chapter 7 or 13?

We lost our house last year. Right now we both,finally,have jobs with combined income of 75,000. We are about 25,000 in debt. Should we declare 13 or 7? I want to buy another house in 5 years. Is this possible in CO?

I am on a Chapter 13. I wish I would have gone a Chapter 7. That way you can start rebuilding your credit right away. I can't until Im done paying off my chapter 13. A lawyer might tell you that since you have an income that you should go with a 13. I have talked to so many people that went with 7 and it is so much easier. This is just my opinion and I thought it might help you decide. Chapter 13 is for people that don't want to loose their homes and cars. Good luck!

Chapter 7 is a more complete debt relief plan, but you are also looking at a negative credit report for 10 years, vs 7 years for chapter 13. Furthermore, once your case is discharged, creditors still look at ch.13 vs ch. 7 and often are more inclined to make loan to ch. 13'ers. If you are making over $75K a year, and have only $25K in debt, it would probably be in your best interest, and your credit's interest, to call the local consumer credit counsel agency in your state. They will set up a plan between you and your creditors where quite often the interest is brought down to almost nothing while you make monthly payments according to a set budget. The payoff time is almost 3-5 years in most cases(similar to ch. 7), but you are actually repairing your credit as you make your on-time payments, and the creditors get all of their money. One drawback--your accounts are usually still active, allowing you to charge more to your account.
Remember, you created the debt. If you're making 75K, you're in a position to pay it off. Don't take the (often perceived) easy way out. There's is an unwritten ethical issue at hand, but this is up to you to decide. Although some will say that they wish they had gone ch. 7 over ch. 13, I know many more that say they wish they had not done it AT ALL!

I was told by my attorney that Chapter 13 stays on your credit for up to 10 years. In my case I had no choice but to go through bankruptcy cause my husband almost died and we couldn't keep up on the bills. We tried CCS and it didn't work. Not all creditors have to accept it and you are not allowed to charge while you are on it. Since I have been on bankruptcy, I have been sent so many charge cards so it isn't hard to rebuild your credit. Your debt does not exceed your income so I would try to get out of it on your own. Either way, 7 or 13, you have to rebuild so it doesn't really matter.