real property Tag

26 Jun Chapter 13 Bankruptcy Plan Payments Can be Lowered if Your Income Decreases

When a Chapter 13 bankruptcy plan gets confirmed by the Bankruptcy Court, the monthly payments you are supposed to pay to the trustee are set by the confirmation order. But they are not always set in stone. A Chapter 13 bankruptcyPlan can usually be modified if there is a significant and unanticipated change of circumstances, such as an unexpected reduction in income. In many cases your lawyer can make a motion to modify the confirmed plan. If you have less money to pay to the trustee, you can propose to lower the monthly payments. You can also propose tolower the percentage being paid to the unsecured creditors, and toextend the duration of the plan to 60 months, if it not already a 60 month plan. If you are proposing to lower your monthly payments, you will also have to submit a new budget (Schedules I & J). This amended budget must show that your current household income and expenses have decreased your disposable income to the amount you are proposing to pay in your modification. There may be some limitation to how much you can lower your payments to the Trustee.
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29 Sep Can I File Bankruptcy if My Only Income is Social Security?

If your only income is Social Security or SSD, you can file bankruptcy. But you may not have to. If you do not plan on going back to work, you may not need to file bankruptcy because you are considered to be "judgment proof". That means that while your creditors can sue you and obtain a judgment, they may not be able to collect anything from you. Creditors generally cannot recoup any money from your social security income. You should determine, however, if you own any other real or personal property that creditors could get their hands on. It is best to review your situation with an experienced consumer bankruptcy attorney.
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16 Mar My Husband Or Wife Is Filing A Bankruptcy… How Will It Affect My Real Property – Chapter 7

How will your real property be affected if your spouse files a Chapter 7 bankruptcy? -In New York State, which is not a community property state, if the property is only in your name, and his name was never on the deed, then his filing Chapter 7 bankruptcy shouldn't affect the property at all. -If the property is owned by both of you, then it depends what type of property it is, and how much (if any) equity there is in the property. -If the property is claimed as your husband's residence, and the equity (the actual market value less any mortgages and home equity loans against the property) is less than your spouses claimed exemption, then it is safe from the reach of the trustee. Actually, if the property is jointly owned, and the homestead exemption is $50,000 (as it is in New York State) then there must be over $100,000 of equity in the property for the trustee to have an interest in it. -On the other hand, if it is not your husband's residence (a rental property, for example), OR if there is more equity than the homestead exemption,
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