It’s not as if we don’t know what happened. As a couple we have an excellent and good credit rating. One month we were paying everything on time and the next everyone raised their interest rates and minimum payment and we didn’t have the money to make ends meet. The only things we want to keep out of this are our camper, vehicle, and house. We looked into a DMP but they came up with a plan that was only 187.00 less than we’re paying leaving us 300 per month short. In a bankrupcy would we have to lose the camper? We want to do a chapter 13 because we want to pay these companies off not just throw our hands in the air and not pay.
Thank you for your time,
Well I think you discovered one of the problems with a credit counseling program. The payment is calculated by what the creditor wants and not by what makes the most sense for you. If you can afford at least the minimum payment a credit counseling program can make sense. If you can’t, it doesn’t.
Your first step would be to click here to find a local bankruptcy attorney and go talk to them. It might be possible to reaffirm the camper debt and keep it through the bankruptcy but as the attorney may warn you, any reaffirmed debt may not be able to be included in a future bankruptcy if you ran into troubles again.
I get the point about “we want to pay these companies off not just throw our hands in the air and not pay,” but you need to realize that there is nothing that prevents you from seeking Chapter 7 bankruptcy protection if you qualify for it and paying the creditors back latter.
In a perfect world the underlying conditions would not have changed that lead to an imbalance in your life that created this situation. The creditors changed the minimum payments and it is what it is. It’s not like you just awoke one morning and said the hell with it and did not want to pay. You need to not beat yourself up over this.
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.