Considering Bankruptcy.....anyone Here Done This Before?
Lounge By CrystalsCakes5 Updated 6 Nov 2006 , 1:17pm by Katie-Bug
I am considering bankruptcy and for the most part I understand.
It's most likely going to be a chapter 13. Most of our debt is Secured,
1st and 2nd mortgage, 1 auto, very little unsecured debt.
I think I understand that if you file you will still make the same house payment plus the new bankruptcy payment. This is the part that does'nt make sense.
If you make all your payments on your plan say its for 5 years, then after the five years is your mortgage still exactly the same.
I have also heard you will only pay the principal on the house. Is this correct?
If anyone has any info, please let me know. You can private message me if would like to.
Thank you so much.
i'm sorry i really can't help, my FIL filed after many many insurance companies & homeowners didn't pay up after hurricane andrew (but who am i to say, there my have been more to it)
all i can tell you is good luck with everything & i'm wishing you & your family better & happier days ahead
Have you consulted an atty? Are you in foreclosure, or is your vehicle on the brink of repossession. You don't have tons of unsecured debt? If you are not over over loaded with debt you may not qualify. If you are just having a hard time right now and may fall 30-60-90 days deliquent in your payments, you may want to consider credit counseling. Bankruptcy can be very limiting. I would consider it as a very last resort.
I may be wrong but I think chapter 13 is the big daddy one of them all, my bestfriend filed for chapter 7 (I think) and they just pay on the stuff they still need like their house, but the credit cards and other bills they didn't as part of the agreement. (the cars were returned too) I know they were advised that years down the road don't be suprised if an old credit card company or someone else sends you a bill from way back when, whatever you do --do not pay a penny on it, once you pay even a small amount all that debt from that company comes right back and you'll have to pay it. It's there sneaky way of trying to get the funds after filling for bankrupcy. I know with chapter 7 (?) that it wi;; be hard for about 3 years after that or a little more and then supposably your record is clear. With chapter 13 it is with you forever. My Aunt and Uncle declaired chapter 13 about 22 years ago and it is still making life hard for them because of the stigma attached when people read it. I wish you the best ---Melissa
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