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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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We have far to much credit card debt and a motor home we are

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We have far to much credit card debt and a motor home we are unable to get near what we owe on it. We are both now retired as I lost my part time job in Dec. o8. My husband is 80 yrs old and I am 70. What is our best course of action? we have a Homestead act filed on the house. Although at this time we owe more than it is worth.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.

Hello,


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


You can consider filing bankruptcy.


As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.


A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender any assets that exceed your exemption.


A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured credit card debt over a 3 -5 year period. However, you may retain assets that exceed your exemption.

Here are the exemptions for Nevada:
http://www.bankruptcyinformation.com/NV_exemp.htm


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

Ellen and other Bankruptcy Law Specialists are ready to help you