The basic rule is this, while you are in Ch. 13 you are not allowed to
incur any additional debt without the trustee's permission. From what I
understand, permission is granted only if you _must_ incur that debt
(e.g., you need to make a home repair, your car dies, etc.) Otherise,
you are not allowed to make any additional debt while on the plan. This
includes credit cards.

J.

K wrote: We haven't got the best of attorneys...so while we're waiting for an answer to this question, I'd like to pose it here: Husband filed c.13, only 2 months into a 5 year plan (Massachusetts) to pay 105% of debt. Before we filed, our attorney said don't worry, things could be adjusted if we refinanced the house, etc. The c.13 payment plus mortgage plus second mortgage is going to kill us (never mind the other bills like heat, car, insurance, groceries - we have 2 kids and need the cars for work). It leaves about $250/mo. for those other bills - a recipe for failure. But, our house does have equity in it and the two mortgage rates are high (8.5 & 10). Now, we're told by a mortgage company that no refinancing is allowed to occur while in bankruptcy, but they'd be happy to work with us once we're out. Is there a such a law, should we not bother trying any more companies? I don't understand as we're very anxious to do this right - we want to pay everyone, and with just a little more in our monthly working money, we'd be able to do it, but now we're told too bad, you'll just have to fail We wanted to refinance the first and second mortgages, plus possibly arrears in those, and leave ccs as bankruptcy payment. Is there ANY way around this? (Possibly using the fact that wife is not included in bankruptcy at this point?) I understand that we deserve to be 'punished' but it seems as though we're being set up to fail, despite good intentions to pay 100% and with adjustments, having the necessary resources...we both have long term secure full-time jobs. We both were encouraged by the attorneys that this was the right thing to do (c.13) but now I'm not so sure now faced with those impossible payments and no way to alleviate. Help...please... K

We haven't got the best of attorneys...so while we're waiting for an answer
to this question, I'd like to pose it here:

Husband filed c.13, only 2 months into a 5 year plan (Massachusetts) to pay
105% of debt. Before we filed, our attorney said don't worry, things could
be adjusted if we refinanced the house, etc.

The c.13 payment plus mortgage plus second mortgage is going to kill us
(never mind the other bills like heat, car, insurance, groceries - we have 2
kids and need the cars for work). It leaves about $250/mo. for those other
bills - a recipe for failure. But, our house does have equity in it and the
two mortgage rates are high (8.5 & 10). Now, we're told by a mortgage
company that no refinancing is allowed to occur while in bankruptcy, but
they'd be happy to work with us once we're out. Is there a such a law,
should we not bother trying any more companies?

I don't understand as we're very anxious to do this right - we want to pay
everyone, and with just a little more in our monthly working money, we'd be
able to do it, but now we're told too bad, you'll just have to fail We
wanted to refinance the first and second mortgages, plus possibly arrears in
those, and leave ccs as bankruptcy payment. Is there ANY way around this?
(Possibly using the fact that wife is not included in bankruptcy at this
point?) I understand that we deserve to be 'punished' but it seems as
though we're being set up to fail, despite good intentions to pay 100% and
with adjustments, having the necessary resources...we both have long term
secure full-time jobs. We both were encouraged by the attorneys that this
was the right thing to do (c.13) but now I'm not so sure now faced with
those impossible payments and no way to alleviate.

Help...please...

K

Thanks - but, that is the source of my bewilderment - it is the SAME debt
we're refinancing - not additional debt, in order to try to make the
payments more manageable. We definitely don't want MORE debt! (We've got
quite enough, lol). So, is it possible that the trustee might 'permit' it
if it will help us make the payments more easily, and therefore increase the
likelihood of successfully paying 100% of our debt?


"John" <jmeola75@hotmail.com> wrote in message
news:BIYcb.14468$ai7.6277@newsread1.news.atl.earth link.net... The basic rule is this, while you are in Ch. 13 you are not allowed to incur any additional debt without the trustee's permission. From what I understand, permission is granted only if you _must_ incur that debt (e.g., you need to make a home repair, your car dies, etc.) Otherise, you are not allowed to make any additional debt while on the plan. This includes credit cards. J. K wrote: We haven't got the best of attorneys...so while we're waiting for an
answer to this question, I'd like to pose it here: Husband filed c.13, only 2 months into a 5 year plan (Massachusetts) to
pay 105% of debt. Before we filed, our attorney said don't worry, things
could be adjusted if we refinanced the house, etc. The c.13 payment plus mortgage plus second mortgage is going to kill us (never mind the other bills like heat, car, insurance, groceries - we
have 2 kids and need the cars for work). It leaves about $250/mo. for those
other bills - a recipe for failure. But, our house does have equity in it and
the two mortgage rates are high (8.5 & 10). Now, we're told by a mortgage company that no refinancing is allowed to occur while in bankruptcy, but they'd be happy to work with us once we're out. Is there a such a law, should we not bother trying any more companies? I don't understand as we're very anxious to do this right - we want to
pay everyone, and with just a little more in our monthly working money, we'd
be able to do it, but now we're told too bad, you'll just have to fail We wanted to refinance the first and second mortgages, plus possibly
arrears in those, and leave ccs as bankruptcy payment. Is there ANY way around
this? (Possibly using the fact that wife is not included in bankruptcy at this point?) I understand that we deserve to be 'punished' but it seems as though we're being set up to fail, despite good intentions to pay 100%
and with adjustments, having the necessary resources...we both have long
term secure full-time jobs. We both were encouraged by the attorneys that
this was the right thing to do (c.13) but now I'm not so sure now faced with those impossible payments and no way to alleviate. Help...please... K

