Let me first say I am so glad that I have found this site. I'm not sure whats going to happen from here so I'll give you a little background. I currently live in the State of Nevada and a little over a year ago my husband and I filed a chapter 13 bankruptcy with our monthly payments being set at $2275.00 a month at a 100% payback for a term of 5 years. Given the rural nature of where we live the living expenses and medical expenses were extremely under budgeted by the IRS standards. We are scheduled to pay our first and second mortgage outside the bankruptcy plan at the present time. So far we have not become delinquent with the house but given the large payment to the trustee it is became increasing difficult to keep it that way.
Since filing for bankruptcy my husband and i have decided to divorce. I am maintaining the house and joint custody of our minor child. He has taken up residence elsewhere. The bankruptcy payment is so large we can not assign it to any one person, and even if we split the payment it is still high for either of our individual monthly take home pay. I don't want to loose my home, which is why we have struggled to maintain the payments, and since seperating it's even harder to make that payment and a payment to the bankruptcy court as well. At the present time there is no equity in the home.
I suppose what I am asking is what happens now? Is there the possibility that I could convert to a chapter 7 on my portion of the debt and still maintain my home? Since the divorce is very amicable (sp) I am concerned for how this will effect my ex. Is it possible for my ex to file a chapter 7 on his portion of the debt or will there be a wait? We do not have a meeting with our attorney for another week or so and not having any idea is making me nuts. Any insight or information you can offer would be greatly appreciated.