We may have to wait awhile to file Chapter 7 since we took out an equity line last September and took 3 very large cash withdrawals from that, the last being January. We only have receipts for spending about 20% of the money. (We weren't planning on foreclosure at that time.)
Our home will be foreclosing in about 2.5 months in a deficiency-allowed state. The HELOC 2nd will be able to get a deficiency judgment if they so choose.
If we wait to file until after foreclosure, but before a law suit is filed for judgment; our expenses will be much lower since we would no longer have the home.
Here is my question:
Even though we qualify for the means income level, could they change us from Chapter 7 to Chapter 13 because our expenses aren't that high after the foreclosure?
Thank you.
Our home will be foreclosing in about 2.5 months in a deficiency-allowed state. The HELOC 2nd will be able to get a deficiency judgment if they so choose.
If we wait to file until after foreclosure, but before a law suit is filed for judgment; our expenses will be much lower since we would no longer have the home.
Here is my question:
Even though we qualify for the means income level, could they change us from Chapter 7 to Chapter 13 because our expenses aren't that high after the foreclosure?
Thank you.
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