Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Did you receive the $93,000, or is it only available as a line of credit?
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?
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.
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.
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.
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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