Posted on: 29th Apr, 2010 10:16 am
I filed chapter 7 in 2005 and in 2007 I lost my home to foreclosure and lost my car to repossession. I am thinking about filing for chapter 13. Since I can't file chapter 7 for another 3 years. Under chapter 13 since I don't have the house and car anymore, will I still have to pay back exactly what I owe or will it be less?
Welcome purple,
As your property has been foreclosed upon and the car has been repossessed, you will not be liable for paying those dues when you file Chapter 13. Is there any specific reason as to why you want to file Chapter 13?
As your property has been foreclosed upon and the car has been repossessed, you will not be liable for paying those dues when you file Chapter 13. Is there any specific reason as to why you want to file Chapter 13?
i have to so I will not have to be sued for the house and car. Is there something else that I can do?
After a foreclosure and car repossession, you will be liable for the deficient balance resulting from the sale. Rather than filing Chapter 13, you should file Chapter 7 to get rid of the balance amount.