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Chapter 13 early payoff question - two parts
Posted: Thu Jun 02, 2016 4:36 pm
by Yahoo Bot
I had a real problem with Dockery selling a house without raising the plan amount.
Never tried it with Curry.
The problem with a refi is you may not be able to do it at 24%. The idea is that they could win the lottery or double their income in the remaining term of the plan keeps them from paying it off at the same %. I think the same problem would arise in a sale.
Btw, I just got my first ever request to increase plan payments from any Chapter 13 Trustee - it happened to be Curry, based upon a review of the tax returns showing the Debtor made more money. Thankfully it was the last year. I knew it was possible, but have never seen it.
Steve Lever
The post was migrated from Yahoo.
Chapter 13 early payoff question - two parts
Posted: Thu Jun 02, 2016 4:17 pm
by Yahoo Bot
I just got approached by a couple with a confirmed Chapter 13 in Los Angeles
County in 2014 with unsecureds being paid about 24% over the life of the
plan.
Husband may be transferred to Virginia, which makes sense for them because
it is more money and they to be closer to the families. And the house now
has a lot of equity, thanks to a recovering real estate market.
If they sell the house, will they have to payoff the Chapter 13 at the 24%
as provided in the plan, or at 100% of the unsecureds amount (yes, there is
sufficient equity to pay all the unsecureds).
Also, does the answer change if they refinance. Can they refinance and
payoff the Chapter 13 at 24% and be done with it? Apparently life is not
all golden for these guys in a Chapter 13.
Judge is WB
Trustee is Nancy Curry
Thank you for your assistance, oh wise ones.
Desiree Causey, Esq.
Law Office of Desiree Causey
7755 Center Avenue, Suite 1100
Huntington Beach, CA 92647
714-372-2225 (phone)
714-908-7646 (same fax number)
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The post was migrated from Yahoo.