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Ask Ellen Your Own Question
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: 6 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 6 years ago.
What state do you reside in
Customer: replied 6 years ago.
Expert:  Ellen replied 6 years ago.

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:

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 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 6 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 6 years ago.

Here is a direct link let me know if this does not work and I will cut-and-paste