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Ask Ellen Your Own Question
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I am married (62yrs old), both my husband and I are disabled/retired.

Customer Question

I am married (62yrs old), both my husband and I are disabled/retired. We have separate income, separate checking accounts and separate bills we each pay. We jointly own a home w/5 acres of land and a car and a truck.

I have an unsecured loan with Household Financial that is probably around $25,000 now with interest and attorneys fees. They absolutely refuse to negotiate on the loan and there is no way in my life time I can ever pay the loan off. Can I file for some kind of bankruptcy for just this one bill?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.
What state do you reside in
Customer: replied 7 years ago.
Florida
Expert:  Ellen replied 7 years ago.
Hello,

a chapter 7 bankruptcy may assist you. 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 Florida:
http://www.bankruptcyinformation.com/FL_exemp.htm



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


Thank you,
FLAandNYLAWYER
Ellen and other Bankruptcy Law Specialists are ready to help you
Customer: replied 7 years ago.

I tried to go to the above web site but it comes up as no such web site. But it offers other sites and they bring me right back here.

Expert:  Ellen replied 7 years ago.

Here is a direct link let me know if this does not work and I will cut-and-paste
http://www.bankruptcyinformation.com/FL_exemp.htm