QUESTION
What do we do to keep our payment affordable?
Asked on Aug 21st, 2012 on Bankruptcy - Mississippi
More details to this question:
My husband took a loan for $401,000. We pay $160.00 a week to repay the loan. However, he left the job and we could no longer afford to pay back the $160.00 a week. We claimed the remaining amount on our income tax in 2011 tax return and paid the taxes on it. We are to finish paying this loan in March 2013. They have it set up in my bankruptcy after the loan is paid. We are required to pay $900.00 a month instead of the $200.00 that we are currently paying. It is, by the look at this money, is now disposable income. But that income is no longer there now that, he has changed jobs. I can no way pay $900.00 a month to them.
3 ANSWERS
Dennis P. Mikko
The fact that your income has changes does not change the obligation you made when you took out the loan.
If you are filing bankrutcy and the loan is unsecured, include the loan in the bankruptcy and it will be discharged.
If the loan is secured, you will either have to pay or be willing to give up the property in which there is a security interest.
It is unfortunate that your circumstances have changed but that does force the creditor to change the terms of the loan.
Answered on Aug 27th, 2012 at 10:38 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Your situation is rather confusing. But, given that you are in bankruptcy, you really to get advice from your attorney.
Answered on Aug 27th, 2012 at 10:38 AM
Chapter 7 Bankruptcy Attorney serving Clinton, MS
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Timothy Kevin Byrne Attorney at Law
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If you are in bankruptcy you have an attorney. Ask your attorney.
Answered on Aug 27th, 2012 at 10:37 AM