QUESTION
If I Inherited part of a house while in chapter 13, what options do I have?
Asked on Mar 23rd, 2017 on Bankruptcy - Colorado
More details to this question:
I'm currently living in the house my grandmother or uncle owned. My grandmother just recently passed and left my brother and I half the house, I've been living here my whole life and have been in Chapter 13 for a little over 2 years now with no late payments. I was paying very cheap rent, about $300 a month and now my uncle wants to sell the house but if my brother and I buy my uncle's share, we are able to stay. I roughly calculated that I would only need to pay about $1,200-$1,300 a month if we were able to obtain a 30 year mortgage but seeing as I'm on chapter 13, I'm not sure we would be able to get loan and I'd have to move out and rent elsewhere which is potentially higher than $1,200-$1,300 a month.
4 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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If your living expense goes from $300 to $1,300 a month, will you be able to make that payment. You can't borrow while in a Chapter 13 without the court's permission. You'll only get permission if the income vs. expense numbers work out.
Answered on Jun 26th, 2017 at 7:45 AM
Pay a lawyer for one hour of their time (at a minimum). No one can guide you without reviewing your entire file with you.
Answered on Jun 20th, 2017 at 7:51 AM
Too many moving parts here to give you anything that would be meaningful. What was the goal in filing Chapter 13? The simple solution would be to determine if your dream would be viable if the Chapter 13 was dismissed and you obtained the financing necessary to implement it.
Answered on Jun 20th, 2017 at 7:51 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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Some people have been able to obtain mortgages while they are still in Ch. 13. The decision would depend on many factors: are you a long-term customer of the Bank? What is your income in comparison to the likely monthly payments, and others. Remember: before you finally sign any papers creating a new debt, you must discuss your plans with your Ch. 13 Trustee, and get his/her consent. The property you inherited could become part of your bankruptcy estate. See 11 USC sec. 1306 and sec. 541. You really should consult a lawyer experienced in Bankruptcy in your locality. It's almost always worth the effort.
Answered on Jun 20th, 2017 at 7:51 AM