Legal Question in Bankruptcy in New York

protection of my home

Before I filed for bankruptcy I did not pay anything toward my home mortgage for at least 10 months. After I was in bankruptcy the trustee told me I had to pay $1240 per month to her for the back payments on the mortgage. The length of this payment is for 5 years. My original mortgage payment was $2000 per month. If I did not pay my mortgage for 10 months the total would only come to $20,000. My question is why should I have to pay $ 74,400 back when I only owed $20,000 back payments? I am also continuing to pay the $2000 every month on the original mortgage. Do I have to pay the principal for that period or just the interest and taxes? If you need anymore information please email me. Thank you for your help.


Asked on 10/19/99, 6:49 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: protection of my home

You are repaying your other creditors as well, plus a commission to the trustee. Your payments in a Chapter 13 are your disposable income, not just the total of the missed payments. You are also probably paying interest if the loan was entered into in 1994 or before; late fees; costs of foreclosure (legal, advertising, and other fees). Your lawyer should explain to you the basis of calculation of your plan payment.

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Answered on 10/22/99, 7:10 pm


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