Legal Question in Bankruptcy in Utah

Filing Chapter 13

We filed chapter 7 In March of this year and it was discharged on July 6th of this year. Our home is to be sold at auction Sept 26th. Can we file a chapter 13 on the home only? We have lived in the home for 2 years without making payments, there is also a 2nd and 3rd. Do they have to be satisfied? We have not made payments to them either.


Asked on 8/31/01, 1:51 am

1 Answer from Attorneys
Alvin Lundgren Alvin R. Lundgren, L.C.

Re: Filing Chapter 13

You must recognize that sooner or later the mortgage holders will want to get their money out of the house. You may be able to file a chapter 13, but your plan must include all debts, not just the mortgage debt. Furthermore, the mortgage holders are entitled to be paid for the collateralized portion of the mortgage. Any mortgage amount on the house which is greater than the actual value of the house can be dischaged in Chapter 13.

Read more
Answered on 10/01/01, 10:32 am


Related Questions & Answers

More Bankruptcy Law questions and answers in Utah