Chapter 13 to Chapter 7 now what [Archive]

ggaston

07-19-2004, 01:35 PM

HRx

07-21-2004, 07:38 AM

My wife and I filed chpt 13 within 4 months my wife lost her job, now we are filing for chapt 7, and now I am having 2nd thoughts about that. 2 things how can i back out if i have already had my first chpt 7 meeting, if possible, also legally, other than ruining your credit what can the credit card companies do if you really have no other secured assets other than your house.

Depending on the amount of the debt, they can seek action to force you to sell your home so that your equity can be used to satisfy your debts. Just exempt out your house and equity and move forward with the CHP 7. It's be easier to re-establish credit while owning a home.

People typically lose thier homes under BK because they waited until the last minute and were defaulting on thier mortgage payments. Foreclosures aren't cost-effective to lenders. So if your current on your house, don't worry about it you'll be fine! BK's are intented to strip you of all your assets.

Good Luck!



	Bankruptcy Forum > Before the Discharge > General Bankruptcy Talk > Chapter 13 to Chapter 7 now what PDA Chapter 13 to Chapter 7 now what ggaston 07-19-2004, 01:35 PM My wife and I filed chpt 13 within 4 months my wife lost her job, now we are filing for chapt 7, and now I am having 2nd thoughts about that. 2 things how can i back out if i have already had my first chpt 7 meeting, if possible, also legally, other than ruining your credit what can the credit card companies do if you really have no other secured assets other than your house. HRx 07-21-2004, 07:38 AM My wife and I filed chpt 13 within 4 months my wife lost her job, now we are filing for chapt 7, and now I am having 2nd thoughts about that. 2 things how can i back out if i have already had my first chpt 7 meeting, if possible, also legally, other than ruining your credit what can the credit card companies do if you really have no other secured assets other than your house. Depending on the amount of the debt, they can seek action to force you to sell your home so that your equity can be used to satisfy your debts. Just exempt out your house and equity and move forward with the CHP 7. It's be easier to re-establish credit while owning a home. People typically lose thier homes under BK because they waited until the last minute and were defaulting on thier mortgage payments. Foreclosures aren't cost-effective to lenders. So if your current on your house, don't worry about it you'll be fine! BK's are intented to strip you of all your assets. Good Luck!