HELOC...is 15 years...(2006 start)
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EXPERTS...7 or 13?
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If you do end up in a 5 year Ch.13, I would hardly worry about anyone supervising you. Just make your plan payment on time month after month, and turn in your tax returns, and get on with your life. No one will be watching your every move with a magnifying glass. My attorney said, he would be surprised if they even look at your tax returns.
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Originally posted by optimistic1 View PostIf you do end up in a 5 year Ch.13, I would hardly worry about anyone supervising you. Just make your plan payment on time month after month, and turn in your tax returns, and get on with your life. No one will be watching your every move with a magnifying glass. My attorney said, he would be surprised if they even look at your tax returns.
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These last two posts and this thread in particular I think has finally allowed me to make a decision. Thank you! I think we will be going 13 based primarily on your last two comments.
I felt there was a microscope and we mentally had gone with chapter 7...but the HELOC was killing me thinking it was a bad mistake to leave it hanging out there...I think you guys are right...13 (unlike for most) is probably best for us.
Thank you!$70k- Unsecured Debt
$88k- Secured Debt (HELOC/2nd)
$200k- Land investment gone bad. (Land secured)
1st- $366k / House Value- $300k
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I am glad you have decided to take some action. I still think filing chapter 7 and simply walking away from the house would yield the biggest benefit and be the most cost effective (i.e. no monthly payment to the trustee, etc), but doing a chapter 13 and striping the second will still be a big benefit.
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