We are a senior couple, our only income is social security and we do not have much for assets, we rent. We did a chapter 7 six years ago so we only qualify for a chapter 13 at this time. We have defaulted on some personal loans and credit cards, high interest and just too much owed. We talked to an attorney and it would be $6000 for him and the trustees fees, about $200 a month for 3 years with nothing really going to the debt. We are going back and forth as to if we really need to do a chapter 13. Sure it stops the creditors from calling and cleans it up, discharged after the three years but maybe the do nothing is the best way, because social security is protected income, really nothing for them to take even if they sue us. Hmmmm, anyone else in this situation? Any thoughts?
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I try to persuade potential clients who are not collectable (only income is SS and no non-exempt assets) to stay away from bk. If one who is judgment proof can deal with the creditors' "harassment", it makes no sense to go into a 3 year fishbowl such as a Chapter 13. If, from an emotional standpoint, the person cannot deal with the creditors then, ok. . . file bk.
Des.
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