Chapter 13 vs Chapter 7????
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Posted by MOMTO1
(68.221.16.97) on August 03, 2004 at 07:04:01:
My husband and I are in the procees of filing one of the above bankruptcies. We have seen two attornies and gotten two differing opinions. One says go for 13 because it will allow us to roll our car payments into the payoff plan and come out with a payment of around $450 to $500 (which is a lot better than the $800 we pay just in car payments now). The other says ditch the debt, keep up with the car payments and mortgage and do chapter 7. We are not behind on our house or car payments -- only credit card payments. We live in NC and our equity in our home is so small that it's protected under the homestead rule (or whateve that's called). Any thoughts or suggestions? I've read a few posts regarding chapter 13 that say things like "forget eating out" or "hope your car doesn't break down", etc. Are they really that strict with your budget? Thanks for any advice.
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