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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2884
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Hi, I am in serious debt - around $100,000. It is all credit

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I am in serious debt - around $100,000. It is all credit card debt. I have been needing to live on credit cards. I am self-employed, and the monthly bills are killing me - litterally. This month, I don't think I am going to be able to meet my credit card bills and I am losing sleep at night. I do own a house; however I own it with my Mother and we are tennants in common. I am scared to death that they will do something to the house and I don't want to bring my Mother down with me. Refinancing is not an option as I do not want to move the unsecured dept into secured dept. Can you advise the best way to go with all of this? If the debt is all unsecured can they touch the house?


Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
You can look at a bankruptcy to help you out.
The amount of equity will dictate what chapter you should file under.
The california bankruptcy homestead exemption :

Real or personal property you occupy including mobile home, boat, stock cooperative, community apartment, planned development or condo to $50,000 if single and not disabled; $75,000 for families if no other member has a homestead (if only one spouse files, may exempt one-half of amount if home held as community property and all of amount if home held as tenants in common), $125,000 if 65 or older, or physically or mentally disabled; $100,000 if 55 or older, single and earn under $15,000 or married and earn under $20,000 and creditors seek to force the sale of your home; sale proceeds exempt for 6 months after received (husband and wife may not double).

If your share of the equity is greater, then you would need to look at a chapter 13, to pay back enough of the debt to protect that equity. if there is no exposed equity, you may qualify for chapter 7 to discharge the debt completely.

Talk to a local bankruptcy attorney for a free consultation to set you up appropriately.
Good luck.
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