Should I file Ch.7 or Ch.13?

[hamburgervol]

How much do you gross each month?

How long have been paying on the one car that is not paid for?

How much is your 2nd mortgage?

How long ago did you get your house appraised?

$5330 per month gross

Have had the car for about 1 1/2 year

2nd Mortgage is $50,000

Appraisal was this month.

[OhioFiler]

You need to determine what the exemptions are for Tennessee residents to understand the effect of a Chapter 7 on your home and vehicles.

I'm not sure why you would want to keep a car worth $10,000 you owe $20,000 unless you will be able to do a 722 redemption.

[BigJohn]

How much do you gross each month?

How long have been paying on the one car that is not paid for?

How much is your 2nd mortgage?

How long ago did you get your house appraised?

[hamburgervol]

I understand I would have to pass the means test to file Ch.7 and do not believe it will be a problem. I have about $52,000 worth of unsecured debt that I'm only able to pay the minimums on. About $19,000 of that is an unsecured loan that I used to pay off other CC debt.

FWIW, I talked with Consumer Credit Counseling and their DMP was -$400. I took that as indication Bankruptcy was my only option.

I also have 1 car that I owe $20,000 on that's worth $10,000 that I would like to keep. (we must have 2 cars)I also have another very good dependable car that's worth about $3,500 that's paid for. I have a 1st and 2nd mortgage(HELOC). We want to keep the house and try to refinance so we can combine the 1st and 2nd ($242,000 combined, house is worth $250,000 per an appraisal).

We are current on all our debt except 1st mortgage(20 days over due date because I get paid monthly)

I would prefer to wipe to unsecured debt clean rather that do the Ch.13 repayment. Most of my debt has been accumulated over a 17 year period.

Do I have a choice which way I file? Any input would be greatly appreciated!

This is an awesome forum!