Ch 13 100%
Hi there!
I am strongly considering filing for bankruptcy….I live in Tennessee. I have roughly $110k in CC debt (I know, it’s awful). I own my home with my husband but would be filing solo (all cc debt is in my name only). We owe about $250k and our estimated value is $450k - but realistically I don’t think our home would sell that high as it’s outdated and needs some repairs. We purchased before we were married so it is titled joint owners with rights of survivorship vs tenants by entirety. I do *not* want to lose my house.
I haven’t consulted with an attorney but based on everything I’ve found online I will not qualify for ch 7.
I would more than likely owe 100% in ch 13 based on our estimated equity and the size of my debt.
My main question is - would the 100% simply be $110k/60 for the 5 year plan? From what I’ve read, I would have to pay at least what they would get from selling my house.
I am current on all payments but the interest is killing me and at this rate, it will never be paid off.
TIA!!