Home
Public Forum
Credit Reports
Apply For Cards
Credit Directory
Credit Overview
Credit Problems
Credit News
International
Credit Glossary
Purchase Books
Credit Laws
Business Credit
Merchant Accts
   

Re: ch 7 vs 13


[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]

Posted by LadynRed (199.91.33.254) on July 31, 2003 at 12:21:32:

In Reply to: ch 7 vs 13 posted by apprecative of you all on July 31, 2003 at 10:27:36:

Ouch - why did the lawyer say you'll have to go with a 5 year Ch 13 ? Ch 13's gonna hurt if you don't have your expenses pumped as high as allowed. There will be NO room for ANY emergencies or other unforseen expenses. ALL of your disposable income goes into the Plan payments. There's a reason people call Ch 13 the true 'debtor's prison' :(

CH 13 will only stay on your credit report for 7 years as opposed to 10 for Ch 7. Either is equally bad on your reports.

Your house is included in the Plan, nothing gets excluded in any bankruptcy.

Pros and cons of 7 vs. 13 ? Lots. I suggest you read up on how both chapters work at the link below.

If you DO have to go Ch 13, be prepared to be on the strictest budget - and probably diet too, that you've ever lived on in your life for those 5 years. NOTHING extra is allowed and you can do nothing credit-wise w/o the Trustee's approval.

65% of all Ch 13's FAIL - not good odds at all.



Follow Ups:



Post a Followup

Name:
E-Mail:

Subject:

Comments:

Optional Link URL:
Link Title:


[ Follow Ups ]   [ Post Followup ]   [ Credit Forum Index ]

 

    Top Of Page

  

Copyright © 1999-2003 Enkephalos Web Design