help please

[sinkingship]

[thewife]

I guess it all depends on how much you both make if you can qualify for chapter 7. I decided on chapter 7 because it will wipe away all my deb and I can start fresh. I decided to file alone and I was also living paycheck to paycheck with barely enough for food. My creditors were also charging me the same amount of high interest and I had no hope of EVER paying it back. When I went to the lawyer for my first consultation, I was already on 4 different kinds of medicine. Depression, anxiety, rapid heartbeat, and high blood pressure, which was never a problem before, but at the time I was so severely depressed and my anxiety levels were through the roof. I felt hopeless.

The moment I filed I knew that my creditors would have to stop calling my work, my in-laws house, and stop calling my home phone which made me relax. I am now only on my high blood pressure medicine, and have the weight of the world off my shoulders. My house is QUIET, no phone calls, which I LOVE!

Good luck to you!

[keepmine]

A Chapter 13 will pay secured creditors first and then, all disposable income goes to unsecured creditors.
You say debt is a 50/50 split. Can you elaborate on that? Do you have any equity in your home?

[sinkingship]

A Chapter 13 will pay secured creditors first and then, all disposable income goes to unsecured creditors.
You say debt is a 50/50 split. Can you elaborate on that? Do you have any equity in your home?

well 50/50 I meant that about 25k of the debt is in my name and the other is in my wifes name. also considering the option of only me filing.
Together we make a combined of approx. 75-78k per year we don't have much equity in our home. if we both file Chapter 7 can we still retain our home?

[keepmine]

As long as you're current on the mortgage, you may keep your home in a Chapter 7 as long as the equity is below what your state exempts.

[sinkingship]

As long as you're current on the mortgage, you may keep your home in a Chapter 7 as long as the equity is below what your state exempts.

Well that kind of throws a wrench into things, we were 1 payment behind so we spoke with them and they put us on a payment program witch broke our payments apart to avoid late fees and we still have a couple more months left. the cloud looks even darker

[BassBoy]

I think 1 payment behind and having an agreement to repay it, you may be okay here. Have you spoken with any attorneys yet?

[keepmine]

I think 1 payment behind and having an agreement to repay it, you may be okay here. Have you spoken with any attorneys yet?

Plus, if you are still makimng payments on those cc's, {or anything else you'll discharge in bk} stop. Use that money to catch up the mortgage.