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Chapter 13

Discuss the legalities of Bankruptcy Law

Chapter 13

Postby Langford » Thu Dec 08, 2016 6:41 pm

ive been in chapter 13 for about 2.5 years im in it for 5 years.i have a chance to rent a house and want to know if i can sell my house rent the other house and get out of 13.ther is about 50% of my 13 is the mortgage  
Langford
 
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Chapter 13

Postby Digon » Sun Dec 11, 2016 11:16 am

ive been in chapter 13 for about 2.5 years im in it for 5 years.i have a chance to rent a house and want to know if i can sell my house rent the other house and get out of 13.ther is about 50% of my 13 is the mortgage  
Digon
 
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Joined: Sat Jan 18, 2014 8:46 am

Chapter 13

Postby Timothy » Mon Dec 12, 2016 12:25 am

If your confirmed plan is to pay your unsecured creditors 100% then yes you can  bail out early by paying the balance that's otherwise payable monthly for 2.5 more years now(not ongoing mortgage payments of course; just the rest);  you may need to modify your confirmed plan to do this in some jurisdictions.

If you're not getting anything out of the old house and want to keep paying, and IF you're not paying back house payments in your plan, you should be able to do the same but without paying off the 13.

Conversion to chapter 7 is an option if you do not have surplus income, after the house sale, to pay to the trustee.

I hope that helps.  Good luck!

LEE HORNER

GOLDSTEIN, HORNER & HORNER, ATTORNEYS

TUCSON, AZ

www.freshStartAZ.info  
Timothy
 
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