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Need Help Chapter 13 or 7

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    Need Help Chapter 13 or 7

    I have about $68,000 in unsecured credit card debt and a personal loan about $20,000. How did I get here. Living above my means plus some of it was balance transfers where I could transfer the entire amount so then I had 2 cards to pay instead of one and so on and so on. I am married but the credit cards and loan are solely in my name. We own our house, Value $230,000. I existed for a year juggling all the payments but now I just cant afford to pay anymore. Would Chapter 7 or Chapter 13 be an option for me?

    #2
    Welcome to BKforum! Not the place you wanted to find yourself, but you're in good company.

    I encourage you to get as much information on bankruptcy as possible. Based on your question and the information you provided to help answer your question, I can tell you are at the very beginning of your learning process. So, read the stickies on this site and read other sites that describe the basics of how BK works. We can definitely help with the basics, but it will be more efficient for you to read one of the many overview's out there and then come back and ask your specific questions. The US Bankruptcy Court website has an extensive overview of the process: http://www.uscourts.gov/services-forms/bankruptcy. I would start by clicking the first to links under "About Bankruptcy" to Chap 7 and Chap 13. Or try the Nolo site which may be a little easier to read: http://www.nolo.com/legal-encycloped...kruptcy-basics

    After you have an overview, come back and ask some specific questions.

    A Chap 7 is always preferable if you qualify and don't have a reason to prefer a Chap 13. To help answer your initial question, we would need the following information:

    In what state do you live?
    How many people are in your household?
    What is your and your spouse's gross annual income based on your last 6 months income? Is there any reason to believe it will be significantly different in the next few years?
    Do any of the other members of your household contribute to household expenses?
    How much do you owe on your house? If you have more than one mortgage or line of credit, what is the balance of each? How certain are you of the value?
    Do you own cars? If so, how much are they worth and how much do you owe on them?
    Do you have any other significant assets?
    LadyInTheRed 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!

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