I just read on another thread that some start out with a 7 and roll over to a 13. Has anyone (reading this) had any experience or know some reasons this would happen??? How it works??
Thanks,
Toomuch
Thanks,
Toomuch
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~~~ Toomuch ~~~
Filed Chapter 7 - 10/15/08
341 Meeting - 11/13/08 -
I've read of 7-to-13 and also 13-to-seven. In the 7-13, there are some debts which can't be erased in a 7, so you erase the ones you can and roll the others into a ch 13 payment plan. Typically, taxes and other secured loans. It can be a complex arrangement - NOT to be undertaken without a very, very good tax attorney who knows tax law AND bk. Anyone else with knowledge/experience, pls help?
from another source..."A so-called "Chapter 20" bankruptcy is the process filing of a "Chapter 7" bankruptcy to discharge unsecured debts, followed by a "Chapter 13" bankruptcy to allow the debtor to catch up on mortgage payments. Some jurisdictions do not allow debtors to pursue this option. In jurisdictions that allow "Chapter 20" bankruptcy, debtors should be aware that missing even one mortgage payment after filing the initial "Chapter 7" petition may cost them their ability to save their home in a subsequent "Chapter 13" filing." -
Chapter 20's are gone. They only exist if a debtor can wait out the 4 years after a 7 to file a 13. Old law a debtor can file a chapter 13 six months after the 7 was filed to discharge debts that were not dischargeable in a 7.Comment
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Darn - that's too bad. Oh well, it was good while it lasted! Thanks for the update, Fool!Comment
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