My question involves bankruptcy in the state of: Texas.
I am 32. I went from 200k+ income in 04-07 to less than 100k in 08, down to 50k so far in 09. If I want to see my wife and child and not live only to work trying to make what I can to pay minimum payments I could easily afford at 200k, I am forced to file BK.
I am trying to keep my home. I leased it for 6 months and staying with family while attempting to sell. I have 40k in equity and noone will refinance when I truly looked into it because of Debt To Income issues. So I drained savings (50k) over the last year by trying to maintain my good credit ( (800+) when this whole fiasco began) and home in hopes of recovery.
I have recently decided to file with legal advice under ch. 13 to protect my home and vehicles. I fear I may have to convert if I cannot sell the home. My fear is 2 BK's on my credit profile and a longer term recovery from BK. Is there a chance a conversion should it be necessary will reflect as just 1 BK.
Should I just file for 7 from the beginning and risk an ordeal with those leasing my home?. I think I can qualify for either a 7 or 13.
My disposable income will go away if I stop working a second full time job ( 40hrs +35 hrs on 2nd job) and go back to one 40-50hr job and become sane again. I cannot maintain the 2nd for 5 yrs... so selling the home eventually will be imperative to lower my trustee payment.
I really want to do this right from the beginning.Thanks in advance for any guidance and information