Because under a Ch. 13 your whole financial life is under the control of
the trustee. Selling assets, paying off debt, securing new debt, or
swapping one debt for another all must be approved by the trustee. For
instance, if you get sick and have to deviate from the budget, that has
to be brought to the trustee and he/she must issue an order allowing you
to deviate from the budget to pay the bill.

You MAY be able to refinance with the trustee's blessing and if a
creditor will go along with it. It's really the trustee's choice, not yours.

Hope that helps!

J.

K wrote:
Thanks - but, that is the source of my bewilderment - it is the SAME debt we're refinancing - not additional debt, in order to try to make the payments more manageable. We definitely don't want MORE debt! (We've got quite enough, lol). So, is it possible that the trustee might 'permit' it if it will help us make the payments more easily, and therefore increase the likelihood of successfully paying 100% of our debt? "John" <jmeola75@hotmail.com> wrote in message news:BIYcb.14468$ai7.6277@newsread1.news.atl.earth link.net...The basic rule is this, while you are in Ch. 13 you are not allowed toincur any additional debt without the trustee's permission. From what Iunderstand, permission is granted only if you _must_ incur that debt(e.g., you need to make a home repair, your car dies, etc.) Otherise,you are not allowed to make any additional debt while on the plan. Thisincludes credit cards.J.K wrote:We haven't got the best of attorneys...so while we're waiting for an answerto this question, I'd like to pose it here:Husband filed c.13, only 2 months into a 5 year plan (Massachusetts) to pay105% of debt. Before we filed, our attorney said don't worry, things couldbe adjusted if we refinanced the house, etc.The c.13 payment plus mortgage plus second mortgage is going to kill us(never mind the other bills like heat, car, insurance, groceries - we have 2kids and need the cars for work). It leaves about $250/mo. for those otherbills - a recipe for failure. But, our house does have equity in it and thetwo mortgage rates are high (8.5 & 10). Now, we're told by a mortgagecompany that no refinancing is allowed to occur while in bankruptcy, butthey'd be happy to work with us once we're out. Is there a such a law,should we not bother trying any more companies?I don't understand as we're very anxious to do this right - we want to payeveryone, and with just a little more in our monthly working money, we'd beable to do it, but now we're told too bad, you'll just have to fail Wewanted to refinance the first and second mortgages, plus possibly arrears inthose, and leave ccs as bankruptcy payment. Is there ANY way around this?(Possibly using the fact that wife is not included in bankruptcy at thispoint?) I understand that we deserve to be 'punished' but it seems asthough we're being set up to fail, despite good intentions to pay 100% andwith adjustments, having the necessary resources...we both have long termsecure full-time jobs. We both were encouraged by the attorneys that thiswas the right thing to do (c.13) but now I'm not so sure now faced withthose impossible payments and no way to alleviate.Help...please...K

I'm in chapt 13 and I have received several offers in the mail from
banks that want to refinance my mort. and include the chapt 13 payments
in the refinance to end the bankruptcy early. My lawyer says that the
trustee would allow this if I wanted to do this. He would just have to
ask the trustee for permission. For various reasons I chose not to do
this but the option is available. I filed in NJ.

I don't know if any bank would let you refinance without ending the
bankruptcy because there is nothing that would prevent you from changing
your mind and including the new mortgage in the bankruptcy. If you
stopped paying on the mortgage they would have to go through the trustee
to recoup their investment.

You can refinance while in a Chapter 13, but need approval from
the Trustee and/or the Court.

--
Brett

************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@erols.com *
* http://www.erols.com/lawyer *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************

The Small Print: This response is for discussion purposes only.
It isn't meant to be legal advice and you shouldn't treat it as
such. If you want legal advice, speak with a local lawyer
familiar with your state's laws who can review *all* of the facts
and the law applicable to your situation.
************************************************** ***************


