house surrender

[burtrof]

[yak411]

Yes you can surrender a home in Chapter 13. My attorney told me that you can count the rent that you will pay once you surrender in the plan to decrease your disposable income. Also unless you are already at the maximum allowable amount, you can increase the amount in your plan for food, gas, leisure expenses. This will also decrease the disposable income. Your attorney will be able to help out with this.

[burtrof]

thank you sooo much!
I feel better now

[yak411]

No problem. This is actually the same question that led me to this site. I am wondering if I should surrender. Have you filed? If not then find a place to live before you file. I have found it to be difficult once you file.

[burtrof]

[MajorMike]

ANOTHER ARM??? I really wish I knew why people get into these!

[yak411]

We have very similar situations. I have a 2000 mortgage also. I plan to surrender soon. I just want to make sure that you secure a place to stay before you file or you will have alot of difficulty. No I do not have an ARM but my income was reduced when I had to change employment. Job downsized.

[busbis]

we surrender 2 properties in our 13 plan and the trustee would not allow us to use these payments as a debt. In reading, I believe many trustees have different views on this. Hopefully your trustee would be a bit more understanding. Our plan has not yet been confirmed...we filed 12/3.

[burtrof]

[yak411]

No but they may approve 1500 if you live in a high cost area...anything less than the 2000 mortgage is good in the trustees eyes.