Hello,
We are looking at filing chapter 7 (we qualify) we have $205k in credit card debt and the underwater 2nd is over $300k. It makes no sense to file 13 since we would be kicked out (of 13) for being over the unsecured debt amount. The question is: has anyone had experience (especially with BofA) after being discharged from bk to negotiate with the 2nd lien holder for a cash buyout? What are the amounts that you owed and what were the amounts you paid for the buyout? Does anyone have experience with this sort of thing? Any and all help is appreciated, thank you.
We are looking at filing chapter 7 (we qualify) we have $205k in credit card debt and the underwater 2nd is over $300k. It makes no sense to file 13 since we would be kicked out (of 13) for being over the unsecured debt amount. The question is: has anyone had experience (especially with BofA) after being discharged from bk to negotiate with the 2nd lien holder for a cash buyout? What are the amounts that you owed and what were the amounts you paid for the buyout? Does anyone have experience with this sort of thing? Any and all help is appreciated, thank you.