HELOC question and which chapter?

My husband and I both filed together, so I'm not sure about your situation. I think though that since your name is on the mortgages, you would have to list them in your BK. Then you would probably need to reaffirm them.

As far as which chapter, it would depend on your income. If you don't meet the means test for Chapter 7, then you would have to file Chapter 13. In Chapter 13, you would be put on a payment plan to pay back part of your debts over the next five years. However, if you try to file Chapter 7, I think that you might have to include your husband's income if he contributes to the household expenses.

It seems like your best option would be to consult an attorney. Most BK attorneys will give a free initial consultation.

I really expect to pay back part of my debts, so chapter 13 would be for me? What does "reaffirm" mean?
Thanks

When you reaffirm, you basically agree to still pay the debt in full, and not have it discharged in BK.

You are 100% correct alias, good advice you should consult an attorney because the new bk laws are very confusing now. Good luck to you.

last year I had 2 homes (rentals) go to forcloser, and completed my primary modification. Now I still have allthe other debt to deal with. B of A $35k HELOC, and credit card debt that mounted to approx another $65k or so. 1st. Should I have tried to include my HELOC in along with the Mod? If not what is the chance of making a deal with B of A, being that my income barely pays my normal bills. My home is in Az. and I had a Letter on my door today from B of A stating that a field rep from NCCI was here tody to assist them ( B of A) in communicating with me. And if I wasn't home to please call them immediatly. Last, Is my only option chapter #13??

Will BofA usually settle for 10 to 20 % on Helocs??