Posted by: admin in chapter 13 banruptcy attorney on December 15th, 2009
meow0724 asked:
My husband and I are in serious debt, and we are talking to an attorney to look at bankruptcy. We don’t qualify for chapter 7 so 13 is our only option. I am worried that the repayment plan, which will last for 5 years, will not allow us to save any money. Which will intern not really make our situation any better, just ruin our credit in the process.
My husband and I are in serious debt, and we are talking to an attorney to look at bankruptcy. We don’t qualify for chapter 7 so 13 is our only option. I am worried that the repayment plan, which will last for 5 years, will not allow us to save any money. Which will intern not really make our situation any better, just ruin our credit in the process.
Has anyone had any experience with this? Is the plan fair?
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JUst remember that if you file for bankruptcy you can kiss buying a house for the next unmpteen years!!
Hello. My wife and I filed chapter 13 2 years ago and it was the biggest mistake of our lives! If there is any way you can avoid it please try to do so. The payments are killing us over $1000 a month and as our adjustable mortgage payments continue to rise you BK payments to the trustee stay the same! I don’t know if you own a home or have any equity in your home but I would try to use that to get you out of debt. Only use Chap 13 as a last resort! Good Luck!
The plan is fair, but is it affordable? Is there anyway you can do a settlement program? Sometimes that can help. Besides, your credit will be ruined for 7 years and you won’t be able to buy a house until it’s been discharged.
adatoday.com
i do credit card arbitration, most costumers see a 40% reduction in there debt load, hardest part is dealing with the collection phone calls, but either get caller id or unlisted number but im sure you are already getting those
It is not a fresh start. You spend more then you make, which is why you are in debt, and filing some paper work won’t change that! You need to talk to a councilor about changing your spending habits and call every one you owe money to and try and make alternate payment plans, lower interest rates, what ever you can. But the main thing is you need to stop spending money and start paying your bills! No more dinners out, stops at the mall, no vacations, no remodeling! Nothing. The money needs to be for bills and bills only!
IT IS BETTER THAN THE ALTERNATIVES. SOMETIMES ONE HAS TO BITE THE BULLET.IT SHOULD BE A GOOD LEARNING EXPERIENCE.
GOOD LUCK