Help can someone explain 13 to 7

[michaela]

I am in a chapter 13 owe the bank arrears. Trustee payment is killing me. If I was to switch to a chapter 7 would the bank forclose on me??? What is reafirming mean??? What are the pros and cons

[LadyInTheRed]

If you convert to a 7 and do not get caught up on the mortgage, the bank will eventually foreclose. If you reaffirm, your personal liability for the debt is not discharged. So, if they foreclose, they could get a deficiency judgment if allowed in your state. Reaffirming would be a really bad idea, especially if you are already behind on the mortgage. The only thing you can do to prevent foreclosures is to cure your default. Pleaser read this thread regarding reaffirming mortgages: http://www.bkforum.com/showthread.ph...-very-bad-idea.

Looking back at your prior posts, I see that this is your 3rd Chap 13 filed because you were behind on your mortgage. It looks like you can't afford your home. Maybe it's time to let it go.