we have an option to continue the chapter 13 which is to high and we can not afford the payments, or should we file a chapter 7 and get it over with? we been in our home for 6yrs now we have not added any equity into it what are our options and please give helpful advice THANKS.
I would absolutely get the home on the market, after 6 years you should be able to sell and maybe even pay off your bills. And this will help you to keep your credit to get into something else. My brother had a hard time getting a good rental after filing.
Find a Realtor in your area that really knows your home, so they will get the home sold quickly.Good Luck
Hope this helps.
Denise Stuart
Justin & Kristin, The first step is to sell your home especially if you have equity. Contact a Realtor for a property evaluation and ask for an estimate of your net proceeds. You will need to have your mortgage payoff amount with any penalties if you are late on your payments. If you file ankruptcy and include your house, the bankruptcy trustee may list and sell the house. Definitely talk to your attorney as well.
Hi Justin. I don't know if you qualify for a chapter 7. You need to speak to your bankruptcy attorney. If the chapter 13 payments are too high, I don't see how it is supposed to help you avoid foreclosure. Maybe they could modify the chapter 13 payment plan. I would also talk to an experienced real estate agent about your options to sell. Advising you properly requires detailed knowledge of your overall financial situation. There are also potential tax consequences and real estate agents cannot give you tax or legal advice. Sharing opinions with you is not going to help you. You need to speak to professionals who can actually advice you. Best of luck.
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