Meet with lawyer today to determine if I'm able to file. He said I am able to file chapter 7, but said I can also file chapter 13 if I wanted to. I have about 40,000 in cc debt and I do not own a home. I have a newer car that he said I should be able to keep. My car payments are 320 per month with 65 months remaining on loan. Lawyer estimated my chapter 13 payment at 430 per month (including car in payments) for 60 months. In the long haul it would be cheaper to file chapter 7 and continue to make my car payments at 320 per month. Would that be my best option, or chapter 13 at 430 per month? If you are able to file chapter 7, is that the best route to take?
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Never pass up an opportunity to file a 7. -
Unless there is a compelling reason to file a chapter 13 always go for the chapter 7.
Good reasons to file a chapter 13 include:
over median and not eligable for a chapter 7.
behind on secured assets you want to keep.
have to much unprotected equity in an asset you want to keep.
It doesn't sound like any of these are issues in your bankruptcy so deffinately go for the chapter 7 if possible.Filed: 10/26/2006
Discharged: 03/05/2007
Closed: 5/19/2008 - Asset case due to balance transfer and income tax refundComment
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