Legal Question in Real Estate Law in California

My wife and I have filed for Chapter 13 bankruptcy and are curious whether it is permissable to modify (reduce loan value to match market value, reduce APR) while in BK. We recognize that we would most likely have to increase our payment to the trustee. Our BK is a 5 year plan. Any advice would be great.


Asked on 11/29/09, 3:02 am

1 Answer from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

I am not a bankruptcy lawyer and my advice would be to re-ask your question under that topic heading, but my guess is that you have no legal power to exercise control over your pre-petition assets and debts. They are in a so-called "bankruptcy estate," and the trustee is in full charge and would have to approve every aspect and sign the papers. However, I also think this is a step the trustee should be taking on your behalf. Get a BK lawyer's comments and/or bring up the subject with your trustee.

Read more
Answered on 12/04/09, 11:43 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in California