new here with some questions

iVillage Member
Registered: 11-18-2003
new here with some questions
9
Tue, 03-03-2009 - 6:29pm

Hi everyone, DH and I are currently trying to decide whether it would be best for us to file Chapter 13. I just have some questions and would like some opinions, ideas to give us a better idea of what we are looking at if we decide to go this route.


Do you have to be behind in your payments in order to file? We are currently up to date with all payments, but we are sometimes not able to buy food after paying all the bills. We end up putting it on a CC which just adds to the problem.


Do we have to get rid of our vehicle? DH has a 07 Jeep, he would like to keep it, payment is 347/mo. I have a lease that is 397/mo but is up in May. I will be getting a much less expensive car, will I be able to do this if in the middle of bankruptcy? Will they make us sell DHs Jeep? He will probably lose money on it if he has to do that.


How does the pay back work? I have read that it is 3-5 yrs, how do they determine the % you pay back, is there interest?


We are thinking of scheduling a consultation with an attorney, what is the general cost of that? Will they

 


Terri

Community Leader
Registered: 07-26-1999
Wed, 03-04-2009 - 5:21pm

Terri,


I only have a few minutes before i leave work today, and I'm sure Carolyn will stop by later to help answer some of your questions.

Photobucket
iVillage Member
Registered: 11-18-2003
Wed, 03-04-2009 - 5:34pm

Thanks for your reply. We did get a tax refund but we have used most of it to pay bills. I am hoping to be out of the lease(in May) and get a used car before we file BK. I will use what is left of the tax return as a down payment if we don't have to use it on bills between now and then.


I do have another question also... We have CC that have no balance on them. Do we have to include them if we file? Will the accts automatically close? Not that we plan to charge up a bunch of stuff, but I was wondering if I would be able to keep one and charge $20 or something every once in a while, pay it off and use that to help my credit score.


Thanks for the advice!!

 


Terri

Community Leader
Registered: 03-17-2003
Thu, 03-05-2009 - 12:59pm
Hi Terri.
Community Leader
Registered: 07-26-1999
Thu, 03-05-2009 - 2:59pm

Thanks Carolyn,


I was planning on getting back with you Terri on your other question, but this pregnancy is just killing me physically lately.

Photobucket
Community Leader
Registered: 03-17-2003
Thu, 03-05-2009 - 3:35pm
Take care of yourself Mama.

iVillage Member
Registered: 11-18-2003
Thu, 03-05-2009 - 6:56pm

Thank you so much for your response. It is so helpful to have advice from people who have been through this. I am sure I will have many more questions in the months to come and thank you in advance for any insight you can provide to me.


 


Terri

iVillage Member
Registered: 11-18-2003
Thu, 03-05-2009 - 6:59pm

Thanks again for your advice. I am sure I will be seeking more in the months to come.


Hopefully you are able to get some rest.

 


Terri

iVillage Member
Registered: 07-25-2008
Mon, 03-09-2009 - 6:56am

Hi, Terri,


Thank you for sharing your story with us.

Amanda

Community Leader
Registered: 03-17-2003
Sun, 03-29-2009 - 7:06pm
violation reported.