Will Conversion of 13 to 7 make sense

[NCgirl]

Hello all,

I live in North Carolina where I am currently in a Chapter 13 repayment plan where I was given 120 days by the trustee to have time to try to sell my last two rental properties in Atlanta (where I lived before I moved to NC). I have been paying the full mortgage payment on my personal residence but only a nominal amount on the two mortgages and my student loan for several months now. One of the mortgage companies has exercised there right to an automatic stay after the 120 days and has started foreclosure proceedings.

My original intention was to try to come out with some of the equity in the two properties in Atlanta but at this time I'm just burned out on the whole process and willing to give in so that I can move on with my life. My question relates to whether it would be a good idea to try to convert to a Chapter 7 before the foreclosure date. My thought is that in terms of future mortgage options that a discharged Chapter 7 will look a heck of a lot better than two foreclosures. Am I correct in assuming that is how it will all look on my credit report when all is said and done?

Thanks in advance for any and all feedback!

[sunshine08]

Your attorney should be able to answer that and give you the advise or you could call other attorneys that offer free consultations, better safe than sorry. We just knew we would have to file chapter 13 but our lawyer suggested we look at the chapter 7 avenue. Make sure you are aware of all your choices and go from there.

[NCgirl]

Thanks, but I'm trying to go Pro Se because I just can't afford to spend $1000 with an Attorney, that's why I'm looking for tips here.

[sunshine08]

Understand lack of money, been there, doing that. Our lawyer charged $750, court costs and to pull credit report. Was very helpful in helping us get information needed. Quick to answer calls or emails. Filed in Western NC. She was worth 5 times that amount. There were several there that filed pro se, when we went for 341 meeting, some returning or having had to refile because they didn't know what they were doing. Trustee was reasonably helpful to them. by no means trying to tell you what to do, but she was by far the best prepared attorney there and for some that was saying alot. she has a great website, if you read it, it answers so many questions and the links were great. Recently found out friends had filed 5 years ago, attorney fees were $1500 and costs, same results. Best of luck to you