Chapter 7 vs. Chapter 13 - some questions


C

clutterbug

Hello,

Facts:
Discharged from Chapter 13 in 2003.
Mortgage is now 60 days past due
(Tried to sell house - on market 3 months - no sale - no tenant)

Now have GOOD tenant and would like to keep house but have absolutely no
money to pay back mortgage payments.
A friend suggested filing another bankruptcy to pay off the two payments
which total over $2000 + late fees over the 3 years that a Chapter 13 would
take. Well I guess it would take 3 years because that is what my first 13
took.

IF -- I file Chap 7 will this help??
IF -- I am not employed and will not have income until December 2004
(Rertirement Disability) will I be able to file a Chapter 13?? It seems
like I remember the trustee telling another person before my hearing that he
could not file 13 because he did not have any income.

I would really like to keep the house if possible. The current tenant is
paying the amount of the mortgage payment + a bit extra in rent payments so
I could easily pay the mortgage but not the 2 months due and the late fees.

Any and all help is appreciated.

Thanks,
CB
 
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B

Brett Weiss

IF -- I file Chap 7 will this help??

No. You would have little additional time to catch up the arrearages.
IF -- I am not employed and will not have income until December 2004
(Rertirement Disability) will I be able to file a Chapter 13??
You are required to have income. The amount doesn't matter--unemployment,
interest, food stamps, all constitute income for Chapter 13 purposes.

--
Brett

*****************************************************************
* Personal Injury/Malpractice Bankruptcy *
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* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* (e-mail address removed) *
* www.brettweiss.com *
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* Small Business Estates & Estate Planning *
*****************************************************************

The Small Print: This response is for discussion purposes only. It isn't
meant to be legal advice and you shouldn't treat it as such. If you want
legal advice, speak with a local lawyer familiar with your state's laws who
can review *all* of the facts and the law applicable to your situation.
*****************************************************************
 
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R

rworcester817

You might try to deal directly with the mortgage company if that's
your biggest concern. They will probably work out a payment plan with
you.
 

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