Chapter 7 Or 13?
Is there a rule of thumb that would help me understand if I can file a chapter 7 versus a chapter 13? I have a good income but these debts are very large. I'm pretty sure chapter 7 is the only way to go but it's hard to tell how it will be viewed. I could pay off a maximum of 50% of the "unsecured" debts in a 5 year plan depending on how the numbers are interpreted. That doesn't include my $60k home equity line which is $30k beyond what the home is worth. Any pointers in the right direction would help.
Answer:
There is no rule of thumb, and the details of your case (type and amount of debt, excess income, etc.) will determine which way you should go. This is something your attorney can advise you on after he/she has fully reviewed your situation.
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