Bankruptcy Help

Discussion in 'Credit Talk' started by nyracat, Aug 26, 2003.

  1. nyracat

    nyracat New Member


    I'm in chapter 13 bankruptcy since May 2002 because of my divorce. I filed chapter 13 to save my home. I am currently trying to sell my house and it's not going. I have some questions...

    if you're in chapter 13 can you go to chapter 7 and eliminate a monthly payment?

    If you can and I decided to do that, can you choose what you want to include in it?

    can I leave my house out of it?

    If I do leave my house out of it, what happens with money I owed because of near forclosure over a year ago?

    If I decide to wrap my house up in it, what is the consequence on my ex husband's behalf? His name is still on the loan, but must be removed by 2/2004.

    If the house goes into it, does it get taken away from me? (that's not really a concern as I'm moving anyhow)

    In your opinion, is going from 13 to 7 a wise decision?

    I ask for 2 reasons. 1. Because I'm planning for Feb. The house has to be sold or refinanced before feb 28th because of the divorce. It's not happening. It's not going to sell, not for what I want it to sell for at least. So I just want to know what my options are if it comes to that...

    and 2. I also wanted to know what the options are if I just want to go through with it, say... NOW!

    I don't know how to do this stuff and I feel there has to be a more cost-effective way to be in bankruptcy. The budget my lawyer has set up for me with this huge payment (1100 dollars a month) doesn't leave me ANY money for extra-expenses that come up, like my cat going to the vet or me needing something as simple as... Oh, CAR INSURANCE. I can't afford it on the left overs after the garnishment and I want to do something about it QUICK!


Share This Page