Legal Question in Bankruptcy in Tennessee

Re: foreclosure situartion

Short answer -- you do have the right to file to reorganize under Ch. 13.

The fact that you filed a chapter 7 does not limit you from filing a chapter 13 case. In fact many good lawyers use this strategy intentionally -- having the debtor first file a ch. 7 and shortly thereafter file a ch. 13. Bankruptcy lawyers refer to this as chapter 20.

In chapter 13 your attorney will work with you on a strategy for a proposed plan of repayment for all your past due mortgage. You can propose a plan for repaying the taxes also. YOU WILL HAVE TO CONTINUE TO PAY YOUR MONTHLY MORTAGE in addition to your ch. 13 plan payment. The key test in terms of your specific situation will be calculating your monthly income and comparing this to your monthly expenses. A required part of any bankruptcy filing under Chapter 7 or 13 is a detailed list of your necessary monthly living expenses. This is an estimate however it should be relatively accurate. This monthly list would include such items as rent, car payments, food, utilities, etc. You would not include any payments of unsecured debts.

Basically, after subtracting your monthly expenses from your monthly net income your attorney can estimate your "disposable income" and from this he/she will have a good idea of the amount of money you have leftover to pay into a chapter 13 plan. It is very important that you have employment so your new job is key.

You asked about forebearance and you may be able to get some relief on your own by writing and calling your creditors. I think you could definitely work out a payment plan for the taxes. Mortgage companies are a lot more difficult to accept payouts. If you reside in the Nashville area I can handle your case. Please feel free to give me a call to discuss your situation in greater detail. Ph. (800) 303-0720