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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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My husband passed away 8-2-10. no life insurance, social security

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My husband passed away 8-2-10. no life insurance, social security income will now be 1300 a month, that is the only income. I am now responsible for an 11,000 credit card bill and I have a reverse mortgage of 93,000, which was set up as a credit line used for renovations on the house. With the housing mkt the way it is, if I sold the house to clear my debts, I wouldn't get enough to even begin to take care of it all! Is bankruptsy an answer for me? Is it even a possibility?      Rome, Wi
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 4 years ago.

Hi JACustomer,

Did you receive the $93,000, or is it only available as a line of credit?

Customer: replied 4 years ago.
a line of credit
Expert:  cfortunato replied 4 years ago.

Last question: How much could your house be sold for, and how much do you owe on the reverse mortgage, and any other mortgage you may have?

Expert:  cfortunato replied 4 years ago.

Given the information your provided, it appears that your main concern would be your house, which you would have to give up - if it has more than $75,000 equity - if you want to file a Bankruptcy.

Customer: replied 4 years ago.
I'getting a new appraisal, at this point in time I'd be hardpressed to get l40 or so. 5 years ago we were assessed extremely low, at 9l,000, we had not done anything yet to the house, and we did not let the assessor in. Since the we have done considerable renovations. The county told me a new appraisal is needed to see what the house would be worth now. As of JUne l thru 30 $93,776.60 is what I owe on the reverse mortgage, I hold no other mortgage.
Expert:  cfortunato replied 4 years ago.
Is the $93,776 you owe the amount that is in your available line of credit, or has that money already been spent?
Customer: replied 4 years ago.
the original line of credit was $69,209.50, growth on line of credit (?) is 11,987.61, line of credit principal balance (?) is 81,219.24, current line of credit is -23.13, so much of this I cannot understand.
Expert:  cfortunato replied 4 years ago.
Is that money in an account, or did you already spend it?
Customer: replied 4 years ago.
it has been spent
Expert:  cfortunato replied 4 years ago.

According to the information you provided, you would be able to keep your house if you file a Bankruptcy, because the equity in your home - if there is any equity at all - is less than $75,000.

Customer: replied 4 years ago.
does bankruptcy take care of the cc balance? Do I keep my car, 10 yrs old, furniture , etc? Do I have to secure a bankruptcy lawyer in Adams cty, county seat, or Wisc. Rapids, wood cty? Any ballpark figure what this may cost?
Expert:  cfortunato replied 4 years ago.

Yes - the Bankruptcy gets rid of most unsecured debts, including credit card debts.

You would be able to keep your furniture (unless your furniture is extraordinarily valuable), and a 10-year old car.

The best way to find an attorney is to call the Wisconsin Bar Association and ask for a recommendation for a Bankruptcy attorney. They will give you one in your area. The number is (800)728-7788.

Don't be afraid to "shop around', because there is a wide variance in what Bankruptcy attorneys charge. I have seen them charge $800 - $3000 for the same service, and a higher price does not mean the attorney is better.

Customer: replied 4 years ago.
I AM VERY SATISFIED, IF FOR SOME REASON I NEED TO CONTACT YOU IN THE NEXT FEW WEEKS, WILL IS BE STILL UNDER THIS $45.OO CHARGE?
Expert:  cfortunato replied 4 years ago.
Yes - after you "ACCEPT" the answer, the question remains open for at least a few months (and I think longer) - as long as you don't "close" it - so you can continue to communicate with me at no additional charge - with regard to this particular question or issue.

Edited by cfortunato on 9/3/2010 at 6:04 PM EST
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.
in regards XXXXX XXXXX of these questions, you say I can probably stay in my home, however, does that mean the bank still owns the property? Are they just "letting" me stay there? Could it still be sold at some time by myself or my heirs? I would assume they would take the amount of the sale. What type if bankruptcy are we talking about, l3, 7, ???
Expert:  cfortunato replied 4 years ago.

If a house has too much equity (market value minus balance on mortgage), the Bankruptcy trustee can take it if your file. When I said you could stay in your home, I meant the trustee would probably not take it, because there appears to be not enough equity ($75,000). You will still own the property, subject to the bank's security interest, and you can still sell it. Chapter 7 is the one to file.

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