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#1
11-21-2002, 09:48 PM
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 Can I file a BK7 being unemployed???What is the name of your state? FL ok..here we go..it's getting worse.... I'm going to convert my 13 to a 7, but now I'm unemployed.....will my BK7 still be approved??? Thanks... |
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#2
11-22-2002, 09:57 AM
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| A 13 requires an income to pay the plan, Ch 7 doesn't. Its sad to say it, but being unemployed actually makes you case for a CH 7 even better. No problem.. get your Ch 7 !!
__________________ "Knowledge is Power - use it as you see fit ! I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice. |
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#3
11-22-2002, 10:04 AM
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| thanks ladyinred.... what about my financial affidavit. I was up til 3am worried sick about it. Also, since I'm behind on mortgage, but they said they would work with me. Should I sign reaffirm with them?? Will they ask?? Will the trustee ask how I'm going to pay mortgage since I'm keeping the house.... thanks in advance... |
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#4
11-22-2002, 10:13 AM
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| Oh.. they'll ask alright. If you want to keep the house, you're going to have to reaffirm. The trustee may very well ask how you'll pay the mortgage. Are you eligible for unemployment ? Would it cover the payments ? You may have to take an interim job to make it, and tell the trustee that. As for changes in your financial statements.. .well.. you may have to update them to reflect the status change.
__________________ "Knowledge is Power - use it as you see fit ! I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice. |
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#5
11-22-2002, 10:16 AM
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| I plan on getting another job and have some opportunties, but I don't want it to effect my ch7 not getting discharged. So basically, on my financial it will show negative. Is that ok?? |
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#6
11-22-2002, 11:32 AM
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| If its negatice you arleady ARE bankrupt ... so yes, negative is fine, considering you sudden change in income.
__________________ "Knowledge is Power - use it as you see fit ! I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice. |
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#7
11-22-2002, 03:27 PM
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| One question: how will you reaffirm your first and second mortgage without any source of income? There are 2 main issues in reaffirming a mortgage loan in your situation; 1. the arrears must be settled either by paying the balance in full, agreeing to a payment plan (similar to a plan in BK 13), having the amount waived or forgiven (highly unlikely), renegotiating the note to add the amount in arrears back to the principal balance creating a larger loan amount etc. 2. being able to pay the regular monthly payment current each month. In most cases, the lender will only accept the reaffirmation if you can prove that you are able to make both monthly payments on time and in full. |
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