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caldwell17 · Joined: 22 Sep 2008 Posts: 1 1.10 Dollars($)

Due to my husband not getting any work, our bills are more than we actually make now. I am starting to get behind on credit cards and other personal loans. If I file chapter 13, do I have to sell any assets. We have some property other than our home that we want to keep and we have a home that my son is leasing to own and I wouldn't want to lose his home either.

sweeney · Posted: Mon Sep 22, 2008 5:55 pm Post subject:

Hello- Please talk to a bankruptcy attorney regarding this. Your situation will depend on the state you live in and the assets/liabilities you have. Good luck.

smithsussane · Posted: Mon Sep 22, 2008 10:37 pm Post subject:

Hi caldwell17!

Welcome to the forums!

Reorganization bankruptcy is also known as Chapter 13 bankruptcy. The loss mitigation department of bank will negotiate with you and will chalk out a plan through which you will be able to pay back your debts within a period of 3-5 years. You can go for this type of bankruptcy as this is mainly for the debtors who have some non-exempt property that they want to keep. However, you must have a predictable income with which you can payoff the debts in the given time frame. But various clauses may vary from state to state.

I would like to tell you that filing bankruptcy is the not only option. You can either go for a deed in lieu or a short sale on your real estate properties. You may be knowing that bankruptcy damages the credit scores severely. In case of deed in lieu or short sale, the credit score is not damages so seriously.

Feel free to ask if you have further queries.

Sussane.

Posted: Tue Jul 07, 2009 7:30 pm Post subject:

if my i file do i have to put up my house

adonis · Posted: Tue Jul 07, 2009 10:21 pm Post subject:

I guess you're speaking about bankruptcy filing here. It is not mandatory to include your house in your bankruptcy filing. It'll depend upon the type of bankruptcy you're filing.

beatricejones33 · Joined: 08 Jul 2009 Posts: 9 3.93 Dollars($)

Hello!
Chapter 13 does not involve sale or liquidation of assets. It is more about restructuring your debts. You will be offered new terms on your loans which may have either lower rates of interest or even no rates. But this option is suitable only for people who have a fixed regular income.

Guest

If I file chapter 13 cna I file 7 with in 6 months

hemsleysue · Joined: 13 Sep 2009 Posts: 72 0.02 Dollars($)

no
you can do it after 6 yrs from date of chapter 13 discharge

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Do I have to sell assets if I file chapter 13 bankruptcy?