"K" <kbar@rcn.com> wrote in message
news:bl1k0f$pcu$1@bob.news.rcn.net... We haven't got the best of attorneys...so while we're waiting
for an answer to this question, I'd like to pose it here: Husband filed c.13, only 2 months into a 5 year plan
(Massachusetts) to pay 105% of debt. Before we filed, our attorney said don't worry,
things could be adjusted if we refinanced the house, etc. The c.13 payment plus mortgage plus second mortgage is going to
kill us (never mind the other bills like heat, car, insurance,
groceries - we have 2 kids and need the cars for work). It leaves about $250/mo. for
those other bills - a recipe for failure. But, our house does have equity
in it and the two mortgage rates are high (8.5 & 10). Now, we're told by a
mortgage company that no refinancing is allowed to occur while in
bankruptcy, but they'd be happy to work with us once we're out. Is there a
such a law, should we not bother trying any more companies? I don't understand as we're very anxious to do this right - we
want to pay everyone, and with just a little more in our monthly working
money, we'd be able to do it, but now we're told too bad, you'll just have to
fail We wanted to refinance the first and second mortgages, plus
possibly arrears in those, and leave ccs as bankruptcy payment. Is there ANY way
around this? (Possibly using the fact that wife is not included in
bankruptcy at this point?) I understand that we deserve to be 'punished' but it
seems as though we're being set up to fail, despite good intentions to
pay 100% and with adjustments, having the necessary resources...we both have
long term secure full-time jobs. We both were encouraged by the
attorneys that this was the right thing to do (c.13) but now I'm not so sure now
faced with those impossible payments and no way to alleviate. Help...please... K

I've done it successfully, but it is very fact-specific.

--
Brett

************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@erols.com *
* http://www.erols.com/lawyer *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************

The Small Print: This response is for discussion purposes only.
It isn't meant to be legal advice and you shouldn't treat it as
such. If you want legal advice, speak with a local lawyer
familiar with your state's laws who can review *all* of the facts
and the law applicable to your situation.
************************************************** ***************


"Kamibee" <kbar@rcn.com> wrote in message
news:bl84dh$rlf$1@bob.news.rcn.net... Thanks everyone, I don't feel as hopeless now. Anyone here
successfully do this? Any companies to recommend? K "Brett Weiss" <lawyer@erols.com> wrote in message news:Y4CdnY7AItsFDeqiU-KYuA@comcast.com... You can refinance while in a Chapter 13, but need approval
from the Trustee and/or the Court. -- Brett
************************************************** *************** * Personal Injury/Malpractice
Bankruptcy * *
* * BRETT WEISS, P.C.
* * Attorneys at Law
* * Maryland, D.C. and Federal Bars
* * lawyer@erols.com
* * http://www.erols.com/lawyer
* *
* * Small Business Estates & Estate
Planning *
************************************************** *************** The Small Print: This response is for discussion purposes
only. It isn't meant to be legal advice and you shouldn't treat it
as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the
facts and the law applicable to your situation.
************************************************** *************** "K" <kbar@rcn.com> wrote in message news:bl1k0f$pcu$1@bob.news.rcn.net... We haven't got the best of attorneys...so while we're
waiting for an answer to this question, I'd like to pose it here: Husband filed c.13, only 2 months into a 5 year plan (Massachusetts) to pay 105% of debt. Before we filed, our attorney said don't
worry, things could be adjusted if we refinanced the house, etc. The c.13 payment plus mortgage plus second mortgage is
going to kill us (never mind the other bills like heat, car, insurance, groceries - we have 2 kids and need the cars for work). It leaves about $250/mo.
for those other bills - a recipe for failure. But, our house does have
equity in it and the two mortgage rates are high (8.5 & 10). Now, we're told by
a mortgage company that no refinancing is allowed to occur while in bankruptcy, but they'd be happy to work with us once we're out. Is there a such a law, should we not bother trying any more companies? I don't understand as we're very anxious to do this right -
we want to pay everyone, and with just a little more in our monthly
working money, we'd be able to do it, but now we're told too bad, you'll just have
to fail We wanted to refinance the first and second mortgages, plus possibly arrears in those, and leave ccs as bankruptcy payment. Is there ANY
way around this? (Possibly using the fact that wife is not included in bankruptcy at this point?) I understand that we deserve to be 'punished' but
it seems as though we're being set up to fail, despite good intentions
to pay 100% and with adjustments, having the necessary resources...we both
have long term secure full-time jobs. We both were encouraged by the attorneys that this was the right thing to do (c.13) but now I'm not so sure
now faced with those impossible payments and no way to alleviate. Help...please... K

Thanks everyone, I don't feel as hopeless now. Anyone here successfully do
this? Any companies to recommend?
K

