LadynRed (m)
[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]
Posted by Julie (198.151.13.8) on August 01, 2003 at 13:49:16:
I have been lurking on this board for a while now. The feedback from regulars has been helpful. You (and others) have said that Ch. 13 is a debtor's prison. Not a good idea. But this is what we were advised to do by our bankruptcy attorney. We were told in Feb to file bankruptcy by our CCCS rep. Our lawyer (we've paid the retainer) saw us at the start of June. I had to wait to obtain the funds to pay the rest of his fee an the court costs and now we have it. I am extremely nervous about filing and have a history of anxiety attacks...so none of this has been good for me. Anywho...the lawyer advised on Ch. 13 b/c we have a fairly new home (only 2 yrs old) w/ 40k equity in the house. Our combined debt (individual and joint) is about 74k, not including the house (169k). I work full time and my spouse is home w/ our two young boys and he works two PT jobs. We were told if we filed Ch. 7 we would lose the house, plus my employer (a gov't contractor) said that it could be difficult to mitigate a Ch. 7 if I applied for a clearance. We don't want to lose the house. The market in our area is just awful (pricing people out of the market) and renting would cost just as much as our mortgage payment at this point (and would only increase anyway). We already have two CCs that were charged off. Haven't used the cards in years. Two upside down car loans also. The thing that got us here to begin with was the fact that we couldn't afford to pay our CCCS payment. Too steep and we were assessed when my spouse was working FT out of the home. We are at least two months behind on all secured debt and several months behind on all unsecured debts. Once you are in the plan they cannot take extra money, right (e.g. you get an annual raise)? Is a Ch. 13 really that bad? Thanks for your time. Julie
Follow Ups:
Post a Followup
|
