My wife and I filed chpt 13 within 4 months my wife lost her job, now we are filing for chapt 7, and now I am having 2nd thoughts about that. 2 things how can i back out if i have already had my first chpt 7 meeting, if possible, also legally, other than ruining your credit what can the credit card companies do if you really have no other secured assets other than your house.
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Depending on the amount of the debt, they can seek action to force you to sell your home so that your equity can be used to satisfy your debts. Just exempt out your house and equity and move forward with the CHP 7. It's be easier to re-establish credit while owning a home.Originally posted by ggaston
People typically lose thier homes under BK because they waited until the last minute and were defaulting on thier mortgage payments. Foreclosures aren't cost-effective to lenders. So if your current on your house, don't worry about it you'll be fine! BK's are intented to strip you of all your assets.
Good Luck!The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.
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