Question on timing of BK

[basketsbears]

Hi,

I doubt we would qualify for a Ch 7, but if we file, like everyone else probably will really try to qualify for Ch. 7. As we are coming close to the realization that we may have to, is it best to wait until next year for any reason? Also, we would be able to "cram down' out auto loan after 12/25, so even if we try for a 7, and cannot do it wouldn't it be best to just wait another couple of months?

Thanks!

Lynn

[AZNoName]

If you consult an atty, they should be able to tell you what you qualify for. If you end up in a CH13, tell them about your car 'cram-down' idea, and they can advise you to wait to file if needed.

[HHM]

From a credit rebuilding standpoint, if you file in now, your BK year is 2011, if you wait until Jan 2012, then your BK year becomes 2012, so it will look a little better if you file before end of year.