Seriously drowning, can BK13 help?
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| Mon, 06-01-2009 - 11:54pm |
We are so in over our heads. Our credit cards have been out of control for years and I thought I had a plan down to where I can get it paid off, but they keep upping my interest rates and minimum payments.
I owe close to 100k in cc. I have 2 personal loans (unsecured) that total about 17k.
I have a mortgage, but have never ever been late on it. We are in no danger of forclosure, etc. Our cars are paid off.
However, these cc's...we are finally at the point where we just do not have the money to pay the minimums anymore...$450 a month on 3 of them (each) and about 200 on the other 4.
I have tried plans and budgets...we don't buy extras anymore..Ive cut and cut and we just seem to keep drowning with fees and whatnot.
Can Chapter 13 help me? I know that when you make a plan, priority claims are paid first..but I don't think we have any of those..our mortgage is current, we have no tax bills or child support/alimony to worry about. Can Ch 13 help get this CC debt under control? Can it just be unsecured debt? Will I have to pay it ALL back in 3-5 years or do they typically settle on a percentage and discharge the rest after I complete whatever plan we come up with? They won't take my cars will they? We both have to have a car for work transportation and kids and things like that.
It's taken me 5 years to even consider bankruptcy. I know it will look bad on my credit report for 7-10 years, but on the other hand, it might take me triple that to pay it off with these interest rates flexing to and from.

My husband and I filed Chapter 13 Bankruptcy in February.
Norma
"Patience is the best remedy for every trouble"- Plautus
To sum up my long post, WE NOW HAVE A LIFE!
Norma
"Patience is the best remedy for every trouble"- Plautus
I read your response with a keen interest.
You sound like us, other than I don't have a job.
We have basically been treading water ever since DH got laid off in 2003.
Becky
CL of 4th, 5th & 6th grade Scoliosis
LUV your new signature panel.
Norma
"Patience is the best remedy for every trouble"- Plautus