Q: My mother has too much equity on her home but cannot afford the chpt 13 payment plan would converting to 7 be wise?
My 70 year old mom Has a monthly repayment plan of over a $1000. Heiress to the point where she can not even make ends meet a her main fear is that ever since she pursued the Avenue of bankruptcy or her age did she has too much equity in her home and it she would lose it is there an exemption they can be made the houses are even paid for once this is a second mortgage persei taken out and the morgans is actually less than what the property has been valued at.. She is sleeping list worrying more would converting to a chapter 7 be advisable or dare she risked losing the home I the way she is not been behind on her mortgage payments at all until filing a chapter 13
A: Contact a local bankruptcy attorney in your area and consult with them. There are exemptions for certain amounts of equity. You may be able to convert her to a Chapter 7 and still keep the house.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
