QUESTION
If I don't have enough SSDI for Chapter 13 how can I save my house?
Asked on Apr 24th, 2013 on Bankruptcy - Colorado
More details to this question:
I am on SSDI, my ex had the house we own together, in foreclosure. So he moved out and I moved in, and filed Chapter 13. I am still going to court, and it appears I don't have enough income to cover the payment I would have.
8 ANSWERS
You can't make money appear out of thin air. Either your budget allows for it or it doesn't.
Answered on Apr 30th, 2013 at 1:10 AM
Bankruptcy Law Attorney serving Austin, TX
at
Law Office of Susan G. Taylor
Update Your Profile
You can't save it from bankruptcy only delay an inevitable foreclosure, if you can't work something out with the lender.
Answered on Apr 26th, 2013 at 12:06 AM
Debt Settlement Attorney serving San Diego, CA
at
Law Offices of Kathryn Tokarska
Update Your Profile
Being able to prevent foreclosure through chapter 13 bankruptcy is predicated on the idea that the debtor can afford the regular mortgage payments (including property taxes, HOA fees if there are any) and bring the past due mortgage current in their Chapter 13 plan. You can of course apply for a loan modification, but whether this will be successful is hard to say. You still have to show that you can afford a modified payment and the modified payments can only extend the mortgage note so far and lower the interest rate only so low. Increasing the income is the obvious solution. Can you rent a room in the home to generate some more cash flow? You'll have to act fast to generate some more income and salvage your chapter 13 case if it's falling apart because it appears unfeasible.
Answered on Apr 25th, 2013 at 8:02 PM
Chapter 13 cannot provide you with additional money to make your house payments. It can only restructure your debts. You may try to see if you can obtain a loan modification and if you have substantial debt, you could try filing Chapter 7 first and see if that frees up any extra money for you. Unfortunately, when relationships end, the lifestyle enjoyed by two often must come to an end.
Answered on Apr 25th, 2013 at 3:09 PM
2 Awards
Ultimately, if you cannot cure the deficiency and remain current going forward then you will lose your house.
Answered on Apr 25th, 2013 at 3:08 PM
Bankruptcy Attorney serving Hampton, VA
at
Haven Law Group, P.C.
Update Your Profile
It sounds like filing a chapter 13 may not be feasible in your case.
Answered on Apr 25th, 2013 at 3:07 PM
Bankruptcy Attorney serving Phoenix, AZ
at
Law Office of D. L. Drain, P.A.
Update Your Profile
Talk to your chapter 13 bankruptcy attorney. Depending on your situation you may not qualify for a chapter 13. I hope this works out for you.
Answered on Apr 25th, 2013 at 1:04 AM
Deborah F. Bowinski
While a chapter 13 plan gives you an opportunity it try to save a home from foreclosure, it does not necessarily make it affordable to do so. The only way to keep the home is to propose a plan that cures the loan arrearage AND to begin making all the new mortgage loan payments on time as they come due. It sounds as though it may not be realistic for you to save the property.
Answered on Apr 25th, 2013 at 12:59 AM