Re: Chapter 13

[lookinupn09]

Income, from UI 430 week. House value, $350,000. 1st and 2nd mtgs=440,000. CC debt $43000. Upside down on Auto Owe 12,000, worth 6,000. Just got of the phone with an atty who said, we'll go for a 13 to save the house. I have read the nolo book on Chap 7 and can't figure out how he will be able to have a 13 work for me with these #s. Going BK solo, wife wks, $30K Yr , not paying towards house, name not on Mtge however is on the deed. Any thoughts how a 13 would work?

[lrprn]

Income, from UI 430 week. House value, $350,000. 1st and 2nd mtgs=440,000. CC debt $43000. Upside down on Auto Owe 12,000, worth 6,000. Just got of the phone with an atty who said, we'll go for a 13 to save the house. I have read the nolo book on Chap 7 and can't figure out how he will be able to have a 13 work for me with these #s. Going BK solo, wife wks, $30K Yr , not paying towards house, name not on Mtge however is on the deed. Any thoughts how a 13 would work?

First, a request....in the future, please, not so many abbreviations and fractured sentences....my brain hurts! lol! Seriously, full words and complete sentences will get you more responses to your questions, I promise!

Now let's see....a few questions for you first....

1. Does UI stand for "unemployment income"? "University of Illinois"? Something else?

2. You said your house was worth $350K and you owe $440K. How much do you owe on each mortgage loan?

3. Do you want to keep the house when you file or are you willing to give the house up?

4. Are you behind on your mortgage payments right now?

5. Which state do you live in? (I'm asking to see if you are in a community property state.)

6. Besides the house and one upside down car, do you have any other secured assets or property?

[lookinupn09]

Sorry for the misques

OK here we go:

1: Unemployment Ins.

2: $347K on 1st, 85K on 2nd

3: It would be nice to keep it, but how?

4: Behind $25K

5: NY

6: No

I really appreciate your help. My plan after getting advice here, from the NOLO book and outside sources, was to go Chap 7 pro se. But after the conversation with the atty, I needed to ask the questions here. And, again, Thanks Irprn

[sassiebaz]

I am not a pro at this by any means, but being on UI and being in debt up to your eye balls...I'd walk away from it all and file a ch7. JMHO

[lookinupn09]

Yes, sassiebaz, that is exactly what I am going to do. Especially after meeting with 2 attorneys and the pro se clerk at my district. Going to get the paperwork ready to hopefully file Oct 15th.