What if i had a home equity loan and filed for 13, does that get included in the plan or do i pay that seperatley? It is up to date, never been late on it. Thanks
-
-
It depends on what the trustee decides. Some leave your home payments out of the plan and some include it. But yes it could be included in a plan.May 31st, 2007: Petition Filed by my lawyer
July 2nd, 2007: 341 Meeting Held
September 4th, 2007: Discharged and Closed. -
The key is whether your mortgage is in arrears when you file or not.
If you are in arrears, your trustee pays your mortgage to make up the arrears while you are in your plan.
If you aren't in arrears, then it's far better for you to pay your mortgage directly yourself. Otherwise if your trustee makes your house payments, then you are paying your trustee his administrative 7-11% just to make a payment you can make yourself.
Your lawyer can tell you which is best for your situation.I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to goComment
-
Let's make sure were clear on the wording...
If by "included in plan", you mean, the trustee makes the payment on the equity loan for you; then no, you don't need to do that. In fact, I would recommend against it because there is no benefit to your for having the trustee make a payment that you can make directly on your own.
If by "included in plan", you mean, do you list the equity loan in your bankruptcy, the answer is yes.Comment
Comment