New Jersey Order to Reopen Chapter 13 to avoid Second and Third Mortgages
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How to fill out New Jersey Order To Reopen Chapter 13 To Avoid Second And Third Mortgages?
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FAQ
In a traditional Chapter 13 plan, your mortgage payment isn't included in your repayment plan.If you miss even one mortgage payment, the lender has the right to ask the bankruptcy court to lift the automatic stay to pave the way for a foreclosure proceeding.
Chapter 13 comes with a right to dismiss. This means that at any point of your case you can get out of the case and out of the bankruptcy system altogether.So knowing that you have this right to dismiss can make Chapter 13 a more attractive choice when you are trying to decide what type of bankruptcy to file.
"Lien stripping" in Chapter 13 bankruptcy allows certain homeowners to get rid of a second mortgage or home equity line of credit.If your house has gone down in value since you bought it, a Chapter 13 bankruptcy may help you to get rid of your second mortgage.
If you refile your case within one year of your first case's dismissal, the automatic stay protecting you from actions by your creditors will last only 30 days. You can get this time period extended if you make a motion and have a hearing in which you demonstrate that your second filing is in good faith.
Dismissal of chapter 13 nullifies your automatic stay. Creditors will again start baying for your blood. They will file lawsuits anew, against you, for the right to confiscate your property and auction them. You may have no other option but to file for chapter 7.
Answer. Your second-mortgage debt has not been canceled or forgiven. A charge off is an accounting term that means the creditor no longer considers the money you owe as a source of profit, but rather, counts it as a loss. A charged-off loanunlike forgiven debtis still considered an obligation that you must pay.
Refiling After the Trustee Dismisses Your Case If your case is dismissed, you can refile your Chapter 13 case. Essentially, this means you are starting anew. You must prepare a new petition, schedules, and plan based on your current situation. A new filing fee will be due also.
If the court does dismisses your Chapter 13 bankruptcy for nonpayment, you may be able to appeal the dismissal to a higher court. However, in most cases you can work something out before the case is dismissed, or refile a new case after dismissal.
You may be able to discharge a second mortgage or home equity line of credit in Chapter 13 if your home is underwater if you owe more than it's worth. Whether or not a court will wipe out your second mortgage depends on the particular judge and your particular circumstances.