delay filing and risk foreclosure?

[notagain]

I've never posted, but lurked over the last month or two. This is definitely the most common-sense message board I've ever seen regarding BK. You people know your stuff!

Anyway, I have a question regarding Chapter 13. I am supposed to meet with an atty Monday (12/31) to discuss filing 13 on back taxes and mortgage arrearages. As of Jan 1, I guess my mortgage will be 4 months past due (Oct/Nov/Dec/Jan). GMAC Mortgage I'm sure will begin foreclosure proceedings.

The question is, how long do I have to file once the foreclosure notice is sent? Should it be right away? I just don't think I would be able to pay atty, Feb mortgage (I want to keep house), and first ch 13 payment in 30 days. If I file right away, can I add Feb mortgage pmt into plan?

[lrprn]

Welcome to BK Forum, notagain.

Do you know if you qualify for Ch 13? We can help you sort that out if you can share a little more about your situation.
-What state are you in?
-Are you married and if you are is your spouse filing with you?
-Looking back six months, counting all sources of income how much was your gross income? If you are filing with a spouse, how much gross income for the last six months does he/she have?
-Do you have children or other adults living with you?

You say you want to keep your house, but you are currently four months in arrears and also owe back taxes. Did something happen (job loss, divorce, illness, etc) that caused you to fall so far behind on paying both?

Keep asking questions - we'll help you as much as we can. Again, welcome!

[notagain]

Thanks! I'm fairly certain I would qualify for for Ch13, judging by the cases I've read. I know a little about BK, due to filing Ch7 (discharged 11/03). Apparently, I didn't learn my lesson!!

I'm in Texas, would be filing with my spouse, and we have a 15 year-old son. We've been a month or two behind on our mortgage for about two years. My DH changed jobs, lost medical ins, and I had to have surgery, etc... We've always been able to keep foreclosure at bay, but we've already used our repayment arrangement with mortgage company. During this time, we also got behind due to big wage garnishments from taxes from 2001, 2002. Sooo, I knew I was 1-2 months behind December 1, when I decided to file. To be honest, I can make at least one pmt, but I'd like to lump this in BK with over $ 10,000 in back income taxes.

Also, we took in DH's sister and teen son last year -bad idea. It costs a lot to add to people to the household. They are out on their own now, thank goodness.

We do have disposable income, due to recent repossession of both cars. We are now driving beaters - mine will collapse any day now - but, they're both paid for! We will have the deficiency balances on the BK.

Our income is one of the reasons I'd like to delay filing. My DH received a bonus mid-October of about $ 3,000, which will bump our income up by $ 6,000, right? This was the first and only time he will receive this, as the company is reorganizing. Should have used it on the house/taxes, I know. We bought one of the beater cars instead, and caught up on everything else. But, I suppose I can't wait until mid-April to file, as we'll have been foreclosed by then.

I want to file because we are absolutely terrible with money, and I feel like this will force us to stick to a budget. We have terrible credit - it really could not get worse. But, we don't have new car syndrome anymore and we've paid cash for everything recently.

Better to take the lump of the additional income or stave off foreclosure by paying bare minimum payments?