I've been reading the forums and have so many questions. I have an appointment for a consultation with bk atty on Monday.
One attorney I spoke with suggested Ch 13 due to assets we want to protect (home, vehicles). My husband is self employed and our business has suffered the past year and a half due to the economy. We've been behind on our mortgage and faced foreclosure until we received a surprise letter from our mortgage company stating they were doing a modification and would be current now as they are putting arrears to the back of the loan. That's great news but I'm still worried about making the payment due to the unsteadiness of our income. And also, if I file Ch 13 and the economy doesn't change, we still have no business, we will not be able to make any of the payments!
What about taxes? My accountant has all of our taxes on extension for the past 7 years at least. What will happen to that? Will the bk trigger something from the IRS?
I'd prefer to do straight 7 and walk away from everything because our mortgage payment is unbearable. However, we have a highly modified vehicle we need to hang onto - just because of the money that's been invested into it. I know that sounds dumb, but in this economy we can't sell it. And, to add to the drama, the repo man paid us a visit the other night. I'm at a loss as to what to do.
One attorney I spoke with suggested Ch 13 due to assets we want to protect (home, vehicles). My husband is self employed and our business has suffered the past year and a half due to the economy. We've been behind on our mortgage and faced foreclosure until we received a surprise letter from our mortgage company stating they were doing a modification and would be current now as they are putting arrears to the back of the loan. That's great news but I'm still worried about making the payment due to the unsteadiness of our income. And also, if I file Ch 13 and the economy doesn't change, we still have no business, we will not be able to make any of the payments!
What about taxes? My accountant has all of our taxes on extension for the past 7 years at least. What will happen to that? Will the bk trigger something from the IRS?
I'd prefer to do straight 7 and walk away from everything because our mortgage payment is unbearable. However, we have a highly modified vehicle we need to hang onto - just because of the money that's been invested into it. I know that sounds dumb, but in this economy we can't sell it. And, to add to the drama, the repo man paid us a visit the other night. I'm at a loss as to what to do.
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