Loan modifications and bankruptcy.


R

Ryan P.

What effect to loan modifications have on bankruptcy filings?

For example, a person who is behind on a mortgage or car payment would
have to file for Chapter 13 and hope a payment plan will be approved to
save the home and car. Filing Chapter 7 with late payments on secured
loans would result in the loss property, generally, right?

If a loan modification is approved for both accounts and the lenders
now consider them current, and two months later the person filed Chapter
7, intending to reaffirm the secured loans and discharge unsecured debt,
is this permissible? Or would the secured loans be considered too "new"
and ineligible for exemption? Or worse, might the court look upon this
as willful fraud?

Thanks,

Ryan
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads

USA Pass through loans 1
USA Intercompany Loan 5
options - Modification- US GAAP 0
USA Intercompany Loan - Foreign Currency 3
Accounting for loan repayments 1
UK Mobile phone contracts 2
USA loan rec? 1
USA Audit of Nursing Home with Sec. 232 Loan (HUD) 0

Top