Re: bankrupsty 7 or 13?

Posted by LadynRed (199.91.33.254) on March 18, 2003 at 10:48:31:

In Reply to: bankrupsty 7 or 13? posted by scar on March 18, 2003 at 03:21:17:

If you want to keep your home, you'll have to bring the payments current no matter which chapter BK you file for. To reaffirm, you must get current and stay that way. BK will stop a foreclosure, but the lender can also petition for a relief from the automatic stay to continue forclosure proceedings.

If the mortgage is joint, the BK will show on BOTH credit reports.

Ch 13 you pay back 100% of secured and priority unsecured debts, and some % to unsecured. In Ch 7, all unsecured debt is discharged and you reaffirm secured debt to keep the property. If you have a lot of disposable income or assets beyond the exemption limits, Ch 13 is usually right. If you have little to no disposable income and nothing over the exemptions, then Ch 7 would probably work.

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