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so frustrated..HHM..Todd HELP!

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    #1

    so frustrated..HHM..Todd HELP!

    Sometimes I feel like I should be paying you all instead of this so called lawyer of mine. Anyways... I am surrendering our house in chapter 7. My question is when schedule J gets filled out, what do I put for rent??? At first my lawyer said nothing (in which case my income is more than my expenses) then they said they will put my mortgage payment (even though I am not paying it?) The lawyer also said that I do not have to be out of my house until there is a date for the sale. Well..at the 341, won't the trustee inquire on where I live? I am confused and frustrated that I can't get a straight answer. I am just trying to plan the future of my family!
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    #2
    A lot of individuals simply list a projected rent amount in replacement/addition of/to the mortgage, that way your DTI ratio will still be out of whack. A lot of Chp 7 filers also get the ball rolling by securing new residence, prior to foreclosure of the home too. Doing so makes transitioning slightly easier for them, and it also looks better on paper too. The reality of the matter is, there really isn't "one" right way of addressing your situation.

    Let me know if this helps.

    -Todd
    The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

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      #3
      It does, however, my situation is more complicated that just that. I have secured an apartment for June 1st, but now since my job loss, I may have to break contract with the apartment. Two questions...
      #1. Can I list the debt to the apartment on my petition? I think that I have to pay 2 months rent upfront to get out of the contract. They may not even hold me to it since I technically haven't moved in yet. I incurred this "lease" after I met with my lawyer for the first time.
      #2. I would ultimately like to live with my mom once the house gets sold. Can I do this after the 341 meeting or will the trustee investigate?
      Also... I do have a copy of my contract (that I will not follow thru on) Should I present that to the trustee as a comparable rent expense.
      BOY...do I worry!! Thanks Todd or anyone else who chimes in!

      Comment

        #4
        Just list your current mortgage payment, even if you haven't been making the payments and intend to surrender, it is still a MONTHLY EXPENSE. The schedules of your BK petition reflect your financial position at the time of filing.

        As for the apartment, that is a difficult one, if you do not intend to move in, the Trustee will want to take the deposit.

        Comment

          #5
          Originally posted by worriedbk7
          It does, however, my situation is more complicated that just that. I have secured an apartment for June 1st, but now since my job loss, I may have to break contract with the apartment. Two questions...
          #1. Can I list the debt to the apartment on my petition? I think that I have to pay 2 months rent upfront to get out of the contract. They may not even hold me to it since I technically haven't moved in yet. I incurred this "lease" after I met with my lawyer for the first time.
          #2. I would ultimately like to live with my mom once the house gets sold. Can I do this after the 341 meeting or will the trustee investigate?
          Also... I do have a copy of my contract (that I will not follow thru on) Should I present that to the trustee as a comparable rent expense.
          BOY...do I worry!! Thanks Todd or anyone else who chimes in!
          Contact the leasing staff ASAP, and give them a written notice of your intent to terminate the lease agreement. You should be able to get out of your without having to pay them two months rent. If you notify them today, they'll have "ample" time to "resell" the apartment you intented to lease.
          The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

          Comment

            #6
            Thank you so much. You two are great. I will type up a letter today and mail it out. Also, we didn't give a deposit. We only had to pay a $35 app. fee and $200 hold. That is the least of my worries if ya know what I mean.

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