I am filing for Ch7 bankruptcy - my mortgage is a sucky one that I got coersed into - it has MIN payment of like 500 and interest only of like 1000 and P+I of 1100. I have been making the MIN and didnt realize that the difference between the MIN and the interest only payment (i.e. 500$) gets added to my principal each month!!! I only pull in 1200 a month from SS, I am retired.
Anyways, the Ch7 will get rid of my CC debts but I will still only be able to pay the MIN with my income. I am digging a deeper and deeper hole I know...Any advice?
I have no equityin the home due to only paying the minimum. I have heard of people filing a CH20 - i.e. a CH7 (to get rid of debts) followed by a Ch13 to pressure the mortgage company to restructure the loan. Is this doable?

