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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2815
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I have been unemployed for 9 months and have not been able

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I have been unemployed for 9 months and have not been able to find work (I live in Oregon 12% unemployment) during this time I have used my charge cards to make ends meet. Now I'm in the situation where I can't afford to pay them off. I own a house but do not want to let it go. Can I declare bankruptcy on the crdit cards only? My debt on my credit cars are over $20,000.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 6 years ago.
Hi, and thank you for your questions.
You have a couple of issues, so you should review them with a local bankruptcy attorney. Most offer free consultations.

First, you must list down all debt in a bankruptcy case, even those you wish to keep. You would indicate as such on your statement of intentions. Then, you can reaffirm those debts if the court feels they are not an undue hardship for you to repay. (you have to show the court you have enough income to pay your monthly bills and the monthly repayment for the reaffirmation.).

Next, your second issue is if there is any equity in your assets.
A list of the most popular exemptions can be found here. Discuss these with your local bankruptcy attorney to make sure chapter 7 would be the best chapter to file under.

Thank you for your question, good luck.
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