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What if my DH dies?
My husband and I filed Chapter 13 10/05. Husband is retired/working 2nd job and his retirement totally pays for the monthly Chap 13 payment. The payment is $2315.00 per mo. He makes 2k per month, I make 1500 per month. If he dies, I get 1/2 of his retirement per month, and also lose the 2nd job income of 2k.
What would I do if he dies? That would leave me with aprox $2600. per month total income. I could not make the Chap 13 payments. The mortgage is included in the payments so I could not sell the property, correct? I am afraid that I would lose everything.
Is it possible to convert to a Chap 7 and still retain the house if he dies? I could make the mortgage payment and survive if converted to Chap 7.
I am truly worried about this.
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Re: What if my DH dies?
Is your husband terminally ill? Have you gone real estate hunting at the local cemetary? Does he not have life insurance?
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Re: What if my DH dies?
You may qualify to convert the bankruptcy to Chapter 7 if your income changes that significantly. Consider some advance planning via a consultation with your bankruptcy lawyer.
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Re: What if my DH dies?
Thanks Mr. Knowitall: Unfortunetly my Bankruptcy lawyer is a jerk. Not too willing to answer questions or do anymore work. It's a looong story.
My husband is in good health, he's 62 and I'm 55 so it's just something I have been thinking about and if he dies, (anyone can be hit by a bus....) there is no way I will be able to make the monthly payments.
Yes he has life insurance but we are trying to find out how much he has. I realize we should know, but he's retired from the Gov't and has to go throught channels to find out. (he's also ADD so he keeps forgetting) and it never occured to him that I would be in dire straights trying to keep up payments. There are also a lot of back taxes involved.
If I converted to Chap 7, would I be able to keep the house? - right now mortgage payments are made through the trustee.