Chapter 13 question..

[Amber]

I'm in a chapter 13 that covered only my house and car.
The bank foreclosed on the house and now the house belongs to the new
owners.
I would like to walk away from the chapter 13 since the car is worth a lot
less than I owe on it. Plus there is an unsecured amount on the car that I
might be liable for at the end of my chapter 13.

Is there any way I can walk away from the chapter 13 and give the car back
to the bank?

I live in Illinois where my chapter 13 is filed.

Thanks,
Amber

 

[J Baker]

I'm in a chapter 13 that covered only my house and car.
The bank foreclosed on the house and now the house belongs to the new
owners.
I would like to walk away from the chapter 13 since the car is worth a lot
less than I owe on it. Plus there is an unsecured amount on the car that I
might be liable for at the end of my chapter 13.

Is there any way I can walk away from the chapter 13 and give the car back
to the bank?

I live in Illinois where my chapter 13 is filed.

Thanks,
Amber

Convert your 13 to a 7.

 

[Brett Weiss]

Amber:

Your better bet may be to convert to a Chapter 7. You should discuss this
with your attorney to see if it makes sense for you.

--
Brett

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The Small Print: This response is for discussion purposes only. It isn't
meant to be legal advice and you shouldn't treat it as such. If you want
legal advice, speak with a local lawyer familiar with your state's laws who
can review *all* of the facts and the law applicable to your situation.
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