Thinking 13

[overhead14]

We live in NC and have stopped paying cc around November. Most are charged off by now and collections are starting to call relatives. My spouse is not working but went back to school when he was unable to find work. He has one more year to go and is currently still seeking employment. He does not draw unemployment so my income is it. We have a house with an 80/20 loan that may have 5-10 k in equity. I have a car I need to get to work but am still paying, no equity. My husband's truck is paid off, probably worth 6k. We have a camper, no equity, still paying. After paying the bills we have about 800 a month left for groceries/gas. Is it feasible to go with 13 or should we go 7? I'd like to keep the camper, need to keep the cars for work/school and the house. In NC I know they can't garnish wages but can seize the bank account if we got a judgement. Also, are they more likely to seize the bank account or go for a lien on the house. Thanks in advance.

[SMinGA]

To file ch. 13 you must have enough $ each month left over for a plan payment. I don't know the size of your family, but $800/mo left over each month for food/gas/other necessary spending does not sound like there is any DMI for a plan payment. But then, you didn't indicate if you are current or late on the mortgage, car loan. If behind - then ch. 13 give you an opportunity to catch those things up over time.

You may need to face reality and consider that keeping the camper is something that perhaps you cannot afford to do? Filing ch. 7 will not fix things if you continue to spend more in a month than you bring in. And if you are behind on mortgage, car - then letting the camper go might free up enough $ in your budget to allow you to do a ch 13 and get back on track. Besides - I am not sure that you would be allowed to keep the camper in a bankruptcy filing?

[TexasEx]

You can keep it, however the circumstances vary. Under what little we know of overhead's situation I would say it is very unlikely they will be able to keep it if going the 13 way (maybe in a 7? but I have no knowledge/experience in that).

Like SMinGA mentions, you really need to take a step back and realize that keeping the camper in the situation you are in is really not a smart move if you really only have $800 at the end of the month. Another camper can be bought cash once you can get your situation under control.

Good luck!

[overhead14]

We're fine if we can't keep it, like you said pay cash later for one if we want. We have 2 kids and probably qualify for a 7. I recalculated monthly expenses (accidentally left some cc expenses we stopped paying in my previous post). We should have 1100 left each month for groceries/gas/miscellaneous expenses. Our mortgage and cars are current. The truck is paid off, likely blue book value of 6000 and the car is on a buy, about halfway paid off but I don't think there's any equity. The camper is not paid off and is upside down now. We may end up going with a 7 and get a total fresh start...