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CA Lawyer
CA Lawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 1655
Experience:  Bankruptcy Attorney
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Im 26,000 dollars in credit card debt. Ive been out of work

Customer Question

I'm 26,000 dollars in credit card debt. I've been out of work for almost a year. I've exhausted all my resources trying to stay current with my credit card debt, morgage, and other monthly expensives. I owe more on my house then it's value. What type of bankrupcy could I file to eliminate my credit card debt or at least lower the balance so I can try and make my morgage payments. I 'm at the end of my rope. Thanks
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  CA Lawyer replied 7 years ago.
A Chapter 7 is the type of bankruptcy that eliminates all of your dischargeable debts (basically anything but taxes, student loans, court fines, wages owed, security deposits owed to consumers, and a few other items.)

A Chapter 13 bankruptcy would be the type to make a partial or full repayment plan over 3 to 5 years.

Here is a link to a form from the US Courts explaining the different types. CLICK HERE. (PDF FILE)

Here is a link to a bankruptcy basics guide from the U.S. Courts. CLICK HERE.



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Customer: replied 7 years ago.
What about my house filing chapter 7?
Expert:  CA Lawyer replied 7 years ago.
Typically people will either let it go or simply keep the payments current.

If the payments are kept current, they can't foreclose.

If there is no equity, the trustee won't sell it because there is nothing to make from it.

For secured debts (car loans, house loans, etc.) the payments have to be made to keep the property. Sometimes a reaffirmation agreement is necessary, but not typically with mortgages.



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Remember, this is for entertainment and educational discussion only and is not intended as legal advice and that no attorney client relationship is formed.


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