Re: Debt reduction

Posted by Why Chat (209.240.222.130) on June 03, 2002 at 19:41:08:

In Reply to: Debt reduction posted by Al on June 03, 2002 at 15:38:44:

What State are you in?
Do you have substantial equity in your primary home?
You should really see a lawyer,if you try to do ch 13 before you sell the rental property,you may forfeit all equity realized. Depending on your State, you MAY wish to consider waiting until 120 days after the sale and doing ch7.See a lawyer.Debt consolidation,and/ or debt negotiation are generally a very bad idea, the costs and fees and mismanagement usually leave people worse off than when they started, particularly in your case, where the creditors, (with access to public records of real estate sales) would not be very accomodating.If you can use your proceeds to pay off a few of your creditors in full,wait 120 days and then do ch7,(without using those lines of credit until 120 days after final adjudication) you may be able to weather the storm and keep some credit available for your future.

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