My husband and I are so confused about all of the options. We have about $75000 in debt partially due to a recent foreclosure. Our incomes are better than average and so we will be required to pay almost 100% back in a ch 13. I'm not sure if debt consolidation is an option since I have been sued for 3 credit cards already. We are debating the debt con. route and borrowing from our retirement to pay it off but hate to do that and don't have enough to pay all $75000. Any ideas?
Also, if you know the answers to any of these questions please help!...
How do they figure out what your ch 13 payment will be? Theoretically, if we had larger car payments would our monthly payment stay the same? In other words, if the amout paid based solely on money left over after necessaties are paid out? I ask this because our cars are 10 & 12 yrs old...they won't last the 5 years of our bankruptcy...can we get newer cars before we file?
What happens if our income decreases during a ch 13?
By signing up for counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the pay off amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.