Me and my husband are currently in ch 13. We are both young and have two girls. 3 months and 4 years. I was out of work for almost 2 months with are last child and now our house payments are behind and we are paying extra every month until its caught up. I also have double the daycare expense and food diapers formula. It is getting to the point that we have no money. Our mortgage went up (adj rate) and if we get a fixed its too much. Our credit is already messed up. In a few years we want to sell our home and get a bigger one. If we file chp 7 will they take our home and our car. We only have one car. I have heard its better to file chp 7 and get financing later than with Chp 13. Any advice??::
-
-
You did not say how long you had been in the Chapter 13 and how long you had been making payments.
In order to file Chapter 7 and keep your home you need to have all payments current, and right now you state your behind.
Have your discussed with the attorney about adjusting your payments to accommodate the rate of your house payment increasing? Also notify him that you now have double the daycare expense, etc.......
All these are adjustable under the Chapter 13 plan.....
Try this first and try getting your house payments current before you even think about a Chapter 7 if you plan on keeping your home.....
Keep us posted.
Minny
"It's amazing the paths that our feet sometimes follow in life".
My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different. -
Minnys advice is good, and keep in mind that a chapter 7 does NOT make your credit look better as compared to a chapter 13. A bk is a bk, but a lot
of potential creditors are more favorable to those who have filed a 13 than a 7, it just depends. No guarantee of either really.
But definitely make sure that you try to get your plan modified so you can catch up! That will help you a lot.Comment
Comment