If we are 2 years into a Chapter 13 but now we have both divorced and remarried and the house is underwater, how do we get out of it?

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If we are 2 years into a Chapter 13 but now we have both divorced and remarried and the house is underwater, how do we get out of it?

Will the difference be added to the payment plan? Will the plan have to be revamped due to extra money from no mortgage payment?

Asked on January 9, 2013 under Bankruptcy Law, Utah

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Based upon what you have written about I suggest that you consult with your bankruptcy attorney as to what reasons why you should keep making payments on your home where a deed in lieu of foreclosure, short sale or a foreclosure may be the best option for you financially as to it.

Most likely under the above options if the home is lost in foreclosure you will not have any future obligations with respect to it.


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