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My Chapter 13 Story

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    My Chapter 13 Story

    What a wonderful web site!

    I have met with the lawyers officde twice this week. Here are out stats:

    Income = $108,000

    First Mortgage = $185,000 valued at $150,000

    Second mortgage = $116,000

    Credit cards = $50,000

    After looking at my list of expenses which were on the high side, he said my payment will be about $875 per month. The second will be stripped after 5 years.

    With my expenses the way I listed them would allow our family of four (2 adults and two teenagers) to live comfortably.

    He mentioned each of us can have a vehicle but I forgot to ask him if a teenager is allowed to have one for work purposes. Anyone know?

    Any advice before I file would be great. We plan on trading our 1997 Ford F150 for a new economical car prior to filing. We have somehwat good credit with no missed payments. We are just on the fence deciding if we should forclose or seek out bankruptcy.

    #2
    Originally posted by LVGyrl View Post
    We are just on the fence deciding if we should forclose or seek out bankruptcy.
    If you do not file you are still looking at owing over $200k after they foreclose, what would you do about that?
    Filed CH13 - 06/2009
    Confirmed - 01/2010

    Comment


      #3
      Originally posted by LVGyrl View Post
      He mentioned each of us can have a vehicle but I forgot to ask him if a teenager is allowed to have one for work purposes. Anyone know?
      Typically Ch 13 trustees allow a car for each licensed driver in the household. Be sure to confirm that this will the case for your teen driver in your local court.

      We are just on the fence deciding if we should forclose or seek out bankruptcy.
      Given the load of debt you shared with us, Ch 13 bankruptcy would seem to be the best way out for your family in the long run because you can strip off the second mortgage plus get rid of the $50K of unsecured debt within five years. How do you see foreclosure only might be the better option in your situation?
      I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

      06/01/06 - Filed Ch 13
      06/28/06 - 341 Meeting
      07/18/06 - Confirmation Hearing - not confirmed, 3 objections
      10/05/06 - Hearing to resolve 2 trustee objections
      01/24/07 - Judge dismisses mortgage company objection
      09/27/07 - Confirmed at last!
      06/10/11 - Trustee confirms all payments made
      08/10/11 - DISCHARGED !

      10/02/11 - CASE CLOSED
      Countdown: 60 months paid, 0 months to go

      Comment


        #4
        We are definatley going the chapter 13 route.

        Comment

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