Chapter 13 and issues with income, meeting plan
Date: Fri, 05/22/2009 - 08:09
Hi All,
I have some questions and/or need some advice. (and encouragement probably). Here is my story:
My husband is in a Chapter 13 plan. He just marked the two year mark in March. It's a 10% plan and pretty much all we could afford due to arreage on our mortgage.
We struggle, but we get by. Until recently. He has started bringing home about 70 dollars less per week - which over a month really can add up. We also had a loan modification on our first mortgage. This brought our monthly expenses up 50, but it also cleared our arreage on the first mortgage.
We are still behind on 2nd mortgage. And the other debt.
I forsee it becoming quite difficult to keep up very soon.
I am unsure what to do.
The only options I know of are to keep trying and see what happens.
Dismiss the plan - but I am concerened about what the credit cards and companies will do in that case. I know I"d have to work out something with the second mortgage.
Does anyone have any advice? Is there anything we can do to adjust things, etc??
I have some questions and/or need some advice. (and encouragement probably). Here is my story:
My husband is in a Chapter 13 plan. He just marked the two year mark in March. It's a 10% plan and pretty much all we could afford due to arreage on our mortgage.
We struggle, but we get by. Until recently. He has started bringing home about 70 dollars less per week - which over a month really can add up. We also had a loan modification on our first mortgage. This brought our monthly expenses up 50, but it also cleared our arreage on the first mortgage.
We are still behind on 2nd mortgage. And the other debt.
I forsee it becoming quite difficult to keep up very soon.
I am unsure what to do.
The only options I know of are to keep trying and see what happens.
Dismiss the plan - but I am concerened about what the credit cards and companies will do in that case. I know I"d have to work out something with the second mortgage.
Does anyone have any advice? Is there anything we can do to adjust things, etc??
Can you tell us whether you are in a 3 year or a 5 year plan on
Can you tell us whether you are in a 3 year or a 5 year plan on Chapter 13 bankruptcy. What were the changes made in the loan modification?
I don't think that you should dismiss your plan without talking to your creditors.
I would recommend you talk with your attorney and see if the BK
I would recommend you talk with your attorney and see if the BK Plan can be modified.
Submitted by desperatelyseekingsanity on Fri, 05/29/2009 - 07:44
( Posts: 1129 | Credits: )
Agreed with desperately, Call your attorney this is what you pay
Agreed with desperately, Call your attorney this is what you pay them for. They should be able to contact the trustee and modify your payment plan. Good Luck