ch-13-bk With the property market continuing to improve in Florida, we are. There are certain court rules and CFPB rules regarding modification that an. courts, including the Middle District Tampa Division that works pretty well.. catch up and another 10% for the trustee's fee for a monthly total of $1,983.
Recently, a bankruptcy judge in the United States Bankruptcy Court for the Eastern District of North Carolina issued a ruling that makes it more difficult for lenders to modify loans when a former guarantor has been discharged of the same obligation in bankruptcy but agrees, post-discharge, to again guaranty the obligation.
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There is presently no such law, and bankruptcy judges and courts do not have. A debtor may enter into a loan modification during a Chapter 13 or Chapter 7.
Here’s the good news: fort lauderdale bankruptcy court has implemented a new loan modification program on April 1, 2013 that offers realistic solutions for keeping your home. It’s available to those pursuing chapter 13 bankruptcy. In the Chapter 13 loan modification program, your bankruptcy attorney takes a complete look at your financial picture.
We’ve had a number of reader questions in our comments section recently asking about scenarios for loan approval that involve bankruptcy and related issues. Can a borrower get a new FHA loan following a bankruptcy? Under what conditions? FHA loan rules in HUD 4000.1 address this issue with separate entries for Chapter 7 and Chapter 13.
The modification changes the terms of the loan, but a new loan is not being created, and the debtor is not agreeing to once again take on personal liability for the loan. The only instance where personal liability on a modified loan survives a bankruptcy is if it was reaffirmed during the bankruptcy .
Chapter 13 may allow a debtor to set new terms for the payment of a car loan that is older than 2.5 years. Chapter 13 protects the debtor’s co-signer on a personal loan from having to pay. Chapter 13 may allow the debtor to better manage high student loan payments.
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Individuals filing for bankruptcy under Chapter 13 must use a new form that presents their payment plan in a more uniform and transparent manner, and creditors will have less time to submit a proof of claim, under new bankruptcy rules and form amendments that took effect Dec. 1.