Legal Question in Bankruptcy in Connecticut
chapter 7 or 13 ?
i have questioned 2 attorneys , i am in foreclosure and need to file bankruptcy, i have several liens on my property, with my wife as an exemption and myself , our house appraised at 270k , one attorney says go chapter 7 the other says 13???
which is correct will chapter 7 also save the home?
1 Answer from Attorneys
Re: chapter 7 or 13 ?
If your home has equity of $75,000 per person (if the house is in both names $150,000) then you could file a Ch. 7, but it will not permit you to bring the mortgage current. In a Ch. 13 you can bring the mortgage current through the Ch. 13 Plan. Some lawyers use a Ch. 7 first to discharge all of the unsecured debts, and then file a Ch. 13 to only deal with the mortgage arrearage (this is sometimes called a Ch. 20). It is really a question of timing and personal preference for the attorney.
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