What Now?

Question:
I've been lurking around and reading for a while, I'd appreciate any assistance you kind folks are willing to give... my wife and I both went to meet with our attorney, he told us he thinks our best bet is to file chapter 13 well that meeting was in early december... since then my wifes hours have been cut in more than half, they told her not to count on any turnaround until at least June/July. this makes it twice as hard as it originally would have been to pay our $450/month for 36 months in the chapter 13. I chapter 7 an option now, or are we screwed? Please assist. I just don't know what to do, this whole experience has been very humbling, My wife and I definately learned that credit cards are such a trap, I don't think I ever want to see one again. No cash no purchase. but I must admit this has been very frusterating.

Answer:
I'd definitely speak with the attorney about switching to chapter 7. Sounds like it might be the best option. You can convert your case to one under Chapter 7 at any time. Actually, "no cash no purchase" is not exactly the best thing post-bankruptcy. You need to start re-establishing your credit. Just be careful and research whom you will do this with. You need to show some good payments on your credit report in case you will want a car, mortgage etc. in your future. I must admit, though, we have learned the value of the layaway in stores, as well as savings towards a purchase. But when we get our discharge we will look for a credit card that will help us to re-establish ourselves. But you're right, they really can screw up your life. BTW, is a mortgage involved? That may be a determining factor in whether you will need to file a 13 or a 7.





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