How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask FiveStarLaw Your Own Question

FiveStarLaw
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36569
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
FiveStarLaw is online now
A new question is answered every 9 seconds

I am $160,000 in debt. I am 62, retired, married but considering

Customer Question

I am $160,000 in debt. I am 62, retired, married but considering a legal separation. My husband is retiring this month and will also be receiving a pension. We have two old fixer upper homes. ONe mortgage is 325,000 worth about 425,000. Payment is 2800. The other morgage is 60,000 worth about 150,000. My married daughter lives there. Payment is 1400. Would it be wise to place the second home on a care taker agreement with a Chicago,Ill.attorney? Would I be making the wrong choice to enroll in Mr. Lanettes debt elimination program called, Debt Counsel for Seniors and the Disabled, Chicago Illinois. I was referred by Debt Advisors from CA as they work nationwide and they are reputable. All the credit card debt is in my name. I am not sure how much my husband will clear. I clear 4,900 a month. I am afraid to be sued by creditors or loose a home. My kids need it. Please advice. Depressed mind. I need to make a quick decision. I can't continue to make payments to credit cards
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 5 years ago.

Hello,


Thank you for your question. I am happy to assist you.


You can consider filing a Chapter 13 bankruptcy.


A Chapter 13 bankruptcy could eliminate the high interest rate of your credit cards and restructure your unsecured credit card debt over a 3-5 year period.


I hope that the information which I provided was helpful to you.


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,
FLAandNYLAWYER


Please hit ACCEPT so that I can get credit for my work

Bonuses and Positive Feedback gratefully accepted!


THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE

Customer: replied 5 years ago.
I wanted to know if it was wise to go with Debt Counsel for Seniors and Disabled. This program eliminates your debt completely and declared your account debt uncollectible. This company is in the internet. I already knew about the Chapter 13 INformation. I also wanted to find out if a caretaker agreement for my second home is a good way to shelter an asset.
Expert:  FiveStarLaw replied 5 years ago.
Hello,

I placed your questions in blue for clarity.

I wanted to know if it was wise to go with Debt Counsel for Seniors and Disabled. This program eliminates your debt completely and declared your account debt uncollectible.
There are no guarantees that your debt will be eliminated with such a program. Furthermore, because you debt is declared "uncollectible" does not mean that a creditor will not attempt to collect it anyway by filing suit. Typically a Chapter 13 is very much preferable.


This company is in the internet. I already knew about the Chapter 13 INformation. I also wanted to find out if a caretaker agreement for my second home is a good way to shelter an asset.

A caretaker agreement would not shelter your asset from creditors.

I hope that this information has helped you.

If I can be of assistance in the future, please ask for FLAandNYLawyer.


Please CLICK ACCEPT so I can receive credit

Bonus and Positive Feedback = job well done.


THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE


Customer: replied 5 years ago.
I need clarification on the caretaker agreement. A lien would be place on the house by the atorney which could not be touched by creditors, Mr. Lamet said. We lived in the house from 1975-1990 so does that not make it a homestead of 100,000.
Customer: replied 5 years ago.
The attorney, Mr. Lamet said that by placing a lien on the house with a caretakers agreement that that would keep creditors from touching it. Also we lived in the house from 1975-1990 making it a homestead eventhough we moved to a second home in 1990. Both my son and daughter have lived in it for a number of years. Doesn't that protect it too.
Expert:  FiveStarLaw replied 5 years ago.
I am going to opt out so that another expert can assist you.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.
 
 
 

Related Bankruptcy Law Questions