Chapter 13-waste of time?

[Brad66]

My wife and I live in Florida, have $60,000 in unsecured debt. Mainly due to poor money management(very low income during first years of marriage). We are attempting credit counseling now. Which to be honest will be exceedingly difficult (6 years @ $1200 per month). Have 2 young children. If we are forced into a Chapter 13 situation, will people enter our home to remove valuables above the combined $2000 limit (childrens toys, furnishings, clothes??). Thanks, Brad

 

[bigun]

A chapter 7 is always preferable to a chapter 13. With a low income and 2 kids, why are you not filing a chapter 7? Have you sought legal counsel?

 

[Ladynred]

Oh yeah.. good deal.. a company that has cease and desist orders against it in FIVE states !! ???? I'd say thats a very questionable 'solution', especially if what they're offering is a "new" credit file.

I'd be very cautious of jumping at claims like that.....

 

[Brad66]

Chapter 7 vs 13

Yes we have sought legal advise. The attorney recommended chapter 13 as the only feasible option. Our current combined salary (about 65,000) was felt to be too high for chapter 7 .. Brad

 

[bigun]

Wow, $60K in unsecured debt and $65K income and 2 kids. I dunno?? I think I'd get a 2nd opinion. However, if a 13 is the solution, it is a workout situation. No body is going to empty your house. You'll just pay the debts back over a 36-60 month period.