Include Brand New Debt While in Chapter 13
Our company is presently in Chapter 13 but in the final five years we incurred more financial obligation.
We are in Chapter 13 until March 09. We possess a house additionally the re payment is in to the payment to the court. Through the final five years nonetheless, we have accumulated over $22,000 in debt from different store and credit cards. We are in a catch-22. Result in the card re payments and we also fall behind on resources and also the payment to your court. Result in the court and resources re payments and we cant result in the card re re re payments. We now have about $30,000 in equity within our household, but we cant touch that due to the Chapter 13, can we?
- Usually do not accept brand brand new while that is new a Chapter 13 plan.
- Check with your trustee before changing your financial predicament.
Consult your bankruptcy lawyer as quickly as possible to advise him with this situation and figure out exactly just just what actions you can take to solve the problems you may be dealing with. You created a problem that is serious may possibly not be simple to fix; whilst in a Chapter 13 bankruptcy plan, you may be forbidden from incurring brand brand new financial obligation without receiving previous approval through the bankruptcy court or trustee. The bankruptcy judge would be well within his rights to dismiss your case if you did not obtain court authorization before obtaining and using these credit cards. In the event that judge dismisses your instance, you simply will not get the release you’ve been working toward for the last very nearly 5 years, and all of that work and cash could have already been invested mostly for naught.