QUESTION
Can I rent out my home as I am waiting for my Chapter 13 to go through?
Asked on Mar 04th, 2016 on Bankruptcy - Michigan
More details to this question:
We filed for Chapter 13 last June and am still going through the process. Can we rent our home out while in Chapter 13?
7 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Yes, you can rent your home out but you'll need to file a modification in your plan to reflect the additional income.
Answered on Mar 22nd, 2016 at 6:38 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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Generally speaking, you may rent out your house. But you should modify your schedules of income and expenses to reflect the rental. You might have to increase your payments into the Ch. 13 if your income increases significantly. Consult a skilled BR lawyer. It's almost always worth the investment.
Answered on Mar 21st, 2016 at 6:44 PM
Bankruptcy Attorney serving Alpena, MI
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Carl C. Silver Attorney at Law
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Yes.
Answered on Mar 21st, 2016 at 6:44 PM
Yes, but you would need to report the rental income to the trustee, and that might affect your payment amount.
Answered on Mar 21st, 2016 at 6:44 PM
Yes you can rent out your home while in Chapter 13, but everything comes with consequences. You will need to file a new budget, and if you have applied for a loan modification, you may be ineligible since most loan modification programs are only available to help those who live in the property.
Answered on Mar 21st, 2016 at 6:43 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Speak with your bankruptcy attorney, but generally yes, and you will have to disclose the additional income or revenues to the trustee as well as your change of circumstances if you are no longer living there.
Answered on Mar 21st, 2016 at 6:43 PM
That's a tricky question. It is hard to hazard a legal guess without more information. Meet with an experienced BK lawyer. I can't understand why your Chapter 13 is not yet confirmed. Something seems amiss.
Answered on Mar 21st, 2016 at 6:43 PM