Amendment?

[polarisryan]

Hello,

So we recently filed CH 7 and just had our 341 last week. Our trustee recommend filing an amendment to include our earned income credit as an exemption, so we plan to do that soon.

When we filed, we voted to "assume" our lease on our house, because we didn't expect to be leaving anytime soon. However, I just lost my job and we will be unable to maintain the monthly payments. When I amend our petition for the above, can I amend this schedule as well? Unfortunately we live in a resort town with VERY little employment, so we will have to move out of area just for me to *hopefully* find work. Otherwise we could just try to skate by until I find work...

Any thoughts?

Thank you!

[DebtEnder]

If you have not yet signed any paperwork to reaffirm your mortgage you can just sit back and relax. Your statement of intentions is not an ironclad agreement to do what you said.

In your case if you can look for work but stay in the house, IE your not going THAT far to find work, then live there rent free as long as you can. Might as well reduce expenses as much as possible during your unemployment.

You could amend if you want, but why tip off your lender if you don't have too?

[LimpDisc]

"When we filed, we voted to "assume" our lease on our house"

Do you rent or own your home? I think the previous poster answered your question based on you owning the home. I read it as you being a renter when you state "lease" our house.

[polarisryan]

If you have not yet signed any paperwork to reaffirm your mortgage you can just sit back and relax. Your statement of intentions is not an ironclad agreement to do what you said.

In your case if you can look for work but stay in the house, IE your not going THAT far to find work, then live there rent free as long as you can. Might as well reduce expenses as much as possible during your unemployment.

You could amend if you want, but why tip off your lender if you don't have too?

Unfortunately (or fortunately depending on where this goes) we currently rent our home. Our landlords are super nice and I'm sure they'd be accomodating, and let us out of the lease easily. However, I don't want to take any chances with our fresh start by being held liable for the remainder of our lease term.

[DebtEnder]

Well you are out of the lease as is. If you didn't include them in your filing then it in this case it adds a little wedge but nothing that is not easily overcome.

In your case I since your going to amend anyways I think you can spend the 29 bucks and do both the EIC and the rejection of the lease. You could then try talking to the LL and maybe work out a cheaper rental option or see how long you can squat in the place. You can probably stay at least till your BK is discharged plus a week or two as the LL would have to get a an approved motion of relief of stay(which they would get easily) to start eviction process before discharge.