"Brett Weiss" <lawyer@erols.com> wrote in message
news:Y4CdnY7AItsFDeqiU-KYuA@comcast.com... You can refinance while in a Chapter 13, but need approval from the Trustee and/or the Court. -- Brett ************************************************** *************** * Personal Injury/Malpractice Bankruptcy * * * * BRETT WEISS, P.C. * * Attorneys at Law * * Maryland, D.C. and Federal Bars * * lawyer@erols.com * * http://www.erols.com/lawyer * * * * Small Business Estates & Estate Planning * ************************************************** *************** The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the facts and the law applicable to your situation. ************************************************** *************** "K" <kbar@rcn.com> wrote in message news:bl1k0f$pcu$1@bob.news.rcn.net... We haven't got the best of attorneys...so while we're waiting for an answer to this question, I'd like to pose it here: Husband filed c.13, only 2 months into a 5 year plan (Massachusetts) to pay 105% of debt. Before we filed, our attorney said don't worry, things could be adjusted if we refinanced the house, etc. The c.13 payment plus mortgage plus second mortgage is going to kill us (never mind the other bills like heat, car, insurance, groceries - we have 2 kids and need the cars for work). It leaves about $250/mo. for those other bills - a recipe for failure. But, our house does have equity in it and the two mortgage rates are high (8.5 & 10). Now, we're told by a mortgage company that no refinancing is allowed to occur while in bankruptcy, but they'd be happy to work with us once we're out. Is there a such a law, should we not bother trying any more companies? I don't understand as we're very anxious to do this right - we want to pay everyone, and with just a little more in our monthly working money, we'd be able to do it, but now we're told too bad, you'll just have to fail We wanted to refinance the first and second mortgages, plus possibly arrears in those, and leave ccs as bankruptcy payment. Is there ANY way around this? (Possibly using the fact that wife is not included in bankruptcy at this point?) I understand that we deserve to be 'punished' but it seems as though we're being set up to fail, despite good intentions to pay 100% and with adjustments, having the necessary resources...we both have long term secure full-time jobs. We both were encouraged by the attorneys that this was the right thing to do (c.13) but now I'm not so sure now faced with those impossible payments and no way to alleviate. Help...please... K

What do you mean 'fact-specific'? Any advice would be appreciated.

Thanks everyone,
K

"Brett Weiss" <lawyer@erols.com> wrote in message
news:hdKdnZjxXOFpCOqiU-KYgw@comcast.com... I've done it successfully, but it is very fact-specific. -- Brett ************************************************** *************** * Personal Injury/Malpractice Bankruptcy * * * * BRETT WEISS, P.C. * * Attorneys at Law * * Maryland, D.C. and Federal Bars * * lawyer@erols.com * * http://www.erols.com/lawyer * * * * Small Business Estates & Estate Planning * ************************************************** *************** The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the facts and the law applicable to your situation. ************************************************** *************** "Kamibee" <kbar@rcn.com> wrote in message news:bl84dh$rlf$1@bob.news.rcn.net... Thanks everyone, I don't feel as hopeless now. Anyone here successfully do this? Any companies to recommend? K "Brett Weiss" <lawyer@erols.com> wrote in message news:Y4CdnY7AItsFDeqiU-KYuA@comcast.com... You can refinance while in a Chapter 13, but need approval from the Trustee and/or the Court. -- Brett ************************************************** *************** * Personal Injury/Malpractice Bankruptcy * * * * BRETT WEISS, P.C. * * Attorneys at Law * * Maryland, D.C. and Federal Bars * * lawyer@erols.com * * http://www.erols.com/lawyer * * * * Small Business Estates & Estate Planning * ************************************************** *************** The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the facts and the law applicable to your situation. ************************************************** *************** "K" <kbar@rcn.com> wrote in message news:bl1k0f$pcu$1@bob.news.rcn.net... > We haven't got the best of attorneys...so while we're waiting for an answer > to this question, I'd like to pose it here: > > Husband filed c.13, only 2 months into a 5 year plan (Massachusetts) to pay > 105% of debt. Before we filed, our attorney said don't worry, things could > be adjusted if we refinanced the house, etc. > > The c.13 payment plus mortgage plus second mortgage is going to kill us > (never mind the other bills like heat, car, insurance, groceries - we have 2 > kids and need the cars for work). It leaves about $250/mo. for those other > bills - a recipe for failure. But, our house does have equity in it and the > two mortgage rates are high (8.5 & 10). Now, we're told by a mortgage > company that no refinancing is allowed to occur while in bankruptcy, but > they'd be happy to work with us once we're out. Is there a such a law, > should we not bother trying any more companies? > > I don't understand as we're very anxious to do this right - we want to pay > everyone, and with just a little more in our monthly working money, we'd be > able to do it, but now we're told too bad, you'll just have to fail We > wanted to refinance the first and second mortgages, plus possibly arrears in > those, and leave ccs as bankruptcy payment. Is there ANY way around this? > (Possibly using the fact that wife is not included in bankruptcy at this > point?) I understand that we deserve to be 'punished' but it seems as > though we're being set up to fail, despite good intentions to pay 100% and > with adjustments, having the necessary resources...we both have long term > secure full-time jobs. We both were encouraged by the attorneys that this > was the right thing to do (c.13) but now I'm not so sure now faced with > those impossible payments and no way to alleviate. > > Help...please... > > K > > > >

It depends on the details of your case whether you are likely to
be successful. For example, if you are now a quadriplegic and
can't work, you'll probably be able to get the loan discharged
for undue hardship. If you're temporarily out of work, you
probably won't.

