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  1. #1
    Join Date
    Sep 2007
    Location
    California
    Posts
    3

    Question Chapter 13 Dismissal Imminent in California

    I filed 13 to save the considerable amt of equity in my home and repay my mortgage co. and the few creditors I have. I have been in the plan for 6 months and it is scheduled to run until March '04 with a balloon payment due at that time to pay all debts. I am currently trying to sell the house to satisfy this and to recapture my equity. In addition, I do have a pre-qualified buyer that will be making an offer this week (which I would obviously accept).

    Two months ago they upped my payment due to the mortgage company filing something(don't remember what exactly) and I have run into financial trouble and am behind 2 pmts (can bring current in 2 wks but judge will dismiss prior to that and the office has declined to work with me.)

    I have read online that it is as if I am at square one with creditors/mortgage company. Is that correct?
    What happens and what are my options after dismissal?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Chapter 13 Dismissal Imminent in California

    After dismissal, you lose the benefit of any reduction in your payoff of your debts. If you previously had help from a bankruptcy lawyer, consult your lawyer about your situation and options. If not, find a bankruptcy lawyer to advise you.

  3. #3
    Join Date
    Sep 2007
    Location
    California
    Posts
    3

    Default Re: Chapter 13 Dismissal Imminent in California

    Thank you.

  4. #4
    Join Date
    Sep 2007
    Location
    California
    Posts
    3

    Question Re: Chapter 13 Dismissal Imminent in California

    Thank you for your earlier response.

    I did have some additional questions. I have since had the bk13 dismissed. I have a buyer for my home and am in escrow. The purchase amt will allow me to fully pay off the mortgage and obtain my equity. I am negotiating with the few creditors I have and will pay them all in full.

    1. How does the BK13 and the subsequent dismissal effect my credit?
    2. for how long?
    3. and lastly, What are some proactive steps I can take at this point to positively impact my credit?

  5. #5
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Chapter 13 Dismissal Imminent in California

    The filing will remain on your credit report, and for most purposes will appear for ten years. (There are circumstances where older bankruptcies can be reported.)

    Actions such as paying off your old debts, making timely payments on your current debt, getting new credit (and using it), etc., should help you rebuild your credit.

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