What to do if I cannot afford payments under Chapter 13 plan

http://www.debtconsolidationcare.com/chapter-13-bankruptcy.html

I recently have spoke to a bankruptcy lawyer and what I found out is if your house doesn't have significant equity in it, you can file for Chapter 7. Banks will not come after your house if you are current on your payment and there is not siginificant equity. Hope this helps!

Me and my wife filing bankruptcy and our repay 649.00 to the trustee,but our every month bill add up to 3,400 dollars plus the 649.00.we didn't add the first mortgage to chapther 13 which is 975.00 or the car which is 450.00 what can we do.

Big _O, I don't understand your question?? can you give more details?

we are filing ch 13 and we have 2 mortgages on our house. the 1st mort payment is 975.16 & the 2nd is 437.26. we are current on the 1st mort b/c we recently completed their idea of a loan modification. we had to pay almost $3000 in arrears and they reduce our interest rate from 7.25 to 6.25 but the payment increased by almost $100 a month. we had an appraisal done on the house and the value is around 156,000. the balance on the 1st mort is 155,000 and the balance on the 2nd is 35,000. since the appraised value of the house is more than the 1st mort, it looks like we have equity but we don't. we did not include our house in the bankrupcty b/c we desparately want to keep our home. our total expenses are about 4362 a month and our income is about 5000 a month. even though we have some left over at the end of the month we have to save that for our property taxes and income taxes. we would like for the bankrupcty judge to somehow reduce our mort payment. we thought that the mort companies had to try to assist with making paymnets lower but we have not had that to happen for us. our experience seems to be normal from what we are hearing from friends & family. what questions can we ask the judge if we get a chance to speak during the hearing? what do you suggest? any advise is greatly appreciated.

I'm not honestly sure. Did you use a lawyer for your Chapter 13? If yes, I would chat with him/her about this, they should be able to to assist. I think I've read some where that the president is wanting to put something in place that would allow BK Judges to reduce or changes mortgages. Hang in there, someone with more knowledge about BK and Mortgages will be by to help.

"I recently have spoke to a bankruptcy lawyer and what I found out is if your house doesn't have significant equity in it, you can file for Chapter 7. Banks will not come after your house if you are current on your payment and there is not siginificant equity. Hope this helps! "

Florida thanks for the helpful tip.

File a motion to lower your payments. I am going through the same thing. My motion will be heard May 1st and if the Judge denies my motion, my plan will be dismissed. I still do not understand how filing BK helps main street. Wall Street is being giving a break, what about us?

We are currently behind on our mortgage and have tried to work with indymac to refinance but they ave denied our request. We are now applying through the nonprofit organization, naca, hoping for a better outcome. We have looked into filing a chp 7 but have been told we dont quaily because we dont pass the means test based on our gross monthly income. So we were told to appply for chp 13 but the payments are SO high, we really dont think we can afford that for 5 years. Is there any other alternatives???

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We just recently filed chapter 13 and our payment is $2150.00. We haven't yet went to the meeting of creditors. My husband had a lot of overtime on his check, due to unfilled positions, however, those positions have been filled (no more overtime) and i believe our payment was based on an inflated income. I dont know how they expect us to pay $2150 plus rent $1350, not to mention just the basics and with a family of 5. Is there anything we can do at this meeting of creditors to reduce this payment?

Also is there anyway to shorten the 5 year plan.

Talk to your attorney....he needs to be made aware so he can communicate with the trustee.

Chapter 13 of bankruptcy has a number of criteria to follow,so it is always better to consult a bankruptcy attorney who can take care of the all the complicated details along with the financial crisis of the customer and then work accordingly.Thereafter, the Sponsored lawyer on the other side will handle, and solve your financial crisis.