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 Ellen Your Own Question
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
Type Your Bankruptcy Law Question Here...
Ellen is online now
A new question is answered every 9 seconds

My husband got a loan with a $15,000 limit in 1997. I co-signed.

Resolved Question:

My husband got a loan with a $15,000 limit in 1997. I co-signed. He passed away in 2003. I have tried making payments until 4 months ago. Two years ago I called to try to get some help in lower interest rates so I can get this paid off but they wouldn't help me. Now I things have changed so I can't pay at all. I wrote a letter asking for assistance and finally they got back to me and said they can't help. I image I have already paid over $15,000 since the loan started. Is there anything I can do about this? Thanks.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 6 years ago.
Is this your only outstanding debt?
Customer: replied 6 years ago.
No. I have 3 credit cards and another loan. The other ones aren't any where close to the amount on this and this one is the only one that was my deceased husbands with me as a co-signer. I don't have any problems paying any of them.
Expert:  Ellen replied 6 years ago.

you may want to consider a chapter 7 bankruptcy.

I will explain

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 assets, if any, 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 Iowa:

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

Thank you,
Ellen and 3 other Bankruptcy Law Specialists are ready to help you