I have been in a chapter 13 for 35 months and am considering converting to a chapter 7. My vehicle loan, first mortgage, and 2nd mortgage will all be reafirrmed. My question is, my parents cosigned on my house and so far with my chapter 13 bankruptcy their credit has not been effected at all. I read in another reply that someone who got a vehicle repossed and had their parents as a cosigner, that after discharge it was going to show up on their parents credit report. Will tis happen to me if I continue to stay current and make all payments on time? I was never told anything about this and it has been 3 years of making payments with no problems.
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Why do you think you can convert to a 7, what circumstances have changed such that you cannot continue with your Chapter 13 Plan? Plus, how long was you plan for, most plans are only for 36 months, I am guesing yoru plan is longer?
But to answer your question, merely converting to a chapter 7 and if you stay current on your payments, there shouldn't be any affect on your parents credit. -
The circumstances that have changed are that we have had a child and now have many more expenses, including child care and our medical insurance has changed causing a lot of increases in medical expenses. Our plan was for 36 months but a motion to suspend payments and add them to the end have moved it to a 48 month plan. We originally filed in April 2002 and are scheduled to be done in June 2006. We can not afford to continue paying the large amount into the plan, our new attorney said he had never heard of such a large payment, $464.70 bi-weekly.Comment
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You have two option, you can request an early discharge of your 13 or you can convert to a 7. Sounds like you should convert.Comment
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Thank you for the advice. I have an appt. with new attorney on the 17th.Comment
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