Lawyer's view on BK7 vs. BK13 with non-support divorce debt
I posted in the BK13 forum with some BK13-related questions, but I thought I'd run these more general questions past all of you.
Background: I am divorced as of May 18, 2007. In the decree, I was assigned to take the house, 2nd mortgage, and unsecured loan thru BoA that the ex is a co-signer on. I plan on keeping the house so the mortgages aren't in question. There were no children involved so there is no child support and no alimony either. Everything else I have is in my name. The problem is the BoA loan.
I went to my first consultation yesterday and the lawyer gave me two scenarios:
BK7: I'm above median, but he said I might have a chance with a BK7. However, what could happen is that while my other debts would be discharged, the BOA loan might not be if my ex showed up and objected. He said in cases like this, they can propose a repayment amount to BOA and see where we go from there. However, I have no protection from the ex if she were to sue me.
BK13: He thinks that he can get me a reasonable payment plan (however, see my post in the BK13 forum) and it might be lower per month than what I'd be paying directly to BOA. Also if I filed BK13, not only would I be protected from BOA at the end of the 5yrs, but I'd also be protected from the ex if BOA comes after her when the co-debtor stay ends after the 5yr plan.
Has anyone ever been in a situation like this? What did you do? What was the result?
Background: I am divorced as of May 18, 2007. In the decree, I was assigned to take the house, 2nd mortgage, and unsecured loan thru BoA that the ex is a co-signer on. I plan on keeping the house so the mortgages aren't in question. There were no children involved so there is no child support and no alimony either. Everything else I have is in my name. The problem is the BoA loan.
I went to my first consultation yesterday and the lawyer gave me two scenarios:
BK7: I'm above median, but he said I might have a chance with a BK7. However, what could happen is that while my other debts would be discharged, the BOA loan might not be if my ex showed up and objected. He said in cases like this, they can propose a repayment amount to BOA and see where we go from there. However, I have no protection from the ex if she were to sue me.
BK13: He thinks that he can get me a reasonable payment plan (however, see my post in the BK13 forum) and it might be lower per month than what I'd be paying directly to BOA. Also if I filed BK13, not only would I be protected from BOA at the end of the 5yrs, but I'd also be protected from the ex if BOA comes after her when the co-debtor stay ends after the 5yr plan.
Has anyone ever been in a situation like this? What did you do? What was the result?
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