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will a 30 day late morgage payment affect our Chapter 7 bankruptcy?

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    will a 30 day late morgage payment affect our Chapter 7 bankruptcy?

    Hello All,

    We are getting ready to file for chapter 7 bankruptcy next month and we are having a hard time making our mortgage payment this month. (We are not including the house in the bankruptcy). Will this negatively affect our bankruptcy. Will the trustee think that we are still being financially irresponsible? We had some extra expenses this month, speeding ticket, ER visit, etc... We are only going to be 2 days past the 30 day late mark, but are worried it will look bad, but then again it is showing that we dont have any extra money... Any advice??

    Thanks
    Andrea

    #2
    Originally posted by sac42375 View Post
    Hello All,

    We are getting ready to file for chapter 7 bankruptcy next month and we are having a hard time making our mortgage payment this month. (We are not including the house in the bankruptcy). Will this negatively affect our bankruptcy. Will the trustee think that we are still being financially irresponsible? We had some extra expenses this month, speeding ticket, ER visit, etc... We are only going to be 2 days past the 30 day late mark, but are worried it will look bad, but then again it is showing that we dont have any extra money... Any advice??

    Thanks
    Andrea
    It isn't what the trustee thinks that you should be worried about, it's your mortgage lender. If you are not current on the date you file they will probably file a motion to lift the automatic stay. In a Chapter 7 filing you are supposed to be current on all secured debt as there isn't a provision to pay back arrears. Do what you can to get current before you file.
    Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
    I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.

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      #3
      We already have a payment schedule for July 2nd, (It is due my June 30th). We have never missed a mortgage payment and this will be our first time being more than 30 days late after 5 years in the home. We were just concerned that having a late payment would be a problem. I was also wandering where my student loan payment would go in the means test or schedule J.

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        #4
        Student loans generally go into forebearance during a bankruptcy - so don't go on the schedules/means test as anything other than a creditor on the matrix/list of unsecured debts. Check w/ your atty to see how your district handles them.
        Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
        (In the 'planning' stage, to file ch. 13 if/when we have to.)

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