QUESTION
IF I convert my Chapter 13 to Chapter 7 will I lose my home? Im Current with Mortgage & always have been
Asked on Jun 05th, 2014 on Bankruptcy - Pennsylvania
More details to this question:
Have been in Chapter 13 for 3 years now; Payments increasing & I need Modification of Plan to afford monthly payments. My financial situation has changed AND also now I am being told Im probably being layed off in August. My sister is co-signer on my Mortgage, IF my mortgage is current & always has been & I keep it that way & file Chapter 7 - what happens to HER credit. Does that ruin her credit also ?? And can they take my home in Chapter 7 ?? I live in Phila, PA
1 ANSWER
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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3 Awards
If you are current with the payments, I see no reason why it would affect anyone else's credit.
As far as whether the Trustee would sell the house in a Chapter 7 case, that depends on the amount of equity in the house and what exemptions you've taken on it according to applicable law.
The fact that you're asking this question at all screams out that you need to hire a competent bankruptcy attorney immediately.
Answered on Jun 05th, 2014 at 2:56 PM