Chapter 13 simple question

[chalumeau]

What is the name of your state? MO

I don't have any asset or property, I am a student. I have $15,000 credit card debts. If I filed chapter 13, how much can I lower my debts? And what would my minumum payment would be? Thank you.

[ihatearizona]

Why are you filing for 13 instead of 7?

[chalumeau]

I did some research today that Chapter 7 can do much damage to my future then filling chapter 13. I don't have any personal assests or morgages, only an old used car, and have a little bit of extra money left after paying bills like rent, food, gas, phone bills..etc, I thought may be off filiing Chapter 13 in stead? I might be wrong on all this, so please kindly advise! Thanks so much again!

[ihatearizona]

Originally Posted by chalumeau

I did some research today that Chapter 7 can do much damage to my future then filling chapter 13. I don't have any personal assests or morgages, only an old used car, and have a little bit of extra money left after paying bills like rent, food, gas, phone bills..etc, I thought may be off filiing Chapter 13 in stead? I might be wrong on all this, so please kindly advise! Thanks so much again!

How much money would you have left over each month should you stop paying your creditors? If it's over $100 you could get forced into a chapter 13. How much would you value your car at should you have to sell it?

Chapter 13 does just as much damage as a 7 IMO. The only difference is that a 13 would only stay on your credit reports for 7 years vs a chapter 7 which would stay on for 10 years.

In a 13, you could go on for years making payments to the Trustee for your debt. In a 7 your debt is wiped out.

[chalumeau]

You mean if I have over $100 in my bank each month after filling chap 7, I will be forced into chap 13? I intend to sell my car for $1,500. Thanks for your info, they've been REALLY helpful.