Dismissal

[mytoyota2]

I have been in Chp 13 for almost 2 years with 3 more to go. However I'm considering having it dismissed. Is this a bad choice and if I did would I be able to recover? Undecided cons and pros?

[sophieanne]

Hi...are you willing to share why you want to dismiss? (Might help in giving an answer)

[dmc-2008]

If you get it dismissed you still have to luve in bad credit for the remaining 5 years. Why not try to make it work, then u only will have 2 years after discharge with it in your credit.

or can you convert to a 7?

I really dont know what the ramifications are with a dismissal for you but for me, someone with a lien strip, it would void that. Also you might be on the hook for interest not paid to your creditors? Can they then come after you?

good luck with your decision, not easy either way!

[mytoyota2]

I am working more hours now making better money and my car was included in the 13 but I couldn't afford it. Reason being after I filed my hours were reduced dramatically so I told my attorney I want to surrender the car. Now the only thing I'm left owing are IRS taxes, and bills. I was just wondering would it be beneficial to just make arrangements with IRS or just continue with the Chp 13. Im confused as to the best route to go.

[justbroke]

Please realize that while you are in a Chapter 13 you are not paying interest on that IRS debt. Additionally your IRS debt may have been "bifurcated" meaning that you're paying less than the actual amount due because penalties (and the interest on those penalties) are dischargeable. (If you're in a 100% plan, then you really have no benefit other than the general protection of the automatic stay.)

[mytoyota2]

Justbroke thank you. How can I tell if I'm in 100% plan?

[justbroke]

You would know if they tell you that you have to repay ALL the creditors.