Deciding between 13 and 7

[ando]

Thank you hereforinfo, sounds good to me. do you think selling and negotiating with my creditors will be better for me than filing BK?. How much percentage of pay back you think they will accept versus filing BK?I owe about $100000 in unsecured debt, car is payed off. I have 14000 student loan that I am paying $ 200 monthly and about $50,000 mortgage left on my house , these are up to date .But these unsecured loans are killing me.

[Never_Again]

You are not bankrupt! We seem to lose the definition of bankruptcy at times here. Your equity in your home exceeds your debts. Yes, if you wanted to stay in your house, there might be an issue, in that perhaps you should borrow against the equity, and pay everyone off. And I know... the issue there lies in the fact of if you can make your payments.

Since you are selling, go ahead and sell. Then, call each of your creditors and pay them. If you like, you can negotiate a settlement. You probably won't negotiate 10% of the debt. You probably can very quickly negotiate 50-60% of the debt. Still, by my calculation, that leaves you with $110,000 left over in cash.

Why do you need a bankruptcy trustee to do this for you? Bankruptcy is a way to a fresh start for those who have debts that exceed assets. It is also used to restructure (Chapter 13) debt payments for those who do not have the income to pay as contracted. If you are selling the house anyways, you don't need it.

[ando]

thank you never again ,well done. I'll be happy to settle for 50% of debt. as a matter of fact , I just called my lawyer and he said to come see him to discuss it