My husband and I are currently in Chapter 13 Bankruptcy. We filed 6 months ago and the case was filed in the courts 3 months ago. Although we are having no problem with making our BK payments and our mortgage, we would like to reduce the costs even more. We both have very good jobs and have been at our positions for 20 years. The drop in the economy reduced our income by $10,000 a year for the past 5 years. We are now getting back to the place we once were, but we don't want to find ourselves back into the same situation. We are 15 years from retiring and would like to try to save as much as we can. We would like to sell our house and build our retirement home. We would be drastically downsizing and the loan would be much lower than our currently mortgage. Is this a possibility at this point in the BK or do we need to wait? We would like to do this sooner rather than later, since we will be saving more than $1000 a month. Will we be able to obtain a construction loan? We will try to sell our home in the mean time, but if the home doesn't sell before the construction is completed and we have to settle the building loan, what are our options? Should we try to sell our home first, before building the new home?
I would say that If your counseling session determines that bankruptcy is the best option, you have a long road ahead. Your next step will be to seek a bankruptcy attorney to help you navigate the legal process. Whatever you choose to do, your bankruptcy counseling session will be a critical step in moving forward with your finances, and your bankruptcy counselor will be the key to your financial future.