i've been reading things here

[jenski]

and the following ? arises:

if i file ch 13, and wish to continue paying my secured debts (house would more than likely appraise at a lower value than my first and second combined) can you do so?

i'd like to continue to pay my house, 2nd, and car payments.

is that allowed?

i only have approx. $20K equity in the house - probably lower.

[AboutToBK13]

and the following ? arises:

if i file ch 13, and wish to continue paying my secured debts (house would more than likely appraise at a lower value than my first and second combined) can you do so?

i'd like to continue to pay my house, 2nd, and car payments.

is that allowed?

i only have approx. $20K equity in the house - probably lower.

How can your house appraise for less than the total of your first and second yet have $20K of equity?

For us, we will be filing in March, we have to pay our cars, mortgage, etc, through the Trustee.

[jenski]

How can your house appraise for less than the total of your first and second yet have $20K of equity?

For us, we will be filing in March, we have to pay our cars, mortgage, etc, through the Trustee.

our house appraised for $299K 10 months ago. my first is $272K and my second is $50K. we got a 125 equity loan (probably not too many of them around anylonger).

we bought the house for $284K and put $11K down.

ok, maybe i have no equity.

that's good? right?

[MOMof3]

If you have NO equity, I would question why you would want to keep it, but a Chapter 13 will allow you to keep secured debt as long as you re-affirm and continue to pay. If you are behind, you will most likely have to pay your mortgages through the plan. I'm assuming you have other debts besides the home/cars that you need relief from?

[jenski]

If you have NO equity, I would question why you would want to keep it, but a Chapter 13 will allow you to keep secured debt as long as you re-affirm and continue to pay. If you are behind, you will most likely have to pay your mortgages through the plan. I'm assuming you have other debts besides the home/cars that you need relief from?

i can pay my secured debts and living expenses. what i can't pay is my $65K of credit card/unsecured debt.

[AboutToBK13]

jenski,

Usually, your house and cars can be retained in a BK. Talk to a BK lawyer in your area.

Note: We have $117K in CC debt and plan on keeping our house and 2 cars. We fail the means test and will be filing a CH 13 in March.

[MajorMike]

jenski,

Usually, your house and cars can be retained in a BK. Talk to a BK lawyer in your area.

Note: We have $117K in CC debt and plan on keeping our house and 2 cars. We fail the means test and will be filing a CH 13 in March.

wow, you make me feel alot better!! I can't imagine 117K in cc debt!! YOu must have had a high income to be able to get these loans.....