BK 7 -- what will happen?

What is the name of your state?TN

Ok, I spoke to a few off and on here and really appreciated all the advice I have gotten.

I am concerned as I am married and two children. Wife has been unemployed since end of April this year and I can't handle the financial burden any longer.

This is the situation.

Real Estate -- 143,344
Revolving -- 67,634
Installment -- 42,878
Collection -- 3,349

Total -- 257,205 Debt.


I do not understand the collection part on my cr as all of the revolving has been written off long ago to ca's.


But, I see no other alternative, with on incoming, but to file a CH 7. My wife cannot find work that would cover the difference of daycare and paying bills. Nor would she be able to find something anyway that would work around my traveling as well.

I cannot afford to loose my job for this sake as it's not easy to find a job making 45K a year with potential to grow higher as a computer programmer.


Now. My main concern is the house. I called the mortage people and they told me they would gladly reaffirm the debt after bk.

But, what would happen with the Trustee? The house is a new construction home that we purchased in Feb of 2003.

The tax apprasial is $127K and we owe $143K.

The cars we owe, one is at 24K and it's worth 11K and the other is worth 7K and owe 16K.

I have no other assests as the cc debt was used on groceries, vehicle repairs on cars I no longer own, breaks in contracts at apartment complexes, cell phone payments, which I no longer have the cell phones, wedding rings, proposal rings (which we have actually had to pawn all of those other than our bands just to get by), and the wedding expense itself.

There is no way a ch 13 could work as I couldn't pay over 3200 a month on my own and support the family.


So I am stuck and I don't know what to do. I must keep the house. But is that possible???

[bigun]

Forget about the appraised value. WHat is the house worth?

[Ladynred]

Really.. you're upside down on the cars - no equity - Trustee can't do anything, they're safe.

If you're upside down on the house too (and you probably are after only 1 year).. no equity - house would be safe.