QUESTION
Can I file Chapter 13 on my second mortgage?
Asked on Feb 21st, 2013 on Bankruptcy - Colorado
More details to this question:
I filed Chapter 7 in 2009. I did not reaffirm my first or second mortgages. I owe 182,000 on the first and about 39,000 on the second. My house has been assessed at about 171,000. Can I file Chapter 13 to get rid of my second mortgage?
11 ANSWERS
You need to find a good BK lawyer, because it will depend on your debts, assets and income. I can recommend some good lawyers.
Answered on Apr 01st, 2013 at 2:49 AM
Bankruptcy Attorney serving Seattle, WA
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The Law Office of Marc S. Stern
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In Washington that would work. However, get an appraisal first. The assessment is not evidence of value that a court will accept in these circumstances.
Answered on Mar 21st, 2013 at 8:52 PM
Assuming all your facts are correct, you should contact a bankruptcy attorney to discuss stripping the lein (making the 2nd mortgage unsecured and dischargeable) in a 13. Good luck to you.
Answered on Feb 26th, 2013 at 1:32 PM
Bankruptcy Attorney serving Plantation, FL
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Moffa & Breuer, PLLC
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Probably NOT in the Southern District of Florida. You might be better off reopening your Chapter 7 case.
Answered on Feb 25th, 2013 at 2:13 AM
Insurance Attorney serving Redlands, CA
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Orrock, Popka, Tucker & Dolen
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Yes. Your obligation to pay the mortgage was discharged in the Chapter 7. You can file a Chapter 13 and a motion to avoid the lien. If the motion is granted it will be conditioned upon completion of the plan and/or upon obtaining a discharge. You should wait until at least 4 years pass from the time you filed the Chapter 7.Question.
Answered on Feb 25th, 2013 at 2:12 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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From your facts - it appears that chapter 13 would work for you. Please understand that a chapter 13 bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
Answered on Feb 24th, 2013 at 8:30 AM
If you qualify to lienstrip, this certainly could be an option, but you cannot rely on a tax assessment to value your property for bankruptcy court purposes. You will need to obtain an appraisal from a certified residential appraiser. You may want to wait until at least 4 years have passed since your 2009 Chapter 7 to file your case (since right now it looks like you are close to meeting that time) in order to be eligible for a second discharge.
Answered on Feb 24th, 2013 at 8:27 AM
Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC
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Love and Dillenbeck Law
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You can probably do this...we call it stripping off the 2nd mortgage. You need to speak to an attorney and get representation. Standard chapter 13s are difficult to navigate pro se and a strip off will make it more difficult.
Answered on Feb 24th, 2013 at 8:11 AM
Bankruptcy Attorney serving Overland Park, KS
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Wellman Law LLC
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This is somewhat interesting because some of the standard language for "stripping" a second lien in a Chapter 13 Plan/Adversary Proceeding would be inapplicable because the debt would not be treated as a general unsecured debt because the debt was discharged (there's just a lien now). However, my hunch is that there's no legitimate objection on this basis by the 2nd mortgage company. I think the language would just have to be altered to fit the situation where the 2nd mortgage will receive nothing at all due to the discharge. I think there are some jurisdictions where lien stripping has been successfully fought in general but it generally can be done in the District of Kansas.
Answered on Feb 24th, 2013 at 8:11 AM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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You have to wait 5 years between filing a chapter 7 and a chapter 13.
Answered on Feb 24th, 2013 at 8:07 AM
Deborah F. Bowinski
You may be able to, but it will depend upon what the actual market value of the property is rather than the assessed value.
Answered on Feb 24th, 2013 at 8:05 AM