Giving House Back and then Filing Chapter 7

[yzerman]

My question involves bankruptcy in the state of: Wisconsin Hello,
We are in a chapter 13 and we have about 15 months to go on it yet. All of our secured debt will be paid off in 2 weeks and then it starts on our unsecured debt.We have a son that is Autistic and we have a HUGE opportunity to move to Texas where they have schools and resources for him that specialize in Autism that we don't have where we live right now.My husband was offered a job that will pay about $3.00 more an hour but he wants me to be a stay at home mom. There is no way we can afford trustee/mortgage payments here and our bills in Texas. So we were thinking of giving the house back to the bank and then filing a chapter 7 to get out of the debt from the ch 13 and the $$ from the house. Is this possible ?

[acip4u]

That is exactly what we did maybe a little different circumstances, yes it will work and you will not have to pay back mortagage or unsecured debt of coarse attorney fee's apply, we recieved discharge in April 2009.


Good Luck,

God Bless

[M'sta Mikey]

That is exactly what we did maybe a little different circumstances, yes it will work and you will not have to pay back mortagage or unsecured debt of coarse attorney fee's apply, we recieved discharge in April 2009.


Good Luck,

God Bless

Not so fast though!!! Filing Ch. 7 is much more restrictive then it was a few years back. If you have an income, you might not qualify for 7. There is a means test that will asses your ability to repay back your debt. If you don't meet the qualifications, Ch. 7 is out of the question.

You need to consult with your current bankruptcy attorney before you do anything.