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Chapter 13 or not???

Submitted by on Fri, 02/25/2011 - 20:52
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I am married with no children and I have a home loan and so does my wife. We both had homes before we got married and we never sold the extra one. She lost her job and was unable to find a new job.
She did find a new job out of the state, and now we are trying to find me a job and sell our houses, but the market is horrible and it looks like we will have to short sell both homes. We also have three credit card bills and two auto loans. We are thinking about having me quit my job before I find a new one so I can be with my wife again, and just file chapter 13, and default on the two home loans if the banks do not agree to do a short sell. Let me know what would be the best thing to do!
Thank you,
Broken One


Yes, you can file bankruptcy. But whether you'll qualify for Chapter 13 bankruptcy will depend on your means test. Both of you should carry on with your jobs, otherwise, it will very difficult to qualify for the test. Moreover, I would like to point out that you should try out the debt relief services before filing bankruptcy. The debt relief services may help you pay off the dues.


Submitted by on Sat, 02/26/2011 - 02:53

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