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Our house is being foreclosed on. We have tried to get a repayment plan but have been denied as "unfavorable to investors". We were advised to have my husband file ch. 13 - house is in his name. We want to keep our house and the issue that caused us to get behind (my unemployment) has ended. Would we be able to just include the arrearage in the bankruptcy or do we have to include all his debt?
We were told you have to include all debt, and that failure to do so would result in the BK being dismissed by the trustee.
This would be a good time to sit down with a BK attorney and have them look at your numbers. Put together a one page overview of your debts and income and bring it with you when you meet with them. Most BK attorneys (pick a reputable one) will do a free consultation. If possible, it's always a good idea to meet with two - that way you can compare the info they've shared with you and get a feel for how it would be to work with them.
The CH 13 can save your home (the arrearage on the mortgage is paid over time in the BK), but all your creditors will be included.
@Anonymous wrote:Our house is being foreclosed on. We have tried to get a repayment plan but have been denied as "unfavorable to investors". We were advised to have my husband file ch. 13 - house is in his name. We want to keep our house and the issue that caused us to get behind (my unemployment) has ended. Would we be able to just include the arrearage in the bankruptcy or do we have to include all his debt?
If you file for a chapter 13, everything by law, gets included. Loans, Credit cards, Homes, Cars, etc. There's no way out of not including it. Otherwise, like the previous poster mentioned, the Trustee will dismiss it for "bad faith filing".
@JaneS1123445 wrote:
@Anonymous wrote:Our house is being foreclosed on. We have tried to get a repayment plan but have been denied as "unfavorable to investors". We were advised to have my husband file ch. 13 - house is in his name. We want to keep our house and the issue that caused us to get behind (my unemployment) has ended. Would we be able to just include the arrearage in the bankruptcy or do we have to include all his debt?
If you file for a chapter 13, everything by law, gets included. Loans, Credit cards, Homes, Cars, etc. There's no way out of not including it. Otherwise, like the previous poster mentioned, the Trustee will dismiss it for "bad faith filing".
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