Ch 13 or Ch 7? Help!
I live in Louisiana and have no wages, just a monthly income from VA Survivor's Benefits. Am I eligible to file Ch 13 since I don't have income from any wages? 
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You may depending on income vs. expenses. Is there a reason you'd prefer filing ch.13 rather than ch.7?Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
0% payback to unsecured creditors, 56 payments down, 4 to go.... -
I'd like to keep my house and land that I live on. Doesn't Ch. 7 liquidate them?Comment
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Not necessarily. It depends on whether you can exempt the equity using the homestead exemption for your state. What is the house and land worth? Are there any loans secured by the property? If so, how much do you owe?Originally posted by csmr52 View PostLadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!Comment
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It also depends on if you are current or not on the mortgage. If you are behind, then you can use a ch. 13 to pay the arrears over time. If you are behind on your mortgage when filing a ch. 7, that is a problem...
To file a ch. 13 you need to have income - from some source or combination of sources - that is enough to make a plan payment in addition to your living expenses.Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
(In the 'planning' stage, to file ch. 13 if/when we have to.)Comment
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could the 'income' be from your personal retirement plan?Comment
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My debts are all unsecured. I have no mortgage. I do have a judgement against my property by one of the creditors. I think the Homestead Exemption amount is $25,000 in LA. If it weren't for the one tricky dick creditor, I wouldn't be considering bankruptcy at all. This property has been in my husband's family since the 1920's and I want to pass it on to the kids and grandkids, not the creditor who refuses to work with me reasonably.Comment
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