Copyright © Robert L. O'Brien, Attorney at Law. All rights reserved.
Please note that I am a debt relief agency. I help people file for bankruptcy relief under the U.S. Bankruptcy Code.
All information on this website is for advertising and general information purposes only. Nothing on this website should be construed as legal advice or an agreement to provide legal services. This law firm will not be deemed to have engaged in an attorney-client relationship without a written agreement between this lawyer and any potential client.
GOALS OF CHAPTER 13:
Save the home from foreclosure.
Save the car from repossession.
Stop the court wage assignments for judgments.
Strip wholly unsecured 2nd & 3rd mortgages.
Thank you for reaching out. I know how difficult it can be to take such a step. But now is the time to look out for your own best interests. For those who are behind on mortgage payments, the mortgage modification approval process is completely at the whim of the mortgage companies, unfortunately. Typically, each mortgage will be considered for modification only once. However, we have had good success getting modifications after filing for chapter 13 bankruptcy protection. The likely reason is that upon filing a chapter 13 bankruptcy petition, no creditor, including the mortgage holder can take any action against you without court permission. This usually creates an incentive for them to do the right thing and modify the mortgage. If not, you will have the benefit of continuous protection under the chapter 13 bankruptcy plan.
The key to a successful chapter 13 plan is having enough disposable income to cover (1) the current payments on the house, car(s) and other loans secured by collateral that you want to keep; (2) the Plan Payment, and (3) your living expenses each month. The Plan Payment is an amount between 1/36 & 1/60 of (a) the total arrearages on the house, car(s) and other assets that you want to keep that are subject to liens, plus (b) any back taxes, plus (c) Trustee and attorney fees, plus (d) depending on your income, a dividend to the unsecured creditors. Conversion to chapter 7 in the event that we are unable to propose a feasible plan is contemplated and included in this arrangement, if needed.
I can provide a detailed analysis of your situation as soon as we can talk about it. I believe I can answer most of your questions over the phone, but if you are more comfortable talking in person, we can meet at your home or office, or at one of my several conference rooms across New Hampshire.
Before we can file your petition the following steps must be completed: First, we will need to sign the retainer agreement after we agree on terms that will work for both of us. Second, the electronic checklist must be completed. Third, the Consumer Credit Counseling course must be successfully completed. If you prefer, we can meet to manually complete the checklist. In that event, please gather all of your bills, and statements and bring them to our meeting.
Should you decide to proceed, please fax or email to me a copy of your most recently filed tax returns, pay stubs (profit/loss records) for the past six full months and the current month to date, proof of insurance on the house, bank statements for the past 90 days, and evidence of the fair market value of the house. Please also include any court notices and collection notices, including foreclosure so that I can make sure that all actions against you will be stopped.
Once I receive the completed “BR Quicksheet Intake” form, there will be two emails in addition to this one. One of them is a link to the Consumer Credit Counseling course. The completion of this course is a prerequisite to filing a bankruptcy petition. It takes about 1 hour and can be done online or over the phone. The other is a link to the electronic checklist. Please complete each section in the electronic checklist thoroughly so that all of the concerns of the Trustee will be addressed. Please let me know if you have any questions, and how and when you want to proceed.