--
Brett

************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@erols.com *
* http://www.erols.com/lawyer *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************

The Small Print: This response is for discussion purposes only.
It isn't meant to be legal advice and you shouldn't treat it as
such. If you want legal advice, speak with a local lawyer
familiar with your state's laws who can review *all* of the facts
and the law applicable to your situation.
************************************************** ***************


"K" <kbar@rcn.com> wrote in message
news:bl934t$q70$1@bob.news.rcn.net... What do you mean 'fact-specific'? Any advice would be
appreciated. Thanks everyone, K "Brett Weiss" <lawyer@erols.com> wrote in message news:hdKdnZjxXOFpCOqiU-KYgw@comcast.com... I've done it successfully, but it is very fact-specific. -- Brett
************************************************** *************** * Personal Injury/Malpractice
Bankruptcy * *
* * BRETT WEISS, P.C.
* * Attorneys at Law
* * Maryland, D.C. and Federal Bars
* * lawyer@erols.com
* * http://www.erols.com/lawyer
* *
* * Small Business Estates & Estate
Planning *
************************************************** *************** The Small Print: This response is for discussion purposes
only. It isn't meant to be legal advice and you shouldn't treat it
as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the
facts and the law applicable to your situation.
************************************************** *************** "Kamibee" <kbar@rcn.com> wrote in message news:bl84dh$rlf$1@bob.news.rcn.net... Thanks everyone, I don't feel as hopeless now. Anyone
here successfully do this? Any companies to recommend? K "Brett Weiss" <lawyer@erols.com> wrote in message news:Y4CdnY7AItsFDeqiU-KYuA@comcast.com... > You can refinance while in a Chapter 13, but need
approval from > the Trustee and/or the Court. > > -- > Brett > >
************************************************** *************** > * Personal Injury/Malpractice Bankruptcy * > * * > * BRETT WEISS, P.C. * > * Attorneys at Law * > * Maryland, D.C. and Federal Bars * > * lawyer@erols.com * > * http://www.erols.com/lawyer * > * * > * Small Business Estates & Estate Planning * >
************************************************** *************** > > The Small Print: This response is for discussion purposes only. > It isn't meant to be legal advice and you shouldn't treat
it as > such. If you want legal advice, speak with a local lawyer > familiar with your state's laws who can review *all* of
the facts > and the law applicable to your situation. >
************************************************** *************** > > > "K" <kbar@rcn.com> wrote in message > news:bl1k0f$pcu$1@bob.news.rcn.net... > > We haven't got the best of attorneys...so while we're waiting > for an answer > > to this question, I'd like to pose it here: > > > > Husband filed c.13, only 2 months into a 5 year plan > (Massachusetts) to pay > > 105% of debt. Before we filed, our attorney said don't worry, > things could > > be adjusted if we refinanced the house, etc. > > > > The c.13 payment plus mortgage plus second mortgage is going to > kill us > > (never mind the other bills like heat, car, insurance, > groceries - we have 2 > > kids and need the cars for work). It leaves about
$250/mo. for > those other > > bills - a recipe for failure. But, our house does have equity > in it and the > > two mortgage rates are high (8.5 & 10). Now, we're
told by a > mortgage > > company that no refinancing is allowed to occur while
in > bankruptcy, but > > they'd be happy to work with us once we're out. Is
there a > such a law, > > should we not bother trying any more companies? > > > > I don't understand as we're very anxious to do this
right - we > want to pay > > everyone, and with just a little more in our monthly working > money, we'd be > > able to do it, but now we're told too bad, you'll just
have to > fail We > > wanted to refinance the first and second mortgages,
plus > possibly arrears in > > those, and leave ccs as bankruptcy payment. Is there
ANY way > around this? > > (Possibly using the fact that wife is not included in > bankruptcy at this > > point?) I understand that we deserve to be 'punished'
but it > seems as > > though we're being set up to fail, despite good
intentions to > pay 100% and > > with adjustments, having the necessary resources...we
both have > long term > > secure full-time jobs. We both were encouraged by the > attorneys that this > > was the right thing to do (c.13) but now I'm not so
sure now > faced with > > those impossible payments and no way to alleviate. > > > > Help...please... > > > > K > > > > > > > > > >

I'm sorry. I just don't understand -- I'm not trying to get refinancing to
cheat anyone or disabled. I want to refinance to lower payments so we can
be successful in paying everyone 100%. Right now, we're left with about
250/mo after bk payment+mortgage+2nd mortgage for all of our other bills,
like car payment+heat+gas+food+expenses for kids. If we could reduce
mortgage or bk payment a little, we'd have half a shot at getting this done.
Otherwise it just seems like a setup for failure. We need the car for work,
we need the gas to run the car that gets us to work. Our car is worth less
than the remaining payments, so can't sell it. No work, no payments. We
need to feed our kids, or are we expected to give them up for adoption? I
sure would like to know how anyone is successful in c.13 with payments like
this. But, we don't want to discharge the loans, we want to pay everyone
back. We'd sell the house now, but we can't afford to live in our town
afterwards, so we want to survive at least a year while one daughter
finishes senior year in high school (this will be a whole new thread later,
lol). In a year, we might want to sell, but even if first+second mortgage
were refinanced, our house would still have enough equity to make enough
profit after to pay rest of bk. Yes, we're a credit risk, but our house
isn't. Isn't there a lender that would take a chance on this? Wouldn't the
trustee see the logic of this? Or am I totally missing something here (it
wouldn't be the first time)....

