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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Im Merrick. I have a wife, three kids, home and two cars,

Resolved Question:

I'm Merrick. I have a wife, three kids, home and two cars, one paid off. Unemployed for almost a year, CC debt of $140,000 (more than half is medical), personal loan of $30K, house is upsidedown by $50-75K. My wife's income has been slashed to $1500-2000 per month. Haven't yet nogotiated with credit cards companies for debt settlement. I am expecting an offer to come any day now for a new position (knock on wood). We've looked into Chapter 7, 13. We don't know what to do, but know we can't live like this anymore. Suggestions?

Merrick (and Marcy)
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 6 years ago.
You are a good person for a chapter 7, the only problem with a chapter 7 is your home will be sold, if you want to live in the home, consider a chapter 13, you will keep the home, and most of your debts would be reduced by 50-90% which you could pay in 60 months.
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