Posted on: 25th May, 2011 10:15 am
I owe 70K of credit card debt, 40K on a car. MY wife just refinanced my apartment under her name only, even though we both figure in the property.
I have had a lot of bad developments business wise and although I am paying on time, so far, its only a matter of time before I can't afford payments. What is my best option,? BK or re-negotiation of Credit cards? What chapter if Bankruptcy? Will my property have to be included on a bankruptcy and if so what does that mean? Can I keep it? Is my wife credit in trouble even if she keeps making on time payments on her cards and on the apartment?
Thanks
I have had a lot of bad developments business wise and although I am paying on time, so far, its only a matter of time before I can't afford payments. What is my best option,? BK or re-negotiation of Credit cards? What chapter if Bankruptcy? Will my property have to be included on a bankruptcy and if so what does that mean? Can I keep it? Is my wife credit in trouble even if she keeps making on time payments on her cards and on the apartment?
Thanks
If you do a chapter 7 bk, this is the liquidation bk. You would include all your non secured debt. Your house could not be included. Or you can opt for ch. 13 bk, where you arrange a payoff with the courts and your creditors. You also should be able to keep the house. If its the bills that are hurting you, not the mortgage, then keep plugging away at the mortgage and either file BK for your cunsumer debt, or contact the creditors and see if they can work with you. Turn in your car and get a cheaper vehicle. Contact a local BK attorney in your area, they would be able to consult your options for free.
Hi ztheist!
Welcome to forums!
If you want to get rid of both your credit card debts as well as the car loan, then you can file bankruptcy and get a discharge from the debts. However, if you want to get rid of the credit card debts only, then you can go for a credit card consolidation.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you want to get rid of both your credit card debts as well as the car loan, then you can file bankruptcy and get a discharge from the debts. However, if you want to get rid of the credit card debts only, then you can go for a credit card consolidation.
Feel free to ask if you've further queries.
Sussane