Thanks again everyone, as we still haven't heard back from our attorneys,
K

"Brett Weiss" <lawyer@erols.com> wrote in message
news:lOucnbCtss9LWOWiXTWJlg@comcast.com... It depends on the details of your case whether you are likely to be successful. For example, if you are now a quadriplegic and can't work, you'll probably be able to get the loan discharged for undue hardship. If you're temporarily out of work, you probably won't. -- Brett ************************************************** *************** * Personal Injury/Malpractice Bankruptcy * * * * BRETT WEISS, P.C. * * Attorneys at Law * * Maryland, D.C. and Federal Bars * * lawyer@erols.com * * http://www.erols.com/lawyer * * * * Small Business Estates & Estate Planning * ************************************************** *************** The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the facts and the law applicable to your situation. ************************************************** *************** "K" <kbar@rcn.com> wrote in message news:bl934t$q70$1@bob.news.rcn.net... What do you mean 'fact-specific'? Any advice would be appreciated. Thanks everyone, K "Brett Weiss" <lawyer@erols.com> wrote in message news:hdKdnZjxXOFpCOqiU-KYgw@comcast.com... I've done it successfully, but it is very fact-specific. -- Brett ************************************************** *************** * Personal Injury/Malpractice Bankruptcy * * * * BRETT WEISS, P.C. * * Attorneys at Law * * Maryland, D.C. and Federal Bars * * lawyer@erols.com * * http://www.erols.com/lawyer * * * * Small Business Estates & Estate Planning * ************************************************** *************** The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the facts and the law applicable to your situation. ************************************************** *************** "Kamibee" <kbar@rcn.com> wrote in message news:bl84dh$rlf$1@bob.news.rcn.net... > Thanks everyone, I don't feel as hopeless now. Anyone here successfully do > this? Any companies to recommend? > K > > "Brett Weiss" <lawyer@erols.com> wrote in message > news:Y4CdnY7AItsFDeqiU-KYuA@comcast.com... > > You can refinance while in a Chapter 13, but need approval from > > the Trustee and/or the Court. > > > > -- > > Brett > > > > ************************************************** *************** > > * Personal Injury/Malpractice Bankruptcy * > > * * > > * BRETT WEISS, P.C. * > > * Attorneys at Law * > > * Maryland, D.C. and Federal Bars * > > * lawyer@erols.com * > > * http://www.erols.com/lawyer * > > * * > > * Small Business Estates & Estate Planning * > > ************************************************** *************** > > > > The Small Print: This response is for discussion purposes only. > > It isn't meant to be legal advice and you shouldn't treat it as > > such. If you want legal advice, speak with a local lawyer > > familiar with your state's laws who can review *all* of the facts > > and the law applicable to your situation. > > ************************************************** *************** > > > > > > "K" <kbar@rcn.com> wrote in message > > news:bl1k0f$pcu$1@bob.news.rcn.net... > > > We haven't got the best of attorneys...so while we're waiting > > for an answer > > > to this question, I'd like to pose it here: > > > > > > Husband filed c.13, only 2 months into a 5 year plan > > (Massachusetts) to pay > > > 105% of debt. Before we filed, our attorney said don't worry, > > things could > > > be adjusted if we refinanced the house, etc. > > > > > > The c.13 payment plus mortgage plus second mortgage is going to > > kill us > > > (never mind the other bills like heat, car, insurance, > > groceries - we have 2 > > > kids and need the cars for work). It leaves about $250/mo. for > > those other > > > bills - a recipe for failure. But, our house does have equity > > in it and the > > > two mortgage rates are high (8.5 & 10). Now, we're told by a > > mortgage > > > company that no refinancing is allowed to occur while in > > bankruptcy, but > > > they'd be happy to work with us once we're out. Is there a > > such a law, > > > should we not bother trying any more companies? > > > > > > I don't understand as we're very anxious to do this right - we > > want to pay > > > everyone, and with just a little more in our monthly working > > money, we'd be > > > able to do it, but now we're told too bad, you'll just have to > > fail We > > > wanted to refinance the first and second mortgages, plus > > possibly arrears in > > > those, and leave ccs as bankruptcy payment. Is there ANY way > > around this? > > > (Possibly using the fact that wife is not included in > > bankruptcy at this > > > point?) I understand that we deserve to be 'punished' but it > > seems as > > > though we're being set up to fail, despite good intentions to > > pay 100% and > > > with adjustments, having the necessary resources...we both have > > long term > > > secure full-time jobs. We both were encouraged by the > > attorneys that this > > > was the right thing to do (c.13) but now I'm not so sure now > > faced with > > > those impossible payments and no way to alleviate. > > > > > > Help...please... > > > > > > K > > > > > > > > > > > > > > > > > >

I thought you were talking about your student loans only. Again,
depending on the details of your case (which I don't know), it
may well be possible to reduce your payments.

