An Indiana Motion to Modify Secured Debt (Mortgage), (Chapter 13) is a legal filing that allows the borrower to modify the terms of their secured mortgage debt. This motion can be used to reduce the monthly payment amount, extend the loan term, or both. It is typically filed during a Chapter 13 Bankruptcy, when a debtor is seeking to reorganize their debts. The motion must be filed with the court, and it must include details about the current loan, as well as the proposed modifications. The court will review the motion and, if approved, will issue an order allowing the modification. There are two types of Indiana Motion to Modify Secured Debt (Mortgage), (Chapter 13): one for a Primary Residence and one for a Vacation/Investment Property. Each motion must be tailored to the specific type of property being modified.
Indiana Motion to Modify Secured Debt (Mortgage), (Chapter 13)
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FAQ
What is a Chapter 13 Bankruptcy in Indiana? Chapter 13 is a personal reorganization bankruptcy. It provides protection from creditors while a plan to deal with debts is put together. Chapter 13 provides help to people looking to stop foreclosures, avoid repossessions, and stop other creditor collection efforts.
Although a Chapter 13 bankruptcy stays on your record for years, missed debt payments, defaults, repossessions, and lawsuits will also hurt your credit and may be more complicated to explain to a future lender than bankruptcy.
Chapter 13 bankruptcy is typically removed from your credit report seven years after the date you filed, and this is done automatically.
This chapter of the Bankruptcy Code provides for adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.
Most secured debt in Chapter 13 is paid through the Chapter 13 plan, so there's no debt attached to you or your collateral when the discharge is entered. In both kinds of bankruptcy, you have the right to surrender the collateral. If you do, the debt is no longer secured.
A Chapter 13 petition for bankruptcy will likely necessitate a $500 to $600 monthly payment, especially for debtors paying at least one automobile through the payment plan. However, since the bankruptcy court will consider a large number of factors, this estimate could vary greatly.
Chapter 13 and debt Firstly, all Chapter 13 payment plans must repay all priority claims and administrative expenses in full. These types of debts include taxes, child support, alimony, attorneys' fees and court costs.
Pre-petition debts can also be added to Chapter 13 bankruptcy after you file, but again, you will want to notify your attorney of the missed creditor as soon as possible. Adding debts to Chapter 13 is possible, but if certain deadlines have come and gone in the case, a debt can be found to be non-dischargeable.