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Help.....May need to file Chapter 7 again, but unsure if we can. what options do we have

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dlynk196
Valued Member

Help.....May need to file Chapter 7 again, but unsure if we can. what options do we have

All-

Let me preface this by saying that we are not trying to abuse any system, and I'm aware we should've learned our lesson after our initial discharge. We are in a spot now that is causing excessive anxiety and we are unsure/unclear as to what we can do. Please, this forum helped us through our first bankruptcy and we need adive/help now.

 

Details - We had a bankruptcy chapter 7 filed in April 2009 / Discharged July 2009. Since then we have had perfect credit - No lates, no collections, etc. We re-built our credit and have recently purchased a new home last year. Yes, we had opened up some credit cards when we got the home and persomal loans to do some renovatiions. My wife is pregnant with our 3rd child and has recently lost her job. Each month I'm struggling hard to pay everything, we have an excessive amount of credit card bill and personal loans through propsper/lending club. We should have never got involved, but it's too late now.

 

We have 150k in credit card debt (minimum payments total 1900/month)

We have 125k outstanding in personal loans (minimum payments total 3500/month)

 

THe minimums on these are drowning me and I won't last another two months. Again, we have not been late up until now, but I can't do it anymore. I make 75k/year and my wife no longer has any income and a 3rd child on the way. I have read that we can't file a chapter 7 again for 8 years from first filing, which means we would have to wait until April 2017. I wont be able to make due until then and make these payments..

 

What can we do?

Our mortgage is up to date, and not late.

 

So stressed, and I don't want my wife to stress during this preganacy. Just need help and advice as to what we can do, or what optuions we have. Please refrain from bashing, as I know we messed up again. Nobody's fault but my own.

 

Thanks , Dan

Message 1 of 7
6 REPLIES 6
StartingOver10
Moderator Emerita

Re: Help.....May need to file Chapter 7 again, but unsure if we can. what options do we have

You can file a Ch 13.

 

Here is a little bit of info: http://www.nolo.com/legal-encyclopedia/chapter-13-bankruptcy

 

 

Message 2 of 7
CH-7-Mission-Accomplished
Valued Contributor

Re: Help.....May need to file Chapter 7 again, but unsure if we can. what options do we have


@StartingOver10 wrote:

You can file a Ch 13.

 

Here is a little bit of info: http://www.nolo.com/legal-encyclopedia/chapter-13-bankruptcy

 

 


You definitely need to file.  Go talk to a BK attorney.  I believe you can file a 13 and when you hit year 7, you can convert it to a chapter 7.

 

You are in way too deep if your income is 75K and you have 250K in nonmortgage debt.

 

Good luck.  

 

Act now.  Once you take action you will get your mental health back.  The worst part is indecision.

Message 3 of 7
dlynk196
Valued Member

Re: Help.....May need to file Chapter 7 again, but unsure if we can. what options do we have

Thanks so much for the quick reply and advice.

 

Sounds like I need to go speak to an attorney; thank you.

 

I'm current on the mortgage and car payment - Mortgage really has only 10k in equity (we reside in CT) Will we be able to keep our home and vehicle if we go the 13 to a 7 route? So afraid with 3 kids that we have to give up the home too.

 

Thanks again,

Daniel

Message 4 of 7
CH-7-Mission-Accomplished
Valued Contributor

Re: Help.....May need to file Chapter 7 again, but unsure if we can. what options do we have


@dlynk196 wrote:

Thanks so much for the quick reply and advice.

 

Sounds like I need to go speak to an attorney; thank you.

 

I'm current on the mortgage and car payment - Mortgage really has only 10k in equity (we reside in CT) Will we be able to keep our home and vehicle if we go the 13 to a 7 route? So afraid with 3 kids that we have to give up the home too.

 

Thanks again,

Daniel


Only a qualified BK attorney can answer this question with any degree of expertise.  Go talk to one!   People are wel lmeaning in their advice, but not always correct.

Message 5 of 7
StartingOver10
Moderator Emerita

Re: Help.....May need to file Chapter 7 again, but unsure if we can. what options do we have

Talk to more than one Bk attorney to make sure you choose the one that is right for you. I agree with Ch-7 Rebuilding that we aren't attorney's here and could very well give wrong or incomplete answers. Bk is different from state to state so speak to knowledgeable attorney's in your area. 

 

I would say this:  try to stay away from the "mill type" Bk attorneys where they just push you through the process. Get a good, knowledgeable small shop type IMO. Interview and compare. You will see differences in knowledge and experience. 

Message 6 of 7
thisladyz
Regular Contributor

Re: Help.....May need to file Chapter 7 again, but unsure if we can. what options do we have

A BK attorney can tell you that you need to have a viable budget to be in a 13. You need to have enough to cover your home, cars, food, insurance etc. then what is left will go to creditors. Some people end up in 0 payback to creditors. Only a lawyer can set that up for you when you go over your expenses and income.
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Nov 2021-- 817-- 817-- 809
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