My question involves bankruptcy in the state of: Nevada
We are at the end of year 2 of 5 in chapter 13 bankruptcy. We now have some extra money every month. Probably about $1500-2,000 a month.I want to open a new IRA(for my husband) and start contributing more money to my 401K at work. We are in our late 40's. I would like to eventually downsize my house in the next 3-10 years. I also have a second mortgage.. I have a balance of $97,000 that I owe in addition to my $327.000 mortgage. I know this house is too much cost and room than we need but am afraid I will not be able to get another home loan due to the BK.Not sure if I want to be stuck in the house with an adjustable loan. Do I just stockpile cash? Pay it on my house?? It looks like a lot of issues to pay the bankruptcy off early. Any help is greatly appreciated!! Thank you!!
We are at the end of year 2 of 5 in chapter 13 bankruptcy. We now have some extra money every month. Probably about $1500-2,000 a month.I want to open a new IRA(for my husband) and start contributing more money to my 401K at work. We are in our late 40's. I would like to eventually downsize my house in the next 3-10 years. I also have a second mortgage.. I have a balance of $97,000 that I owe in addition to my $327.000 mortgage. I know this house is too much cost and room than we need but am afraid I will not be able to get another home loan due to the BK.Not sure if I want to be stuck in the house with an adjustable loan. Do I just stockpile cash? Pay it on my house?? It looks like a lot of issues to pay the bankruptcy off early. Any help is greatly appreciated!! Thank you!!
Chapter 13: What to Do with Extra Money During Chapter 13
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