Chapter 7 or 13 Bankruptcy– Which is the best choice?
A couple I talked to it was a hard choice of which bankruptcy to file. The first problem was the mobile home they had bought but when they did it they tied the land they already had, to get the loan because of their credit being not in the best of shape. The mobile home company did not do all they were suppose to do like a water well, septic tank, and a new air-conditioner. Because of this they did not make the payments on the home till they fixed everything. THe mortgage company is now going to foreclose on the home, because he tied his land that was paid for to the loan he would lose the land, The chapter 13 would catch him up but still nothing would be fixed.
The second part of their problem, the husband was driving a friend’s truck had an accident no insurance on the truck. He is a truck driver which if he loses his drivers license because of this well not he can’t work. The chapter 7 would allow him to discharge the debt and keep his drivers license the chapter 13 would not.
The decision was made to file the chapter 7 surrendering the home but try and find an attorney to fight the mortgage company for never doing what they were suppose to do in the first place.
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