Take my house in Chapt 13?

[tofu4you2]

It I file Chapter 13 with $95k in cc's, will they automatically take my house because it has enough equity to pay that off? I have been current on my mortage. It's only the cc's that have fallen 6 months behind. Is there also a means test for Chapt. 13? I have two cars that are upside down, $5k on one and $6k on the other. Will they take those? Please advice. Thanks.

[chpxiii]

I don't know how far along you are in the process, whether you're considering, looking into filing bankruptcy, or started the process.

In a chapter 13, you can, generally, keep your house and vehicle. I filed old law and kept a vehicle. We did a cram down on the vehicle and I paid it off within the plan. I already have my title.

I've heard of others in Chapter 13 who pay mortgage through the plan. So yes, it is possible to keep your car and house while in Chapter 13 bankruptcy. Infact, many times it's what helps to save your car and house.

[lrprn]

It I file Chapter 13 with $95k in cc's, will they automatically take my house because it has enough equity to pay that off?

Whether the equity can pay off you debt has nothing to do with whether your house might be taken. What does matter is what your state allows for its bk homestead exemption. What state will you file in?

Is there also a means test for Chapt. 13?

Yes, bankruptcy Means Test forms B22C are specifically for Ch 13 - http://www.uscourts.gov/rules/BK_For...22C_0108v2.pdf . This link is to the latest version that just went into effect on Jan 1, 2008. You also have to complete Schedules A-J as well.

I have two cars that are upside down, $5k on one and $6k on the other. Will they take those?

It is very unlikely that your trustee will be interested in cars that are upside down. However, as far as your Ch 13 goes, if you purchased one or both cars more than 910 days ago, then under the current bk law you can "cram down" the value to their actual market value - that's a good thing because you pay back less during your plan. Cars purchased less than 910 days ago require full payoff of whatever you owe.

Again, how much your state allows for auto exemption can make a difference here.

[holding on]

It I file Chapter 13 with $95k in cc's, will they automatically take my house because it has enough equity to pay that off? Thanks.

No, 13 is all about saving your property. As was mentioned before the equity has nothing to do with it.