should I file chapter 13?

[conbon70]

My income has dropped from $70,000 per year to $30,000 this year.
I am struggling to make my mortgage, auto and cc payments.
I dont want to loose our home. I tried to do a loan modification but I was
turned down due to insufficient income.
I am now considering filling chapter 13. My question is can I keep our home and our 3 cars? My husband and I have our cars and then we have a car for our 18 year old son.
How does the repayment plan work? Do they combine all of your monthly debt and decide how much you can afford? Or do you continue to pay the same amount on the mortgage and the cars that you attend to keep and then pay what they determine you can afford on the cc bills?

[PCBFL]

You should talk with a BK attorney, most will do a free consultation. Keeping a 3rd car may be a problem. We are in a 7 right now and because we had a car that was paid off we are having to buy it from the courts so we now have a car payment. Every situation is different, pretty sure on a 13 they look at your current income and determine what you can pay as a percentage of that....not an attorney or giving legal advice here so you should talk to one to get details on your particular situation.