worried about filing 7, 13 better for home?

[digginout]

Ohio
family of 5
under $40,000 a year
filing joint

I dont want to lose our house. its nothing great but we have 3 kiddos! We have lived here for 15 years.

house is $58,000 we owe $25,000. Would it be better to go with a 13 to ensure we can keep it? With our income will the payment be low?

also, does it matter if its not in BOTH names. I know the loan is in my husbands name only but not sure about the house. how can I find out?

[digginout]

any ideas?

[keepmine]

Unsecured creditors in a Chapter 13 can't get less than they'd have received in a 13 so, your income won't make any difference.
Ohio has a $20,200 homestead exemption. I don't know if that's doubled for married couples. If it is, you have no issues. I assume from your question you're both filing?
When you receive a property tax notice-how is it addressed your husband only or are both of your names on the notice. That should tell you if you're on the deed.

How sure are you the home is worth $58K?
Most bk lawyers give free or lowcost initial consultations. Speak with 2 or 3 and see what they say.

[digginout]

Unsecured creditors in a Chapter 13 can't get less than they'd have received in a 13 so, your income won't make any difference.

Im confused?
if we file a 7, we dont have to pay the unsecured, but will have to in a 13. Correct?
I was wondering with our income being low, if it would be a lot(monthly payment)
or does the % pd back go by DEBT owed, not income?

just checked, the tax bill is in both names.
I cant find a definite on doubling the homestead exemption. Just says you MIGHT be able to.
anyone find an answer? Thanks

[BobMango]

I'd be surprised if you could fund a Ch 13, given your income and family size. That said, with the Ohio homestead exemption at only $5K, even doubling would make it difficult to keep the house under a Ch 7. There are others here that have filed in Ohio that can answer your questions regarding doubling.

Best advice is to do as keepmine advised and schedule a couple of free consults with some bankruptcy attorneys.