Why did you only consider a Ch. 13? Do you have non-exempt property?
The lawyer only suggested a ch 13, never even anything else. We talked to him for about 10 min. not sure what you mean by non-exempt property. thanks Norma
A chapter 13 bankruptcy is called the "wage earner" plan. You would make a plan to be approved by the court to pay off all your creditors at "so much" on the dollar. The creditors have to take what you give them, as ordered by the court. For instance, you may owe Visa $5000 and the court-approved plan might have you make payments totaling $2,000. And then they are paid off. You would make one payment per month to the bankruptcy trustee who then divides it up among your creditors. One of the big advantages is that you can keep non-exempt property and not have it taken from you by the trustee. Non-exempt property would be like an airplane, extensive jewelry collection, stocks and bonds, etc.
In a Ch. 7, your debts are liquidated, except most taxes. They just go away. You can keep your house, car, furniture, personal belongings, pension, etc.
I don't know the details of your finances, so I suggest you get a free consult with another bankruptcy attorney who can advise you better than the first one did. Please feel free to ask any follow up questions that you have. It's a lot of information to digest!
The last time my husband talked to the lawyers helper, she said we didn't make enought money to file and to live, but at our ages we are doing the best we can. Thanks
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