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Posted by Janie on March 02, 2005 at 21:39:18:
In Reply to: House payments tailored at 75/month??? posted by tinaj on March 02, 2005 at 11:00:35:
Well, I assumed too much knowledge was possessed by the readers of this group.
When referencing one of the chapters in bankruptcy, it has nothing to do with payments made outside of the Chapter 13 Plan.
Here we go, since neither Jim nor I can find the old post:
1. Chapter 7 erases debts.
2. Chapter 13 is reorganization plan. You put all arrearages and whatever else you want in the plan and then taylor your payment plan. You can start the first year with a low payment of $75 and then jump to $200 and so to have all past due debts paid during the term of the plan. This is in addition to your regular payments for all your obligations.
: I am not sure that's really feasible. you might be able to pay back your missed/late payments at 75 a month, but in a ch. 13 you're going to have to keep making your regular mortgage payments on time IN ADDITION to paying the amount due to cure the deficiency. im not sure what we're talking about here, but you cant just lower your mortgage payments to $75 a month by filing a ch. 13 to my knowledge.
: : Chapter 13 is a reorganization plan.
: : You can taylor your payments to begin as low as $75 per month and have them increase incrementally each year.
: :
: : Ask Jim for the copy of the life after bankruptcy that I posted some time ago on this site. I have not been able to find it. It will help you with everything you need to know, especially about BK attorneys.
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