I am currently under the Chapter 13 Bankruptcy in NC...I pay my trustee monthly and maintain my mtg payments...If I sell my home currently owing 70K and wish to purchase another home what happens to the bankruptcy both with profit and also without a profit?
I am obligated for 3 yrs to the chapter 13 having filed in Feb of this year.
chapter 13 bankruptcy
1 Comments:
Generally speaking, the purpose of a Chapter 13 Bankruptcy is to allow you to keep your assets. In most cases you are free to sell your assets, provided you pay the secured creditor (the mortgage holder) in full. You would keep the profits. If there is a loss, you would be required to pay the shortfall, or have your plan amended.
There are many different alternatives, so we suggest you discuss this in more detail with your bankruptcy attorney.
By Bankruptcy Expert, at 8:10 AM
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