What happens if I the real estate equity in my home is greater than the unsecured debt that I am trying to get rid of. Do I have to pay the unsecured creditors back in full if I file for a Chapter 13, or can I work out a lower monthly payment?
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Depending upon that and your other financial factors, you may not be able to file BK. Have you spoken with an attorney?Originally posted by frankx99 View Post_________________________________________
Filed 5 Year Chapter 13: April 2002
Early Buy-Out: April 2006
Discharge: August 2006
"A credit card is a snake in your pocket" -
What State do you live in Frank??Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...Comment
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Umm, didn't we answer this question in YOUR other thread.
Short answer, again, if your "non exempt" equity exceeds your unsecured debt, YES, you would have to pay off your unsecured creditors in full over 60 months.Comment
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yes, you did. I tried to delete this post but was unable. thank you for your helpComment
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