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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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we are 82 & 75. Serious cuts to our income, as I, 75, can

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we are 82 & 75. Serious cuts to our income, as I, 75, can no longer work, and we have had medical bills, and we find we are having problems to pay mortgage and credit cards. We do not want to declare bankruptcy. What do you suggest. We would like to reduce our mortgage payment. We now pay 1919.00. Original value was 429900. Now value is 234000. Mortgage is now 312000. Can we get some help getting as consolidation loan for our credit cards, total of approx. 60000. Thank you.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.

Hello,

 

So sorry to hear of your situation.

 

A repayment plan of any type does not seem to be in your best interests. You can consider filing a Chapter 7 bankruptcy.

 

A Chapter 7 bankruptcy may help you with your financial problems.

 

A Chapter 7 bankruptcy could discharge (erase) all of your credit card and any other unsecured debt. Hopefully without the unsecured debt you would be able to pay your mortgage. It could be an opportunity for a fresh financial start.

 

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

 

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