Possible Scenarios

The following was the result of consult with a client and lays out how certain ch 7 and ch 13 options may work in specific situations.

Current facts:
Employment: Temporary employment after a period of unemployment, current income approx: $450/week.
Real Estate: House value approximately $175,000 with a first mortgage balance of $190,000 and a second mortgage balance of $45,000. Both are in default and there is a foreclosure date pending.
Car Payments: None
CC Debt: $15,000
Personal Prop: Retirement account, nothing else of significant value.

Mortgage Definititons

When analyzing a person's real estate as asset, liability and its place in a bankruptcy, it is important to determine the exact status of the property.  There are three documents required to determine the 'who' and 'what' regarding real estate.

Mortgage Modifications in Bankruptcy

Whether in a chapter 13 plan, waiting for your discharge in a chapter 7 or just starting the bankruptcy process, now is a good time to wade into the mortgage modification morass. While in bankruptcy, your lender will need consent from your attorney to speak with you. FreshStart Law Office provides a monitoring service through a third party web portal that may help streamline the process for certain lenders.