October 23rd, 2008 by Reed Allmand 
After filing for Chapter 13 bankruptcy remaining current with your mortgage payment is a requirement of your Chapter 13 confirmation order. But as we all know, so much can happen over the 3 – 5 years of Chapter 13 bankruptcy. What if your income decreases drastically? What if you lose your job or become critically ill? And the big question, what if you fall behind on your mortgage payments?
If you fall behind on your mortgage payment during Chapter 13 bankruptcy, you mortgage company may send your attorney a written notice stating that you have missed your payments, or the mortgage company may ask the court to lift the automatic stay so they can aggressively pursue you for the money. If during Chapter 13 bankruptcy, you discover that your financial situation has changed and that you will miss a mortgage payment, notify your attorney immediately. Your bankruptcy attorney may be able to get you 60 – 90 days to catch up with your payments. What this means is that you must continue to pay the current mortgage payments, plus payments towards any back mortgage payments you missed. If your financial situation has changed permanently you can discuss converting your bankruptcy from Chapter 13 to a Chapter 7.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
View all posts by Reed AllmandSubscribe
Subscribe to our e-mail newsletter to receive updates.