--
Brett

************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@erols.com *
* http://www.erols.com/lawyer *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************

The Small Print: This response is for discussion purposes only.
It isn't meant to be legal advice and you shouldn't treat it as
such. If you want legal advice, speak with a local lawyer
familiar with your state's laws who can review *all* of the facts
and the law applicable to your situation.
************************************************** ***************


"K" <kbar@rcn.com> wrote in message
news:blaodc$r3v$1@bob.news.rcn.net... I'm sorry. I just don't understand -- I'm not trying to get
refinancing to cheat anyone or disabled. I want to refinance to lower
payments so we can be successful in paying everyone 100%. Right now, we're left
with about 250/mo after bk payment+mortgage+2nd mortgage for all of our
other bills, like car payment+heat+gas+food+expenses for kids. If we could
reduce mortgage or bk payment a little, we'd have half a shot at
getting this done. Otherwise it just seems like a setup for failure. We need the
car for work, we need the gas to run the car that gets us to work. Our car
is worth less than the remaining payments, so can't sell it. No work, no
payments. We need to feed our kids, or are we expected to give them up for
adoption? I sure would like to know how anyone is successful in c.13 with
payments like this. But, we don't want to discharge the loans, we want to
pay everyone back. We'd sell the house now, but we can't afford to live in
our town afterwards, so we want to survive at least a year while one
daughter finishes senior year in high school (this will be a whole new
thread later, lol). In a year, we might want to sell, but even if
first+second mortgage were refinanced, our house would still have enough equity to
make enough profit after to pay rest of bk. Yes, we're a credit risk, but
our house isn't. Isn't there a lender that would take a chance on this?
Wouldn't the trustee see the logic of this? Or am I totally missing
something here (it wouldn't be the first time).... Thanks again everyone, as we still haven't heard back from our
attorneys, K "Brett Weiss" <lawyer@erols.com> wrote in message news:lOucnbCtss9LWOWiXTWJlg@comcast.com... It depends on the details of your case whether you are likely
to be successful. For example, if you are now a quadriplegic and can't work, you'll probably be able to get the loan
discharged for undue hardship. If you're temporarily out of work, you probably won't. -- Brett
************************************************** *************** * Personal Injury/Malpractice
Bankruptcy * *
* * BRETT WEISS, P.C.
* * Attorneys at Law
* * Maryland, D.C. and Federal Bars
* * lawyer@erols.com
* * http://www.erols.com/lawyer
* *
* * Small Business Estates & Estate
Planning *
************************************************** *************** The Small Print: This response is for discussion purposes
only. It isn't meant to be legal advice and you shouldn't treat it
as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the
facts and the law applicable to your situation.
************************************************** *************** "K" <kbar@rcn.com> wrote in message news:bl934t$q70$1@bob.news.rcn.net... What do you mean 'fact-specific'? Any advice would be appreciated. Thanks everyone, K "Brett Weiss" <lawyer@erols.com> wrote in message news:hdKdnZjxXOFpCOqiU-KYgw@comcast.com... > I've done it successfully, but it is very fact-specific. > > -- > Brett > >
************************************************** *************** > * Personal Injury/Malpractice Bankruptcy * > * * > * BRETT WEISS, P.C. * > * Attorneys at Law * > * Maryland, D.C. and Federal Bars * > * lawyer@erols.com * > * http://www.erols.com/lawyer * > * * > * Small Business Estates & Estate Planning * >
************************************************** *************** > > The Small Print: This response is for discussion purposes only. > It isn't meant to be legal advice and you shouldn't treat
it as > such. If you want legal advice, speak with a local lawyer > familiar with your state's laws who can review *all* of
the facts > and the law applicable to your situation. >
************************************************** *************** > > > "Kamibee" <kbar@rcn.com> wrote in message > news:bl84dh$rlf$1@bob.news.rcn.net... > > Thanks everyone, I don't feel as hopeless now. Anyone here > successfully do > > this? Any companies to recommend? > > K > > > > "Brett Weiss" <lawyer@erols.com> wrote in message > > news:Y4CdnY7AItsFDeqiU-KYuA@comcast.com... > > > You can refinance while in a Chapter 13, but need approval > from > > > the Trustee and/or the Court. > > > > > > -- > > > Brett > > > > > > >
************************************************** *************** > > > * Personal Injury/Malpractice > Bankruptcy * > > > * > * > > > * BRETT WEISS, P.C. > * > > > * Attorneys at Law > * > > > * Maryland, D.C. and Federal Bars > * > > > * lawyer@erols.com > * > > > * http://www.erols.com/lawyer > * > > > * > * > > > * Small Business Estates &
Estate > Planning * > > > >
************************************************** *************** > > > > > > The Small Print: This response is for discussion
purposes > only. > > > It isn't meant to be legal advice and you shouldn't
treat it > as > > > such. If you want legal advice, speak with a local
lawyer > > > familiar with your state's laws who can review *all*
of the > facts > > > and the law applicable to your situation. > > > >
************************************************** *************** > > > > > > > > > "K" <kbar@rcn.com> wrote in message > > > news:bl1k0f$pcu$1@bob.news.rcn.net... > > > > We haven't got the best of attorneys...so while
we're > waiting > > > for an answer > > > > to this question, I'd like to pose it here: > > > > > > > > Husband filed c.13, only 2 months into a 5 year
plan > > > (Massachusetts) to pay > > > > 105% of debt. Before we filed, our attorney said
don't > worry, > > > things could > > > > be adjusted if we refinanced the house, etc. > > > > > > > > The c.13 payment plus mortgage plus second mortgage
is > going to > > > kill us > > > > (never mind the other bills like heat, car,
insurance, > > > groceries - we have 2 > > > > kids and need the cars for work). It leaves about $250/mo. > for > > > those other > > > > bills - a recipe for failure. But, our house does
have > equity > > > in it and the > > > > two mortgage rates are high (8.5 & 10). Now, we're told by > a > > > mortgage > > > > company that no refinancing is allowed to occur
while in > > > bankruptcy, but > > > > they'd be happy to work with us once we're out. Is there a > > > such a law, > > > > should we not bother trying any more companies? > > > > > > > > I don't understand as we're very anxious to do this right - > we > > > want to pay > > > > everyone, and with just a little more in our
monthly > working > > > money, we'd be > > > > able to do it, but now we're told too bad, you'll
just have > to > > > fail We > > > > wanted to refinance the first and second mortgages, plus > > > possibly arrears in > > > > those, and leave ccs as bankruptcy payment. Is
there ANY > way > > > around this? > > > > (Possibly using the fact that wife is not included
in > > > bankruptcy at this > > > > point?) I understand that we deserve to be
'punished' but > it > > > seems as > > > > though we're being set up to fail, despite good intentions > to > > > pay 100% and > > > > with adjustments, having the necessary
resources...we both > have > > > long term > > > > secure full-time jobs. We both were encouraged by
the > > > attorneys that this > > > > was the right thing to do (c.13) but now I'm not so sure > now > > > faced with > > > > those impossible payments and no way to alleviate. > > > > > > > > Help...please... > > > > > > > > K > > > > > > > > > > > > > > > > > > > > > > > > > > > >

