Now I am really confused. I dont really want to file Chapter 13 and be part of the BK system for
Main house is worth $545,000 (1st is $745,000 & 2nd is $83,000)
2nd property is worth about $400,000 (1st is $187,000 and 2nd if $248,00)
The 3rd property is worth $137,000 and I owe $166,000 on 1st and $20,000 on 2nd..I bought that as a 2nd residence and now a rental.
If I file Chapter 7, I could get rid of the CC's, the 2nd on my main house for $83,000 and reaffirm the 1st which is only 1% interest and $2071.00 monthly payment.
The 2nd property for $180,000 and $248,000, I could reaffirm and continue paying, the tenants pays a rent of $2200.00 so that just about covers the payments and I am working on modifying the 2nd.
The 3rd property I would affirm the 1st and be rid of the 2nd.
I would then be responsible for first on primary of $745,000.00
2nd property 1st and 2nd for $187,000.00 & $248,000.00
3rd property affirm $166,000 and be rid of the 2nd.
and get rid of the $54,000 credit cards.
In this scenario, can I file Chapter 7 and be done with it. I would be a relieve just to get rid of the 2nds on 2 of the properties and the $54,000 in cc's.
What do you think?
ars to come. I just want to do this and get it over with.
I have $54,000 in cc that I absolutely want to erase.
Main house is worth $545,000 (1st is $745,000 & 2nd is $83,000)
2nd property is worth about $400,000 (1st is $187,000 and 2nd if $248,00)
The 3rd property is worth $137,000 and I owe $166,000 on 1st and $20,000 on 2nd..I bought that as a 2nd residence and now a rental.
If I file Chapter 7, I could get rid of the CC's, the 2nd on my main house for $83,000 and reaffirm the 1st which is only 1% interest and $2071.00 monthly payment.
The 2nd property for $180,000 and $248,000, I could reaffirm and continue paying, the tenants pays a rent of $2200.00 so that just about covers the payments and I am working on modifying the 2nd.
The 3rd property I would affirm the 1st and be rid of the 2nd.
I would then be responsible for first on primary of $745,000.00
2nd property 1st and 2nd for $187,000.00 & $248,000.00
3rd property affirm $166,000 and be rid of the 2nd.
and get rid of the $54,000 credit cards.
In this scenario, can I file Chapter 7 and be done with it. I would be a relieve just to get rid of the 2nds on 2 of the properties and the $54,000 in cc's.
What do you think?
ars to come. I just want to do this and get it over with.
I have $54,000 in cc that I absolutely want to erase.
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