Ch 7 no assets vs Ch 13 lien strip - no brainer?

[catlady]

Hi,

I have to make a decision in the next few days - have done quite a bit of reading but need some advice now.

My attorney says I can try to do a Ch 7 with no assets but she suggests Ch 13 so I can strip the 2nd from my primary residence.

Seems to me its a no brainer to try Ch 7 - as I can walk away from the house and the 2nd later if I need to anyway?

Someone here said Ch 13 feels like debtor's prison - also not many people actually get a Ch 13 discharge. With my income I'll be in it for 5 years. With a house thats 90 years old and a car that's 15 years old, seems that I'll be up against some sort of major repairs in the next 5 years and the liklihood of not completing. Plus it sounds like they'll have a microscope up my finances for the next 5 years...

Advice anyone? Advantage of the lien strip?

FYI, my primary residence is worth $390-410k. 1st is $425k. 2nd is $106k.

[CCsAreEvil]

Personally, I think 13 would be a nightmare or prison like it has been stated. Some in 13s are not there by choice. Some wanted to do a 7 but the trustee basically said sorry.. you are doing a 13 instead.

Lien strip sounds great.. but it's all situational. You need to work out the financial numbers for both situations.

[iv65536]

I had considered threatening to convert to a 13 as leverage to deal with the 2nd myself but I went forward with the 7.

[catlady]

Thanks - I decided to go for Ch 7. Wish me luck!