So I have put myself in a terrible situation, and also have not learned from my mistakes. Now I have a very hard battle to face. 4 years ago I did a Chapter 7. I rebounded very quickly. Last two years had an amazing job, everything was going great then life struck again. I'm not gonna bore anyone with what happend or anything but here is my situation. My pay right now is spuratic...anywhere between 3800 a month...and 5500 a month. I work in the Auto Industrie. I've spend all my savings pay down bills and right now I have nothing. I need to get my life straight because Me and My Fiance wanna buy a house in 5 years.
My debts are as follows
Trucks $26000 can't sell upsdie down
Bike #1 8500 trying to sell
Bike #2 6500 can't sell upside down.
Credit Cards are around 8800.
I have a loan through netcredit and Rise which are killing me. Combined they are 14k with extremely high interest rates.
Right now would a chapter 13 be in my best interest...I feel Like I almost need someone to take control of my finances for me.
In a chapter 13...could I surrender my bikes if I couldn't afford them.
Also I know that either a portion or a total of my unsecured will have to be paid back.
Also my truck I have only have had for a year...isn't there a rule that you must own a vehicle for at least 2 years before you can do a cram down or before you can reduce the payment.
You are allowed to file a Chapter 13 any time after filing a Chapter 7. When you file your case, you and your attorney determine a reasonable amount of money that you can pay back to your creditors over a three- to five-year period. There are a couple of things to note in this scenario:
It would probably be a 60 month plan for you and honestly, if you budget correctly, you might be able to clean this up faster than 60 months without trashing your credit a second time.
It’s your decision but I’m not really a fan of Chapter 13’s in general just because of how unforgiving they are.
I've trying toind this but the only bad thing is right now my Job is Commision and it's constantly up and down. Never know how much I am going to make.