Expert: Terry Leeders - 8/2/2007

Question
We filed bky almost a year ago (will be 1 year in Sept.). We cannot keep up with our mortgage payments and are behind. Our attorney says we cannot refinance our mortgage and pay off the bky - but I have heard otherwise. Are there new bky rules that say we can't?

Answer
You would need to get court approval to do so. First, you need to find a lender who can finance the deal for you. Then you need a payoff from the trustee.  With these, your attorney can draft a motion to refinance.  Now, it can vary jurisdiction to jurisdiction if you are paying only a % plan...but it is possible.