Covert to Ch. 7?

[may]

X-post from ch. 7 forum...



I've been searching through this forum but MAN...there's so much stuff!!

We filed for Chapter 13 back in Jan. DH kept his $650 truck payment and I surrendered my vehicle. July we found out that we both were getting pay cuts. So now DH would like to put his truck in the bankrupcty. We have two options. Our lawyer told us that we could add it to the Ch. 13 and it would increase our payments (at most) by $40 a month. That would be around $210 a month for 4 years. That's over $10k that we'd be paying back! Our other option is to do a Ch. 7. We'd have to pay $1k to re-do all the paperwork and all that and we'd be done. Our lawyer told us we can keep our house (which I would die if anything happened to it). We've never been late on our house payment and don't see where we would be. And there is no equity in it.

So what should we do? I'm leaning towards the Ch. 7 just because the whole point of this was for us to live better. Having that extra $210 plus getting rid of DH's truck payment would be amazing!! Our biggest worry right now is finding a truck for him under a $300 payment. Or just financing a truck at all. Plus finding how we can get the $1k to do the Ch. 7 if that's what we decide to do.

Gosh this is stressful! I'm so ready for it to be DONE!

[AngelinaCatHub]

X-post from ch. 7 forum...



I've been searching through this forum but MAN...there's so much stuff!!

We filed for Chapter 13 back in Jan. DH kept his $650 truck payment and I surrendered my vehicle. July we found out that we both were getting pay cuts. So now DH would like to put his truck in the bankrupcty. We have two options. Our lawyer told us that we could add it to the Ch. 13 and it would increase our payments (at most) by $40 a month. That would be around $210 a month for 4 years. That's over $10k that we'd be paying back! Our other option is to do a Ch. 7. We'd have to pay $1k to re-do all the paperwork and all that and we'd be done. Our lawyer told us we can keep our house (which I would die if anything happened to it). We've never been late on our house payment and don't see where we would be. And there is no equity in it.

So what should we do? I'm leaning towards the Ch. 7 just because the whole point of this was for us to live better. Having that extra $210 plus getting rid of DH's truck payment would be amazing!! Our biggest worry right now is finding a truck for him under a $300 payment. Or just financing a truck at all. Plus finding how we can get the $1k to do the Ch. 7 if that's what we decide to do.

Gosh this is stressful! I'm so ready for it to be DONE!

A chapter 7 is always preferred in my opinion. After all what is a new start about if you aren't starting new? Some people cannot qualify so the 13 may work for them. However it is tantamount to the Chinese water torture for 3 to five years. I believe the 1K investment would be wise for you to get your new start. Also the market is glutted with used cars. You could find a car or possibly a truck for a couple grand that should be in good shape. Others are dumping stuff just to make ends meet.

BTW, don't double post as you divide your respondents, it is confusing and you won't get any better results. 'Hub

[may]

A chapter 7 is always preferred in my opinion. After all what is a new start about if you aren't starting new? Some people cannot qualify so the 13 may work for them. However it is tantamount to the Chinese water torture for 3 to five years. I believe the 1K investment would be wise for you to get your new start. Also the market is glutted with used cars. You could find a car or possibly a truck for a couple grand that should be in good shape. Others are dumping stuff just to make ends meet.

BTW, don't double post as you divide your respondents, it is confusing and you won't get any better results. 'Hub

Thank you. You've made some good points.

Sorry about the double post. It was advised to me in the chapter 7 forum that I post it here. I know I can't delete my other post.