Can I maintain a 15 year mortgage going into Chapter 13?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Can I maintain a 15 year mortgage going into Chapter 13?

If I have a 15 year mortgage, will this prevent me from filling Chapter 13 or can the court/trustee force me to refinace to a 30 year to increase my disposable income?

Asked on June 28, 2012 under Bankruptcy Law, Illinois

Answers:

Barbara Whipple

Answered 11 years ago | Contributor

In New York State (NDNY) the Court and/or the Trustee will not make you refinance to 30 years in the ordinary course and as long as this is a mortgage that you have been paying for sdme time - don 't want to see having a 30 year mortgage and then refinancing to 10 years just to reduce disposable income.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption