Question...urgent

jake24175

Junior Member

Bankruptcy Newbie

Joined: Aug 2005

Posts: 29
#1

Question...urgent

10-25-2005, 04:36 AM

My parents own two homes and don't want to keep one of them. They're planning on filing chapter 13 but do we have to keep the home we don't want? We've tried to sell it to no avail. What do we do.

We also have three cars, all of which are paid off...how will this affect the chapter 13?

We were renting the one out and fell behind when the tenants left. We couldn't catch up and thus the chapter 13 to keep our original home. We thought about a 7 but didn't want to lose the vehicles.

Any advice...please
Tags: None
StaciMM

Senior Member

Bankruptcy Mentor

Joined: Sep 2005

Posts: 3182

State: Georgia
#2

10-25-2005, 07:35 AM

They should be able to let the other house go in the 13. Any amount left after the lender sold it would be treated as unsecured debt in their plan.

Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.
Comment

top Ad Widget