Group
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Chapter 13 generally allows one to save their home. You need an attorney to develop the right strategy and to figure out if it's going to work. No sense in doing a 13 when you know it won't work.
Answered on Jul 15th, 2013 at 8:36 PM
Debt Settlement Attorney serving Chicago, IL
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Law Offices of Daniel J. Winter
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Generally, yes, you can file Chapter 13 if you receive unemployment. However, the income needs to be enough to make the Chapter 13 plan work so that you can afford to make your mortgage payments plus the Plan payment in order to catch up on your home payments. The income needs to be regular and consistent. Before filing any Chapter 13, you should consult with an experienced bankruptcy attorney to discuss your options.
Answered on Jul 15th, 2013 at 8:36 PM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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You can file a chapter 13 I you have enough disposable income every month to fund a repayment plan.
Answered on Jul 15th, 2013 at 8:35 PM
General Law Attorney serving Cherry Hill, NJ
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Mark S. Cherry, Attorney at Law, PC
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A chapter 13 requires the ability to pay the current mortgage PLUS a plan of reorganization payment. This may be impossible while you are unemployed.
Answered on Jul 15th, 2013 at 12:56 PM
General Practice Attorney serving Coeur d'Alene, ID
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Michael B. McFarland, PA
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You need to have a regular income in order to file Chapter 13, but unemployment compensation counts as regular income in many cases. However, you may need to make some changes once you become re-employed. Talk to an experienced bankruptcy attorney at your earliest opportunity. You don't need to wait until the arbitration is completed to find out what your options are.
Answered on Jul 15th, 2013 at 12:55 PM