BK13 Balloon - How will I pay??

[b8196]

Hi all,

I had no idea you guys existed I've looked on the net many times for info but this is the first time I found this sight. Thank God you exist. Wish I would have known about you when I first started out.

I've been in chp13 since Oct of 2005, right before the change. It's getting down to the wire and then I will be required to pay a balloon payment of around 48k. My ex(it cost me my marriage) and I will(I assume) split the balloon. I am sure she does not have the money. Questions I have and hope you guys can answer:

The majority of money owed is to the IRS and Oregon Dept of Revenue.
1. Does all the balloon have to be paid on the final payment?
2. If the balloon cannot be paid, what are the consequences?
3. Is there anyway to get a loan and if so, where is the best place to look?
A. I own property free and clear.
4. If the ex does not pay her half of the balloon, will they come after me for the other half?

Thank you all for being here. I so wish I had found this sight early in the chp13. It was as you all know a time of fear and feeling totally alone.

[forgotten]

balloon payments in a chapter 13 were always a bad idea, but, none the less...

Since you own property free and clear your best option is to try and get a loan using that property. You will need court permission to incur the debt first (which you shouldn't have a problem with since its to pay off your case).

If you do not make the payment then your case will be dismissed and your creditors can add all the back interest and fees from the past 5 years and pursue any and all collection methods.

The payment needs to be made if you want a discharge, the court isn't going to care if that payment comes from you or her, but if the whole payment does not get made the case will be dismissed without a discharge.