Re: Only bankruptcy left?

Posted by Why Chat (12.77.152.11) on April 28, 2002 at 09:41:33:

In Reply to: Only bankruptcy left? posted by blkhwk on April 28, 2002 at 01:39:03:

You should sit down with a BK lawyer for a consultation, each State has different exemptions.
In general, your mortgaged home and financed cars will be kept "as is" either reaffirmed or exempted from the BK. Ch.13 is best if you are SURE you can afford whatever payment % is decided on, and if ALL of your unsecured creditors accept and none are "no-shows". It will take 2-3 years for the average ch13 to complete, it stays on your credit report for 7 years after final adjudication. If ANYTHING happens that requires dismissal before you are done, it stays on your credit report for 10 years.A ch 7 is best if you are still trying to get back on your feet, want to be able to make the house and car payments, and have no emergency funds.

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