Filing chapter 13...not yet sure?

[MyFico_704]

I am considering filing chapter 13 with...47k in cc debts (33k w/ BoA and 14 at Wachovia...which is also my employer).  Barely getting by but not yet any 30 day lates..

I'm not doing ch 7 b/c I still feel responsible and would like to pay back as much as I can..

Question:

If I file bankruptcy what impacts if any will this have on my employment with Wachovia?  I've been there 2.5 yrs and have not had any issues?

I'm just thinking I'd be fired or laid-off....?

Any comments or suggestions...?

Thanks.

[Anonymous]

1.  You don't get to choose BK 7 automatically, especially when you have income.  They will require BK 13 and your payments will be based upon your income and discretionary income above living expenses.

2.  Max payment plan under 13 is 5 years.  Can be as little as 3 years, case by case...

3.  I would suggest looking into a reputable credit counseling or debt management plan prior to BK.  Credit Unions very often offer free credit counseling services to its members.

4.  Speak with a BK attorney to get all the facts so you can make an informed decision, comparing the CCC/DMP and BK info.

NOTE:  I'm not sure how Wachovia would look at your BK if you are an employee...but if you can get the debts restructured, maybe get rates reduced and then really work on an aggressive budget you could stay out of BK.

Good luck!

[MyFico_704]

Thanks for the reply.

I have heard many bad stories about credit counselors/debt management not paying credits what debtors pay them or they don't truely work with you to help you resolve your credit issues.   I just feel like going the bk route and get it over with....

[Anonymous]

This is why I suggest you use one through a credit union.