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I want to ask a couple of other questions regarding Chapter 13. We are pretty sure we will file soon. The main reason is bank is pursuing us over a 2nd mortgage of $125,000. They have threatened to sell to credit collection agency if we didn't pay them something.
My father in law cosigned a note from GE capital regarding some furniture we bought from Ashley furniture in NM over a year ago.. How do we not involve him in our choice to go bankrupt since he signed as a cosigner?
I would like to start taking my social security (I am 63) not sure implication's with chapter 13. PLus my wife has a small pension she could start taking.
We want to take care of things that should be before we do this
Plus how much should we be prepared to pay atty?
What are your thoughts?
Should we try to pay off the credit card my father in law is on or can he pay it off so as not to effect him at all. I read you can't do a favored status on debts ..
Is there also difference in secured and unsecured debt?
Lastly our student loan is with Direct Loans that we keep?