Would I qualify for chapter 13

[snook]

After getting great advice from members of this forum, I was wondering if I would qualify for a chapter 13....The big picture is I have not paid the mortgage for 3 months....If I go into foreclosure there would probably be a difference of about 60-70,000 dollars....All of my other bills are current, including my primary residence...we have never been late and have excellent credit....My wife is not attached to this mortgage with Countrywide in any way....I guess my credit will be wrecked from today on, but that can be repaired over time....our combined income pre tax is around 150,000....I would only file chapter 13 to avoid a possible defeincy judgement from the bank...all of my assests are tied up in our IRA's and our home....can I just file a chapter 13 and work out a 5 year option for just this defeincy with the bank and not include any of my other debts(continue to pay off my cars, credit cards etc....)...while its pretty tight in our house right now, I would be a ble to afford a reduced payment to the bank that would work over a 5 year plan...thanks for the advice

[parsoc48]

No, you can't pick and choose which debts, everything you owe has to be included. Talk to a few attorneys, that will be the first step for you. Can you work out something with the lender rather than go the BK route?

[snook]

I am going to see if and how much the bank will remodify the loan....I am hearing that they might offer some pretty good deals....I will have to see