New York Order Voiding JR Mortgage Under Chapter 13 Plan is a bankruptcy filing in New York State that allows a debtor to void a junior mortgage (a mortgage that is subordinate to a prior mortgage) from the debtor's property when the debt is included in the debtor's Chapter 13 repayment plan. This type of bankruptcy filing is useful for individuals who have a significant amount of debt that they can no longer afford to pay, and who would otherwise be at risk of foreclosure. There are two types of New York Order Voiding JR Mortgage Under Chapter 13 Plan: Mortgage Modification and Redemption. Mortgage Modification allows the debtor to modify the terms of the junior mortgage, such as reducing the interest rate or extending the repayment period, in order to make the loan more affordable. Redemption involves the debtor paying off the junior mortgage in full, either through their own funds or through the proceeds of a sale of the property.
New York Order Voiding JR Mortgage Under Chapter 13 Plan
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FAQ
About 45 days after you've received your discharge, you will receive a document called a Final Decree. It's the document that officially closes your case. Once this document is received, you are no longer in bankruptcy.
The discharge releases the debtor from all debts provided for by the plan or disallowed (under section 502), with limited exceptions. Creditors provided for in full or in part under the chapter 13 plan may no longer initiate or continue any legal or other action against the debtor to collect the discharged obligations.
Since a chapter 12 or chapter 13 plan may provide for payments to be made over three to five years, the discharge typically occurs about four years after the date of filing.
Occasionally, a Chapter 13 debtor wishes to or is asked to reaffirm a debt which has been discharged following the successful completion of a case. You do not have to reaffirm any discharged debts.
Once you have paid off all of your chapter 13 bankruptcy debts, you will go to the bankruptcy court for one last hearing ? your discharge hearing. You have the option of directing your attorney to attend the hearing in your place. The bankruptcy judge will review all of your case details.
In Chapter 13, you are not permitted to borrow or use any other form of credit unless you have written permission from the Bankruptcy Judge or the Chapter 13 Trustee. The only exception for borrowing without prior approval is in the case of an emergency for the protection and preservation of life, health or property.
If you pay your Chapter 13 plan off early, you alter the agreed upon terms of your bankruptcy case. Now, you'll be responsible for paying your creditors all of your original outstanding debt, including the amount that would've been discharged.