Posted on: 19th Jan, 2010 01:07 pm
I have a ton of credit card debt and house is facing foreclosure. We have negative equity in the home so selling it is not an option. Me and my wife both turn 65 this year and collect soc security, no other income. All we have is $27,000 in savings....if we go Chapter 7 can they take all of our cash? What should we do?
hi billhearon!
welcome to forums!
rather than filing bankruptcy, i would suggest you to speak to your lender and apply for a loan modification. if the lender accepts it, then you can get a new payment plan to pay off the dues. though it will increase the term of the loan, you would be able to pay off the dues at least.
as far as your credit card debts are concerned, you should negotiate with your creditor so that he forgives a portion of it or gives you an affordable plan to pay them off.
if none of these options work, then you can think about filing chapter 7.
feel free to ask if you've further queries.
sussane
welcome to forums!
rather than filing bankruptcy, i would suggest you to speak to your lender and apply for a loan modification. if the lender accepts it, then you can get a new payment plan to pay off the dues. though it will increase the term of the loan, you would be able to pay off the dues at least.
as far as your credit card debts are concerned, you should negotiate with your creditor so that he forgives a portion of it or gives you an affordable plan to pay them off.
if none of these options work, then you can think about filing chapter 7.
feel free to ask if you've further queries.
sussane
but if Chapter 7 is my only option, what happens to savings...can they take some/all of it? is there a formula?