I have been in my chapter 13 nearly 3 years now. Just this year there have been many changes in my life. My divorce was final in April of this year. I have moved in with my boyfriend and put my house up for sell. As you know, the housing market has took a big dive lately. My house has been on the market since April and I've only had one offer which fell through because of the buyer's credit. Recently my realtor has approached me with a lease to buy purchase for a client with less than perfect credit. Am I allowed to do this in my chapter 13 plan? Obviously because my mortgages are already paid through the plan, this would result in more income for me. I am making a little more per hour than I was in 2004 when I originally filed, but I'm also spending more since I moved in with my boyfriend. Although he works as well, we are paying 2 utility bills each month (water, electric, gas,). That and the cost of raising 5 kids and other monthly bills (he has a large amount of credit card debt and a car payment plus car insurance, etc. is strapping us financially. Any input on this matter would be greatly appreciated. I have also emailed my attorney today to see what his thoughts are on this matter.
-
-
WHOAAAAAA,
Did you talk to the Trustee about moving and selling you home???
I sure hope so....
Is your Chapter 13 a 100% payback??
If you are not in a 100% payback, sell your house and you will be if you make any money off it.....
Also I don't think you can rent you house out in a Chapter 13, if the Trustee allows you too, then he gets the money from it to pay the creditors...... you won't see any of it...... its considered income to you....
The whole idea of the Chapter 13 was to keep your assets if possible.....
You best be discussing all your recent actions with the Trustee and get his approval before you find your case dismissed.......
I'm sure there's not a problem with selling your home and moving, but when there's money involved, the Trustee better be informed in a Chapter 13....
Keep us postedMinny
"It's amazing the paths that our feet sometimes follow in life".
My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different. -
Yes of course, I got permission to sell my home. It took FOREVER to get, but I finally did. No, I'm not in a 100% payback plan. My unsecured creditors get 10%. My attorney advised that I am allowed to keep $5,000 of the proceeds. The rest (after both mortgages are paid) goes to the trustee.Comment
-
That sounds about right. Minny does make a good point about what would happen to rental proceeds. That money would ultimately be counted as disposable income, so in that respect, there really is not value to you for renting the house.Originally posted by EmmaH View PostComment
Comment