Posted on: 22nd Feb, 2010 09:32 am
We have owned our home for 15 years. We have very little equity left since the market took a dive. We have over $40,000 in credit card debt? No other savings or retirement. Can we file bankruptcy? If so, will we lose our home? Together, we make $52.000 gross a year. We are struggling to pay the bills each month. No car payments thankfully. What should we do?
hi guest,
before filing bankruptcy, you should contact a bankruptcy attorney and take his opinion as to which chapter of the bankruptcy would be best suited for you. you will be able to save your property provided you choose the right option.
if you file chapter 7, you will have to reaffirm your debts and pay off the dues on time. this will help you save the property. but it will also make you personally liable for the mortgage. if you file chapter 13, then you would be able to get a repayment plan from your lender. you will have to pay your dues as per the plan for 3-5 years and get discharged of the bankruptcy.
thanks
before filing bankruptcy, you should contact a bankruptcy attorney and take his opinion as to which chapter of the bankruptcy would be best suited for you. you will be able to save your property provided you choose the right option.
if you file chapter 7, you will have to reaffirm your debts and pay off the dues on time. this will help you save the property. but it will also make you personally liable for the mortgage. if you file chapter 13, then you would be able to get a repayment plan from your lender. you will have to pay your dues as per the plan for 3-5 years and get discharged of the bankruptcy.
thanks