Downsizing?

[Keithh1632]

Are you allowed to downsize in a chapter 13 once the kids move out. Renting an apartment would cost a lot less than paying a first and second mortgage. Sell house and pay off mortgage if allowed. Anyone know what the process would be? Thanks.
3 yrs left in plan.

[KAM465]

From what I understand is the answer is yes, but you may end up putting any savings towards your Chapter 13 payment so not sure you will get the savings you are hoping for.

[momofthree]

I'm thinking you'd best let sleeping dogs lie. They would not only make you pay the extra into the ch.13 plan, but they may also re-evaluate your expenses based on 2 less people in the home, raising your payment even more. You may end up struggling to make ends meet even more if you attempt this. Of course, I don't know all the details of the case though. If you are in a 100% payback, then this plan would work out great.

[Pandora]

+1 on Momofthree's post