chapter 13 what to do with car, and second mortgage
Date: Wed, 03/29/2006 - 15:36
i have 2 vehicles with payments of 730 a month. my ssister inlaw just gave us a car and we want to get rid of one.
if i file chapter 13 and let the car get reposessed add in the Deficiency of the car. or what else can i do?
also i have a second mortgage of 56,000. and my house is 210,000. the house apprases at 200,000. it was worth more when we took out the second mortgage, and did a 125% loan. has anyone ever tried to add the second mortgage into a chapter 13 case cause the value of the home is taken up by the first mortgage.
third
i have 125,000 in credit card debt. i have sold alot to keep up the payments.
if i were to try to file chapter 13, and i could only pay 170.oo a month, how would this work? 170x12x5 years = 10,200. how would they ever let that fly. only paying 10,200 on a 125,000 debt.
fyi
i have a bipolar disorder and just keep spending to try to be happy. seemed like it was the only way to keep me happy. i would like you to know this, and i am not out to abuse the system, i have been in counceling and medication for 6-7 years. for anyone who cares, i just want u to know why i am in debt so much
if i file chapter 13 and let the car get reposessed add in the Deficiency of the car. or what else can i do?
also i have a second mortgage of 56,000. and my house is 210,000. the house apprases at 200,000. it was worth more when we took out the second mortgage, and did a 125% loan. has anyone ever tried to add the second mortgage into a chapter 13 case cause the value of the home is taken up by the first mortgage.
third
i have 125,000 in credit card debt. i have sold alot to keep up the payments.
if i were to try to file chapter 13, and i could only pay 170.oo a month, how would this work? 170x12x5 years = 10,200. how would they ever let that fly. only paying 10,200 on a 125,000 debt.
fyi
i have a bipolar disorder and just keep spending to try to be happy. seemed like it was the only way to keep me happy. i would like you to know this, and i am not out to abuse the system, i have been in counceling and medication for 6-7 years. for anyone who cares, i just want u to know why i am in debt so much
Though bankruptcy is not advisable, I would recommend you to see
Though bankruptcy is not advisable, I would recommend you to see any bankruptcy lawyer with these questions. As per as unsecured debts are concerned, you can consider debt consolidation as a much better alternative.
Quote:
if i were to try to file chapter 13, and i could only pay 170.oo a month, how would this work? |
Bankruptcy court might amend it depending upon your ability. It could be lower/higher or the same that you offered. Chapter 13 helps to keep your property. I'm not sure will it allow you to place your cars in the bankruptcy process.
In regard to the payment, when I filed chapter 13 I had the same
In regard to the payment, when I filed chapter 13 I had the same problem, not everyone was going to be paid in full by the time it was over. On paper they had to make do with what the courts allotted them, however after I paid my student loans what the courts allotted them they have now come after me for the rest. I'm not sure the credit card companies can do the same, but you never know.
