Results 1 to 10 of 11

Threaded View

  1. #11
    Join Date
    Sep 2010
    Posts
    478

    Default Re: Trustee Wants to List Bankrupt Homeowner's House on the Market

    If she converts to a 13 she is looking at a monthly Plan payment somewhere around $590.00 per month for a total of 60 months if all creditors file timely claims. If she is paying on a vehicle that payment probably will be added to my estimate.

    Three options. . .

    1. File motion to convert and go for the 13 - pay all claims over 36 to 60 months. The shorter the Plan the higher the payment. The longer the Plan the lower the payment.

    OR

    2. Have the Chapter 7 Trustee issue a claims bar date. After that date runs calculate how much it will take to pay all of the unsecured claims plus the Trustee's fees (including attny fees if he hired one) then come up with the cash to pay the claims. The cash could come from family, friends or a loan against the equity in the home.

    OR

    3. Let the Chapter 7 Trustee sell the home. She gets her homestead exemption. Remaining funds are used to pay all of the claims that are filed as per option 2. Once all claims and fees are paid, excess funds will be returned to her.

    She should discuss these options with her attny.

    Des.

    1. Sponsored Links
       

Similar Threads

  1. Replies: 15
    Last Post: 03-11-2016, 02:09 AM
  2. Estate Assets and Debts: Mom's House and My Bankrupt Sister
    By NoSunBeach in forum Estate Planning, Administration and Probate
    Replies: 2
    Last Post: 05-06-2013, 07:48 PM
  3. Property Division: House Payments While It is on the Market
    By jgonz in forum Divorce, Annulment and Separation
    Replies: 1
    Last Post: 12-04-2008, 10:12 PM
  4. Seller Disclosure: Disclosure - List of House Defects
    By mango in forum Buying, Selling and Conveying Real Estate
    Replies: 1
    Last Post: 03-14-2007, 09:50 AM
  5. Rental Agreements: Paid Security Deposit, But House Is Still On The Market
    By kmcrewe in forum Landlord-Tenant Law
    Replies: 1
    Last Post: 01-22-2007, 11:50 AM
 
 
Sponsored Links

Legal Help, Information and Resources