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  1. #1
    Join Date
    Jan 2015
    Posts
    1

    Cool What to Do with Extra Money During Chapter 13 Bankruptcy

    My question involves bankruptcy in the state of: Nevada

    We are at the end of year 2 of 5 in chapter 13 bankruptcy. We now have some extra money every month. Probably about $1500-2,000 a month.I want to open a new IRA(for my husband) and start contributing more money to my 401K at work. We are in our late 40's. I would like to eventually downsize my house in the next 3-10 years. I also have a second mortgage.. I have a balance of $97,000 that I owe in addition to my $327.000 mortgage. I know this house is too much cost and room than we need but am afraid I will not be able to get another home loan due to the BK.Not sure if I want to be stuck in the house with an adjustable loan. Do I just stockpile cash? Pay it on my house?? It looks like a lot of issues to pay the bankruptcy off early. Any help is greatly appreciated!! Thank you!!

  2. #2
    Join Date
    Sep 2010
    Posts
    478

    Default Re: What to Do with Extra Money During Chapter 13

    You really need to discuss this with an attorney who can review the Order Confirming the Chapter 13 Plan and your local rules about disclosing additional income.

    Des.

  3. #3
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: What to Do with Extra Money During Chapter 13

    It may be used to pay more to your creditors.

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