Should I Consider Chapter 13 Or ???
I am being hounded by credit card collectors, I have one judgement against me from one credit card company and I am about 60k in unsecured debt. I CAN make my Mortgage, car and utilities payments and feed my family, but that leaves very little for CCpayments...I have talked to CCCS and Consolidated both give me payments basically of what my current minimums are which is impossible to make...Should I file Ch13 or just forget paying the CC and see what happens. Should i pay the CC companies just what I can even though its less than the minimums. I do have some equity in my house which I cannot access due to my bad credit now (as I have tried) and would not want to go CH7 at the risk losing our home due to the exemption. I would really appreciate any help.
Depending on which state you live in, the equity in your home may be exempt or able to be homesteaded. I generally recommend Chapter 7 if you qualify for a Chapter 7. It's cheaper, shorter, and easier. If your home equity is not exempt, a 13 may make sense. I have written a Bankruptcy FAQ which should answer many of your questions about what is involved--it may be found at http://users.erols.com/lawyer/FAQ/br_faq.htm. I strongly recommend speaking with a local bankruptcy attorney. Most offer free initial consultations and he or she should be able to review your specific situation and let you know what you can and can't do. If you're in Maryland, DC or Virginia, please let me know--we may be able to help.
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