assets and ch13

[De Los Muertos]

I understand that in a ch13 the creditors have to get as much as they would get in a ch7. Lets say you have an asset that has sufficient equity to pay off all your creditors and then some. But you absolutely do not want to liquidate this asset. Does this mean that in order to file ch13 you would have to make payments that would eventallly end up paying back all you owe? If your income was not enough to cover this kind of payment then ch13 is out of your reach? I think that is about where I stand.

[wayne-o]

you have pretty much hit it on the head....

[lrprn]

Lets say you have an asset that has sufficient equity to pay off all your creditors and then some. But you absolutely do not want to liquidate this asset. Does this mean that in order to file ch13 you would have to make payments that would eventallly end up paying back all you owe?

Welcome to BK Forum, DLM - glad you found us. Is this asset your home or another asset? What state are you in?