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FiveStarLaw
FiveStarLaw, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy Lawyer. Experienced.
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My wife and I filed bankruptcy in 1999, it has been discharged

Customer Question

My wife and I filed bankruptcy in 1999, it has been discharged and is no longer listed on our credit reports. Our problem is that we owe 100K in credit card debt, my wife has lost her six figure income, and is now only earning 1/4 of that amount, and we are at the point of not being able to pay our credit card bills and mortgage. Our expenses exceed our income. We gross 125K. We own a condominium which is currently being rented, but the tenant is being evicted due to behavioral issues and we are being sued by the Homeowners Association to evict him. We have an attorney working on this for us. We owe $465,000 on our condo in West Hollywood, California and it is worth about $791,000 according to Zillow.com. Are we eligible to file for bankruptcy without losing our home? Our only other asset is a car which is fully paid for. We have no savings or any other assets. We are literally sitting here wondering what to do, we feel backed in a corner with no way out. Thank you
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 4 years ago.
Hello,

You may want to consider a chapter 13 bankruptcy in order to keep your home. 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 California:
http://www.bankruptcyinformation.com/CA_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

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