Just having completed my Chapter 13, I can tell you that it is very
difficult. I could not have done it without some financial help from my
family when unexpected expenses arose. I had to cancel cable TV and all
magazines and newspapers, to transfer that money over to the food budget
since they give a single person only $50/wk in food. That's one trip to the
grocery. I'm glad I did not have a family as I'm sure the sacrifices would
be much harder if I would have to watch my children going through it. If
you truly cannot live on the budget established, you have to analyze where
your shortages occur each month and then go back to your attorney and ask
for an adjustment. It can be done but takes some time. The court truly
does make you live at bare subsistence level. I sometimes had to borrow
money at work for gas to get home as times were so bleak at the beginning.
One good thing is that if you get yearly pay raises of 3-5% you do not have
to adjust the budget so the extra money helps. Also, your annual tax
refund gives a little relief since you get to keep it. I always put it
into savings so I could use the money when the months were hard.

Being out of Chapter 13 now and with a pior to bankruptcy flawless credit
record, I still cannot find anyone to refinance my home. I wanted to
reduce the 21 years left on my mortgage to a 15 year fixed with the newer
low interest rates but I haven't found a company that will even consider me
with the 13 on my credit report. I wish your family well. I hope things
work out.

Thanks for the support. Congratulations on your success! I just don't know
how we're going to do it, and I can't understand why the system seems to be
set up so that statistically more people fail in 13 than succeed (from what
I've read). It wouldn't take much to put us at a payment that would be
painful but do-able, rather than a payment that is impossible. And you're
right, what I would be willing to sacrifice is a lot more than what I want
to see my children sacrifice. I can only hope that my kids learn from our
mistakes (well, I can hope, can't I?)

In the meantime, still struggling, so if anyone can give us any other
advice, it is much, much appreciated. (But, hurry, as it probably won't be
long until I cancel internet, lol).

K

"T Becker" <tb893@yahoo.com> wrote in message
news:tb893-ya02408000R0510031411140001@news.ind.sbcglobal.net ... Just having completed my Chapter 13, I can tell you that it is very difficult. I could not have done it without some financial help from my family when unexpected expenses arose. I had to cancel cable TV and all magazines and newspapers, to transfer that money over to the food budget since they give a single person only $50/wk in food. That's one trip to
the grocery. I'm glad I did not have a family as I'm sure the sacrifices
would be much harder if I would have to watch my children going through it. If you truly cannot live on the budget established, you have to analyze where your shortages occur each month and then go back to your attorney and ask for an adjustment. It can be done but takes some time. The court truly does make you live at bare subsistence level. I sometimes had to borrow money at work for gas to get home as times were so bleak at the beginning. One good thing is that if you get yearly pay raises of 3-5% you do not
have to adjust the budget so the extra money helps. Also, your annual tax refund gives a little relief since you get to keep it. I always put it into savings so I could use the money when the months were hard. Being out of Chapter 13 now and with a pior to bankruptcy flawless credit record, I still cannot find anyone to refinance my home. I wanted to reduce the 21 years left on my mortgage to a 15 year fixed with the newer low interest rates but I haven't found a company that will even consider
me with the 13 on my credit report. I wish your family well. I hope things work out.