We filed CH7 BK in Oct 2002. We have managed to get our credit rating back up to a decent score (675/685/680) since. Well, my husband has decided he wants a divorce. There is no way either of us can afford our home on our own. We also have numerous joint accounts. My question is do I really have to wait until Oct 2010 to file BK again? Honestly, I don't think I can manage until then. My husband is threatening to quit his job so he doesn't have to pay as much child support. So I am only counting on my income. Which will be just enough for rent, utilities, gas, groceries, and other necessities.
(Corrected typo, we filed in 2002 not 2001)
Thanks for the reply. I had a typo there. We filed in 2002 not 2001. Would I be able to file CH13 maybe? Any suggestions?
I believe you can file Ch. 13 after 4 years (this may not be the right number, but I know it's less than 8 years).
You can generally file a 13 as soon as a 7 is discharged in order to handle debts not dischargable in a 7 (taxes, student loans, child support). Called doing a "20".
You could do a 13 and surrender the house, getting a minimum 3 year plan. Finish the 3 years and be done with it.
REMEMBER, THIS IS NOT LEGAL ADVICE>
You can file Chapter13 as it is a different chapter. Make sure you list your Husband as a creditor to prevent him from suing you :-)
I did that on my x-wife lol
Thanks for the info everyone. But I have a few other questions. I went to talk to the same BK atty that handled our 1st BK. She answered all of my questions but I've come up with a few more since then. I have an appt next week but was wondering if anyone here got shed some light on them until next week.
1. How long will it take once I file for the payments to start being deducted from my check?
2. What happens if I need to finance a "new" car for reasons beyond my control (ie. wreck, car dies)?
3. Will the CH13 drop off my CR once I'm done paying everything or does it stay for 10 yrs like the CH7?
4. I read on the FAQ's thread that things will report late on my CR b/c sercured debt is paid before unsecured. At least that's what I thought I read. Can someone clarify please?
Ch13 is 7 years, Ch7 is 10 years on CR.
My DH & I filed for Chapter 13 in 10/2005.
(1) The trustee payments came directly out of my payroll deduction. I remember paying the trustee directly for the first 2 months. By that time the Bankruptcy Court had issued an wage attachment Order to my employer for garnishment.
(2) During our 3 year BK - we had entertained the thought of purchasing an auto. I sent a written request to our trustee - we never had a problem making our trustee payments - and he issued a letter to us stating that we could finance an auto but not to pay interest exceeding 18%. We were to show this letter to the dealer/bank if we decided to get it. We decided not to finance a car at that time and just bought a used car with cash.
(3) A Ch 13 BK will stay on your CR for 7 years from the date you file. Ours is due to come off our CR in 10/2012.
(4) Yes, secured debt - such as a mortgage - will be paid before anything unsecured. Keep in mind that your unsecured debtors MUST file a "Proof of Claim" with the amount of their claim to be included in the trustee plan payments. Some of our unsecured debtors did not file a Proof of Claim and they're now SOL. Most CH 13 Trustee's have a weblink that you can enter a user name/password to see the order of your debts, based on their Proof of Claim and see when/how much they get paid. With regard to your CR, a creditor listed on your BK can't report "late". They SHOULD report "IIB" (included in bk) with an amount due of zero.
Hope this helps you - I'm relaying our own experience - please don't take this as legal advice.