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kolmilota · Joined: 11 Mar 2010 Posts: 2 1.68 Dollars($)

My wife and I both have good jobs. We have a first mortgage of 384K and a second mortgage of 97K. Since the home values have plunged badly and our home is now worth 310K. Both these mortgage payments have never been late. We also have a time share that is worth $15k and we owe about $11k on it.

We have 2 cars on payments and they are worth less then what we owe on them. We have about $190k of unsecured debt and $50k of student loan debt. We are also supporting two elderly parents for 3k a month. Our credit cards are maxed out.

We make more than Georgia state median income; we also passed the means test and have disposable income of $200.

We have consulted to a Non-Profit Debt Management Organization and they provided a plan that is not even possible for us. They also advised us to look for other means of help. We are making our best effort and really have no other assets of value, except household items. Can/should we file Chapter 13? Some detail opinion would be appreciated.

jameshogg · Posted: Thu Mar 11, 2010 8:29 pm Post subject:

Hi kolmilota,

If you want to reorganize your debts and save your property, then filing Chapter 13 would be a good option for you. Your lenders and creditors would give you a payment plan to pay off your dues. Depending upon that payment plan, you will have to clear your debts within 3-5 years. Your payment plan would depend upon your financial situation. Thus, if you feel that you would be able to pay off the dues with the help of that plan, then it would be a good option to go for Chapter 13. However, if you want to start afresh, then you should go for Chapter 7.

Thanks

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