Legal Question in Bankruptcy in Pennsylvania

chapter 13 and home Eq loan

I just took out a home eq loan in March. I am trying to stay ahead with my debt, but if i can't, can i include my home equ loan in my bankrupcy, chapt 13? A friend told me she just did? What about the equity in my home, my first mortg is about 80% of appraisale. How does this work? I have a few recent loans in the past 3 months, just trying to stay ahead, it isn't working, can i file on those or do i have to wait? how long? how does the Trustee decide repayment amount?


Asked on 4/19/09, 6:32 pm

1 Answer from Attorneys
Brent Diefenderfer CGA Law Firm

Re: chapter 13 and home Eq loan

A chapter 13 debt restructuring could effect your the amount owed on the home equity line of credit, depending if there is enough equity in the property to cover the 1st lien in total. Pending legislation that is part of the stimulus package could also effect your mortgage if it's passed.

Regarding your payment amount, the trustee will review your petition to ensure that it complies with the "means test" (calculating the amount of your disposable income). Its a very good question, but also very difficult to explain or to calculate examining your situation in detail.

I see that you're in the York area. My office is located down town. I'm available this week if you'd like to set up a consultation.

Regards,

Brent

Read more
Answered on 4/20/09, 7:21 am


Related Questions & Answers

More Bankruptcy Law questions and answers in Pennsylvania