What is the name of your state (only U.S. law)? KY
I lost my job in May and my families salary has been reduced from 6 grand per month to 3 grand. As a result I am 3 months behind on mortgage and I look to be four months behind. I want to file bankruptcy. I do owe some credit cards, medical bills and HOA fees. Right now I would have very low monthly payments and my car would be subject to a cram down.
Here's the thing, I expect by February to have a new job. I already have an interview set up making what I made before. Instead of telling the trustee when I am hired by an employer I was thinking I could put that money back, then when I have enough saved to pay off my mortgage arrears and HOA arrears I could voluntarily end chapter 13 and just pay them. I'm essentially trying to buy time so I'm not foreclosed on while I know I'll get a better job. Essentially I could save enough in three months and end my chapter 13 before I even have to submit my tax returns for 2017 in 2018.
What would happen in this situation. My lawyer mentioned I could always leave the plan if I wanted but I figure if I have the money to pay my mortgage arrears I'll be out of foreclosure danger. Because I would gladly cut them a check immediately.
Will my car payment go back to the default before bankruptcy? Because I'm at 9 percent interest and I was told it would lower to around 4 percent in a cram down.
I know this sounds shady but I want to use the bankruptcy to drag out the time I have to come up with money to pay my mortgage and keep my home. The credit cards I couldn't care less about. I just know I can get caught up but I need more time than the bank will allow. I was on a repayment plan and I defaulted when I lost my job. I was at four months behind at that point, got it down to three but I just can't get the money fast enough working part time.
I wouldn't mind staying in as a car loan cram down is nice and so is the improved credit. But I'll be making about 2,300 more than I am now when I get my new job, and I just know the trustee will take my money and I have a new roof that badly needs replaced plus brakes on two cars plus I see a psychiatrist for anxiety and PTSD and have for 5 years now who doesn't take Insirance and due to living in a really expensive HOA I have to pay somebody to mow or buy a mower (ours blew up) which both cost and I'm so afraid a trustee won't give us enough disposable income to accomplish these things. Plus a hillside is eroding and my utility wires are exposed and trees are damaging my roof which needs cut and a termite control consult wants 900.00 to treat my yard. I also need gravel and a French drain in my yard as its eroding badly and damaging my deck posts in the ground. I'm on a hillside. My roof is 21 years old, no leaks but it's ending its life and it's 13-17 grand to replace. Those were my quote ranges. I need to replace at least my porch roof which has a soft spot in it. I can do that myself but again, it's around an 800 job and I may not have 800 for my roof.
I'm not trying to go on vacations here, but I have home repairs that far exceed I think an average person in bankruptcy. And I'm afraid a trustee won't let me have what I need to just keep my home up.
If you read this far I thank you. Now, we have twice thought of selling. But we have horrible credit now and we have looked for safe homes to live in for two years and nobody will rent to us or the rent is what our mortgage payment is plus they want three months deposit up front which we do not have. And frankly only one person even entertained renting to us. So renting is out. I must keep my home.
I lost my job in May and my families salary has been reduced from 6 grand per month to 3 grand. As a result I am 3 months behind on mortgage and I look to be four months behind. I want to file bankruptcy. I do owe some credit cards, medical bills and HOA fees. Right now I would have very low monthly payments and my car would be subject to a cram down.
Here's the thing, I expect by February to have a new job. I already have an interview set up making what I made before. Instead of telling the trustee when I am hired by an employer I was thinking I could put that money back, then when I have enough saved to pay off my mortgage arrears and HOA arrears I could voluntarily end chapter 13 and just pay them. I'm essentially trying to buy time so I'm not foreclosed on while I know I'll get a better job. Essentially I could save enough in three months and end my chapter 13 before I even have to submit my tax returns for 2017 in 2018.
What would happen in this situation. My lawyer mentioned I could always leave the plan if I wanted but I figure if I have the money to pay my mortgage arrears I'll be out of foreclosure danger. Because I would gladly cut them a check immediately.
Will my car payment go back to the default before bankruptcy? Because I'm at 9 percent interest and I was told it would lower to around 4 percent in a cram down.
I know this sounds shady but I want to use the bankruptcy to drag out the time I have to come up with money to pay my mortgage and keep my home. The credit cards I couldn't care less about. I just know I can get caught up but I need more time than the bank will allow. I was on a repayment plan and I defaulted when I lost my job. I was at four months behind at that point, got it down to three but I just can't get the money fast enough working part time.
I wouldn't mind staying in as a car loan cram down is nice and so is the improved credit. But I'll be making about 2,300 more than I am now when I get my new job, and I just know the trustee will take my money and I have a new roof that badly needs replaced plus brakes on two cars plus I see a psychiatrist for anxiety and PTSD and have for 5 years now who doesn't take Insirance and due to living in a really expensive HOA I have to pay somebody to mow or buy a mower (ours blew up) which both cost and I'm so afraid a trustee won't give us enough disposable income to accomplish these things. Plus a hillside is eroding and my utility wires are exposed and trees are damaging my roof which needs cut and a termite control consult wants 900.00 to treat my yard. I also need gravel and a French drain in my yard as its eroding badly and damaging my deck posts in the ground. I'm on a hillside. My roof is 21 years old, no leaks but it's ending its life and it's 13-17 grand to replace. Those were my quote ranges. I need to replace at least my porch roof which has a soft spot in it. I can do that myself but again, it's around an 800 job and I may not have 800 for my roof.
I'm not trying to go on vacations here, but I have home repairs that far exceed I think an average person in bankruptcy. And I'm afraid a trustee won't let me have what I need to just keep my home up.
If you read this far I thank you. Now, we have twice thought of selling. But we have horrible credit now and we have looked for safe homes to live in for two years and nobody will rent to us or the rent is what our mortgage payment is plus they want three months deposit up front which we do not have. And frankly only one person even entertained renting to us. So renting is out. I must keep my home.
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