General Questions repo's, walking, and Chp 13

[Teacherman]

When I voluntarily reposses two investment big rigs and trailers, I am left with the deficiency and am required to pay it back, correct? How does that usually happen? Is it a lump sum that is refinanced?

If I then go into Chapter 13 will this debt be included in the repayment plan? Does anyone know how much of the debt is required to be paid back? 50%, 75%?

Is there a particular order to the process if I have massive debt for credit cards, a house that is hugely upside down, the two investment trucks that are upside down. We are willing to walk away from the house. We just don't know what the order of these moves should be. We will be talking to a Lawyer, but were just curious if anyone had any advice. One thing I learned from this site is the Means Test for Chapter 7. We make too much money to liquidate. So it looks like Chapter 13 for us.

[Flamingo]

What will help you is to educate yourself as to the difference between a Chapter 13 and a Chapter 7. In both forums on here (Chapter 7 and Chapter 13) are "Stickys" which are full of information that can help you. The payback amount in a Chapter 13 is based on many factors such as the amount of your debts, the amount of your assets, your household income, etc. and also the state in which you reside. Seeing an attorney will put your situation in much more perspective to you in black and white or you can post on here a listing of your debts, assets and income and more folks will be able to help you. You will need a listing of all your debts, monthly payments, assets, sources of any income, your paystubs and tax returns to take to the attorney anyway so getting that together would help. Getting it all on paper and added up also can be a real shocker but it is something you will need to do.