Can I file for Bankruptcy if I have only past due mortgage payments as my main debt? 17 Answers as of June 03, 2011

I am trying to save my home but I only have minimal credit card debt and I am trying to file to save my home. I owe 13 payments since the bank stopped taking my payments and it took them 9 months to deny my modification. Is there a minimum that I need to owe in past due mortgage payments and/or debt?

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The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
If your goal is to save your home, then you would need to do either a Chapter 13 or Chapter 11 case and propose a repayment plan that catches up on the arrearages. You can stretch the payments over 60 months.
Answer Applies to: California
Replied: 6/3/2011
Benson Law Firm
Benson Law Firm | David Benson
You can file a Chapter 13 case to catch up on your mortgage debt arrearage.
Answer Applies to: Ohio
Replied: 6/3/2011
Daniel Hoarfrost, Attorney at Law
Daniel Hoarfrost, Attorney at Law | Daniel Hoarfrost
Yes, you can file for bankruptcy.If mortgage arrears are your major concern, it's necessary to file a Ch 13 payment plan and pay off the missed payments over 3 to 5 years.
Answer Applies to: Oregon
Replied: 6/3/2011
Greifendorff Law Offices, PC
Greifendorff Law Offices, PC | Christine Wilton
No, there is no minimum you need to owe to file under Chapter 13 to stop the foreclosure and save your home. You will need to pay your regular mortgage payment after filing and make payments to the trustee for the arrears. So, be sure to hire an attorney that you'll be comfortable to work with for 3-5 years.
Answer Applies to: California
Replied: 6/3/2011
Jackson White, PC
Jackson White, PC | Spencer Hale
You can file a chapter 13 bankruptcy to save your house. There is not a minimum amount that you need to owe to file a chapter 13. Chapter 13 can be rather complex. You should see a bankruptcy attorney.
Answer Applies to: Arizona
Replied: 6/3/2011
    Burnham & Associates
    Burnham & Associates | Stephanie K. Burnham
    You can and should consider filing a Chapter 13 to repay your overdue mortgage payments. A chapter 13 will allow you up to 5 years to repay the debt, but you should be advised that there are rules about what you can and cannot do in the next 5 years during the Plan. There is no minimum in debt or mortgage payments necessary to file for reorganization. You should seek the advice of a Bankruptcy Attorney.
    Answer Applies to: New Hampshire
    Replied: 6/3/2011
    The Northwest Debt Relief Law Firm
    The Northwest Debt Relief Law Firm | Thomas A McAvity
    Yes, you can file Chapter 13 to stop a foreclosure and save your home provided that you can make up the past due payments plus your attorney and trustee fees over the course of a five year period.
    Answer Applies to: Oregon
    Replied: 6/3/2011
    Law Offices of Michael J. Berger
    Law Offices of Michael J. Berger | Michael J. Berger
    Yes, you can file a Chapter 13 bankruptcy to catch up on your mortgage back payments over a five year period, assuming that you meet the debt limit requirements set forth in Section 109 of the bankruptcy code. There is no minimum amount of debt required.
    Answer Applies to: California
    Replied: 6/3/2011
    Law Office of Nanina Takla
    Law Office of Nanina Takla | Nanina Takla
    A Chapter 13 bankruptcy work for you. There isn't a minimum amount of debt that you need to have in order to file a Chapter 13. During the Chapter 13, which generally lasts between 3 and 5 years, you will have to be able to make your regular mortgage payments and pay an additional monthly payment to the Chapter 13 trustee to "cure" the arrears. You can get a rough estimate how much you will have to pay to the trustee each month if you take the total amount past due on your mortgage, add 10% for the trustee's commission and divide by 60. If you can't afford this payment plus your regular mortgage, then a Chapter 13 isn't going to help you save your house.
    Answer Applies to: Oregon
    Replied: 6/3/2011
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    Yes you can file to protect just a home. The minimum you need to pay first depends on what disposable income you have, based primarily on the means testing form and you must repay the entire past due amount within 60 months.
    Answer Applies to: California
    Replied: 6/3/2011
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    There is no minimum. Get yourself in a chapter 13 right away so you can start catching up sooner rather than later. Chapter 13 only gives you 60 months to get current.
    Answer Applies to: California
    Replied: 6/3/2011
    Law Office of L. Paul Zahn
    Law Office of L. Paul Zahn | Paul Zahn
    You can file for bankruptcy protection with only one debt, but if you cannot make the payments on the home, then a chapter 7 will only delay the foreclosure on your home. A chapter 13 may allow you to reduce your payments, but there are no guarantees.
    Answer Applies to: California
    Replied: 6/3/2011
    Bankruptcy Law Office of Robert Weed
    Bankruptcy Law Office of Robert Weed | Robert Weed
    You can use a Chapter 13 to catch up the house. Also, SOMETIMES, they will give you a loan mod in a Chapter 13 when they turned you down before. But even if I knew a lot about you, I wouldn't know what chance you had of that. (Taking nine months to deny your modification is frustrating, but its about average.)
    Answer Applies to: Virginia
    Replied: 6/3/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    A Chapter 13 might save your home. You need to get with a lawyer ASAP to see if the numbers work.
    Answer Applies to: Georgia
    Replied: 6/2/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    There is no minimum amount of debt required to file bankruptcy. If the main debt is arrearages on your home a chapter 13 could help you keep the house. A payment plan can be set for a period of 3-5 years. On the other hand, a chapter 7 would not help you retain the home.
    Answer Applies to: California
    Replied: 6/2/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    You must file Chapter13, cure the arrears on your house in the Ch 13 plan and save your home. The rest of your debt is irrelevant.
    Answer Applies to: California
    Replied: 6/2/2011
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    You can file a Chapter 13 case and pay the arrearage in the Chapter 13 plan over three to five years. That is probably the most common reason people file Chapter 13 cases. There is no minimum debt for any bankruptcy case but obviously no one should file a bankruptcy case if the person can afford the debt amount. What someone can afford varies because it depends on your income and personal/family obligations. You would need to file the Chapter 13 to bring the mortgage current. You would not be filing just to discharge your credit card debts although those will be discharged also when you complete the Chapter 13 plan and obtain the discharge in three to five years. To qualify for Chapter 13 you will need to prove you have sufficient income to pay the plan payments, the regular mortgage and the living expenses. You need to consult with an experience bankruptcy attorney since Chapter 13 is too complicated to try without expert assistance. Most of the attorney's fee can be paid in the plan.
    Answer Applies to: California
    Replied: 6/2/2011
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