Posted on: 03rd Oct, 2009 02:08 pm
We have an RV that we still owe $48,000 on, will we have to give up the RV if we file a Chapter 13? Also we own a car (free title) worth $9000 will we have to give it up? We both work so need 2 transportations.
You do nto need to give up the RV and Car
You cna exclude them from yoru bankruptcy
You cna exclude them from yoru bankruptcy
you can pick and choose the debts you want to be exempt from under bankruptcy?
This is a good article which tells you what happnes and how to do it. All about bankruptcy
http://www.mortgagefit.com/bankruptcy.html
http://www.mortgagefit.com/bankruptcy.html
Hi peggywilson!
Welcome to forums!
In Chapter 13 bankruptcy, the trustee does not sell off the property to pay your creditors. Rather, you would get a payment plan to pay off the mortgage dues in case you include your RV in the bankruptcy filing. You will have to pay off the dues within 3-5 years as per the payment plan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
In Chapter 13 bankruptcy, the trustee does not sell off the property to pay your creditors. Rather, you would get a payment plan to pay off the mortgage dues in case you include your RV in the bankruptcy filing. You will have to pay off the dues within 3-5 years as per the payment plan.
Feel free to ask if you've further queries.
Sussane