chapter 13 & stripping 2nd then converting to 7 in 2 yrs.

[momofthree]

Man you're fast LOL I was trying to find out from her past posts where she was... you're like Speedy Gonzales over there

hey - how'd the lien strip go? Been thinking about ya

Attorney told me that they don't file for the lien strip until 6 months into the plan, which is in a couple of weeks, and that we're "right on track."

[sheilaE]

Since she's in CA, she'd have to have major assets as the wildcard is nearly $22k. I'm guessing she'd easily be a no-asset case.

Confused again. What about the home we are keeping. Isn't it an asset? How do I figure out what portion of that effects our payment?

Thanks,
Sheila

[momofthree]

Confused again. What about the home we are keeping. Isn't it an asset? How do I figure out what portion of that effects our payment?

Thanks,
Sheila

It is only considered an asset if it has equity. Since you're stripping a lien, obviously you're underwater, and it is therefore not an asset that needs to be exempted.

[sheilaE]

Thank you momofthree. I've received great information as usual. I wish I'd been better prepared when we first met with our atty.
Sheila

[momofthree]

I should mention that I believe your home still needs to be listed on your schedules, but you don't have to use an exemption on it, and therefore doesn't affect your minimum payback amount.