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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I would like to understand some issues for bankruptcy in Arkansas.I

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I would like to understand some issues for bankruptcy in Arkansas. I understand that the mean salary is about $44000 in Arkansas and theat social security and pension wages are exempt. When I declare Chapter 7 and meet the means test, does this mean that I will not have to pay any of my entire credit card debt of 80000. Also, I owe 90K in two mortgages for my house which is valued at about 120000K. Would I be able to keep my houseand the equity if I can continue the mortgage payments. I own over .5 acres of land in the city. Are there arrangements that can be worked out? I own my car, a 2007 Toyota Corolla worth about 7K If I simply stop payment on the credit cards would anything bad happen other than m y credit score would sewer. Can they sue me for theequityin my home.
Hello,

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Customer: replied 6 years ago.
yes
Hello,

I am the expert that previously assisted you.

When I declare Chapter 7 and meet the means test, does this mean that I will not have to pay any of my entire credit card debt of 80000.
yes

Also, I owe 90K in two mortgages for my house which is valued at about 120000K. Would I be able to keep my houseand the equity if I can continue the mortgage payments.
Only one quarter (1/4) of an acre in a city is protected by your homestead exemption

I own over .5 acres of land in the city. Are there arrangements that can be worked out?
Typically a trustee in bankruptcy will allow a debtor to purchase the trustees equity in the overage. This would mean that you would need to pay the trustee the value attributed to your overage

I own my car, a 2007 Toyota Corolla worth about 7K If I simply stop payment on the credit cards would anything bad happen other than m y credit score would sewer. Can they sue me for theequityin my home.
A lien would be placed upon your home


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