chapter 13?

3 Responses to “chapter 13?”

1. Net Advisor says:

   March 30, 2010 at 5:12 pm

   If you want to keep the car and are current, you can sign a "reaffirm agreement" which means you are exempting the car from bankruptcy. The lender and the Court must agree, and the lender does have the option to disagree and take the car (repo) or revise terms such as increase interest the rate on the loan.

   I am not an attorney, so I cannot give you legal advice, but would seek an attorney in this area for further help. My personal view I think CH 13 is not the best idea. If you are going BK, CH 7 can clear the slate where CH 13 is where you still have to pay a lot and you also have the same crappy credit as a CH 7. See an attorney.
2. golferwhoworks says:

   March 30, 2010 at 5:12 pm

   all in
3. S P says:

   March 30, 2010 at 5:12 pm

   When you do a chapter 13 bk..the payments are sent into the trustee who handles your case the entire 5 years, or 3 depending on what you are set up for. The trustee will send to the secured debts first, homes, auto, the credit cards, or unsecured debt is paid after the secureds….You can check out this websited…www.bcsalliance.com….it gives great info on bankruptcies, debts, credits, and explains how each bankruptcy works. Chapter 13 is a payment plan…chapter 7 is complete discharge of your debt. If you are not already in a Chapter 13, you need to get in touch with a qualified bk attorney in your area, most will see you on a first free consult. They will go over your income, debts, assets and last 4 years of taxes and tell you which you best qualify for. With the new laws, all debt has to be included, the chapter 7 and chapter 13 will be determined by the attorney and courts on which you qualify for.
   Good Luck!!

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