Household income

[Googenfrog]

Hello ... I plan to file bankruptcy next week. On Sept 1st I will be 3 months in mortgage arrears $5500. Does this mean I can't file a chapter 7 and only chapter 13? I'm in Wisconsin so is it 4 months before they start foreclosure? Also I have a daughter who lives with me. She contributes about $400 in cash to me for the bills. I pay out more than she gives me because I know she can't pay more. Will the trustee make her pay more? She also has her own expenses. I have about $15000 in cc debt, $12000 in a secured loan I put my 2013 Prius up for collateral with a few other items and $9000 in back income taxes. Will it be a 3 or 5 yr plan? Thank you!

[shipo]

Your absolute best source for advice would be from a local attorney; the consensus here is to interview up to five attorneys and pick the one you like the best.

[justbroke]

Welcome to BKForum.

While you could file a Chapter 7, you'd be in immediate danger of foreclosure of the home. That foreclosure risk is because you are in arrears and a Chapter 7 is not -- on its own -- going to fix that. Now, I was able to get a modification in my Chapter 7 which corrected my arrears. Your local court may have a mortgage modification mediation program, but those are generally for Chapter 13s. The bottom line is that debtors use Chapter 13s to save property.

As shipo mentioned, you'll need to get find some local attorneys and get a free consultation. There's no way to, back of the napkin here, online, figure out your payment. There are way too many factors which will include your arrears. Whether you'll be in a 3 year of 5 year plan will be based on your actual (calculated) annual income and your State's median income.

The nice thing with the Chapter 13 is that you get to pay the IRS over the length of your Chapter 13 plan with zero interest. Some of your IRS debt may be dischargeable.