Chapter 13 Question..

[brandy100973]

Hello I am in the process of filing bankruptcy. I do not know which one is better for me yet. I do not want to loose my house. I pay the house payments on time every month. Can someone please tell me what the average monthly payment is when you file chapter 13? I have about $65,000 in credit card and car and loan debt.

Thanks for any help... This process is very stressful and I have so many questions.. thanks..

[liz417]

It varies as each case is different.

Go to www.legalconsumer.com and plug your numbers in. It will give you an appox. figure at the end of the test.

Do you have something that you are trying to protect and/or back taxes owed that you need to file a ch 13?

[brandy100973]

I am trying to protect my house. A lawyer I spoke with yesterday said that if my house is valued over what I paid for it, They would take my house and I do not want that to happen... I am so confused over the whole process.. but the boards are helping a little..

[liz417]

I am trying to protect my house. A lawyer I spoke with yesterday said that if my house is valued over what I paid for it, They would take my house and I do not want that to happen... I am so confused over the whole process.. but the boards are helping a little..

Oh, okay that makes sense. You must have some equity in the house.

Yes, this board is a lifesaver for me too. I've learned sooo much about BK.

[brandy100973]

I bought my house for $259700 in Oct 08 and in Sept of 08 it appraised for $265,000. I can not believe they would take my house and try to sell it.. It sat on the market for over 265 days before we bought it. I thought bankruptcy was supposed to help you without totally putting you out on the streets.. ugh.. I am so lost..

[liz417]

I bought my house for $259700 in Oct 08 and in Sept of 08 it appraised for $265,000. I can not believe they would take my house and try to sell it.. It sat on the market for over 265 days before we bought it. I thought bankruptcy was supposed to help you without totally putting you out on the streets.. ugh.. I am so lost..

You need a current appraisal of the house, the market has really gone down since Sept '08. Maybe there is no equity left, which would enable you to file a ch 7

[brandy100973]

Let's hope.. I need to find someone who can do the apprasial for a decent amount. I dont have alot of money.. I will call around and see..

[holding on]

You're the second person I've read about lately that said their lawyer said they would have to sell the house. My home appraisal came in and put me at over 40K of equity and never was there any mention that I would have to sell my house.

I think you should definitely get a clear definition from your lawyer of just why you have to sell your house.

[brandy100973]

He said the government could take my house if I had equity in it and use it to pay the debts off. I wanted to file chapter 7. I have also called another lawyer to see if they can provide any advice..

[holding on]

Oh, I'm sorry, I incorrectly assumed the house selling requirement was part of a ch13. that's different if he said that pertaining to you wanting to file a chapter 7.

[liz417]

He said the government could take my house if I had equity in it and use it to pay the debts off. I wanted to file chapter 7. I have also called another lawyer to see if they can provide any advice..

Have you retained this attorney? I would definately make a few more free consults with local BK attorneys. My 1st attorney wanted to put me in a ch 13 because I am over the median. I didn't know any better until I found this site and read everything I could regarding BK. I interviewed 6 attorneys and most of them took one look at my income and immedately told me ch 13. I am getting ready for a ch 7 discharge on Aug 28th.

Keep looking and get VERY clear answers as to why you HAVE to sell your home. Something doesn't sound right here....

[NoMoreCards]

My lawyer had me go to zillow.com for a rough estimate of currently property value. We are using that for my BK process.

I am suggesting this because it was handy for me to use. I am not affiliated with them in any way.

The best part...it is free! :-)

[liz417]

My lawyer had me go to zillow.com for a rough estimate of currently property value. We are using that for my BK process.

I am suggesting this because it was handy for me to use. I am not affiliated with them in any way.

The best part...it is free! :-)

Yes, I used Zillow too (although I've read that it's not really accurate), it was good enough since home values are down so much.

[walkthaplank]

My lawyer plugged in the zillow value in my paperwork. It was about 40k higher than the real appraisal I paid for 2 months ago. They changed it to the real appraisal amount.

Zillow is VERY high in most cases.

[rrockinggramma]

the attorney is correct that if your home equity is higher than the exemption amount then the trustee could seize it and sell it off to pay creditors.

What state are you filing in and in that state are you allowed to use the federal exemptions rather than the state exemptions?

You might want to talk to a couple of other attorneys. A real estate person can do a residential market anaylsis and let you know what other homes are selling for in your area.