EXPERTS...7 or 13?

[BKINAZ]

HELOC...is 15 years...(2006 start)

[BKINAZ]

What is that ...2 bk's from now?

<Kidding>

[optimistic1]

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.

[HHM]

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.

I concur...this whole thing about "being under the control of the trustee" is a phantom objection. Aside from tax returns, so long as you make your payment, everythign is fine. Its a mind set that focuses on the wrong thing, a chapter 13 is about putting you in control of your creditors and getting out of debt in 60 months or less and the only thing you have to do is make ONE monthly payment and provide copies of your tax returns once per year, that is hardly problematic given the huge benefit.

[BKINAZ]

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!

[HHM]

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.

[optimistic1]

Good for you, either route you choose, atleast you are doing something about it and utilizing your rights, instead of being a slave.

[BKINAZ]

Do either of you know if in subsequent if we can invest in our retirement IRA's?