How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Phillips Esq. Your Own Question

Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 12955
Experience:  B.A.; M.B.A.; J.D.
16551887
Type Your Bankruptcy Law Question Here...
Phillips Esq. is online now
A new question is answered every 9 seconds

If you file a Chapter 7 for unsecured credit card debt, can

Resolved Question:

If you file a Chapter 7 for unsecured credit card debt, can you exclude rental properties and house?? Also, assuming credit card companies will work out a pay back plan on the debt???
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 3 years ago.

Thank you for giving me the opportunity to assist you. I encourage you to ask me for clarification, if you are not clear with my Answer.

 

Could you clarify what you meant by "exlcude rental properties and house?"

Customer: replied 3 years ago.

I own several rental properties (houses and apartments) which have outstanding mortgages. I do not want those as part of the bankruptcy as they are owned with a partner. Is it possible to just restructure the unsecured debt and do a work out plan to pay off the credit card debt??

 

Thanks.

Customer: replied 3 years ago.
Do you need more info
Expert:  Phillips Esq. replied 3 years ago.

No, I do not need more information.

 

Give me few minutes to review your additional information and get back to you. I was busy assisting another site visitor.

 

Thank you for your patience.

Customer: replied 3 years ago.

When this charge goes through on the credit card, will it show as a charge by a bankruptcy attorney??? I do not want to alert the credit card company??

 

 

Expert:  Phillips Esq. replied 3 years ago.

Thank you for the additional information:

 

I own several rental properties (houses and apartments) which have outstanding mortgages. I do not want those as part of the bankruptcy as they are owned with a partner. Is it possible to just restructure the unsecured debt and do a work out plan to pay off the credit card debt??

 

Your Question: If you file a Chapter 7 for unsecured credit card debt, can you exclude rental properties and house?? Also, assuming credit card companies will work out a pay back plan on the debt???

 

Response 1: Chapter 7 is a liquidation Chapter and not a reorganization Chapter. If you file Chapter 7you have to include all your debts and assets. Those assets that are not exempt would be liquidated. Your unsecured debts such as the credit cards debts would be wiped out after you obtain your Bankruptcy Discharge Order. There is no restructuring of payments in Chapter 7. If you want to restructure your payments, you have to use Chapter 13 or Chapter 11.

 

When this charge goes through on the credit card, will it show as a charge by a bankruptcy attorney??? I do not want to alert the credit card company??

 

Response 2: No, it would not. It would just show a payment to JustAnswer.

 



Edited by AttorneyPhillips on 1/6/2011 at 12:53 PM EST
Customer: replied 3 years ago.

Then, in a Chapter 11 or 13 will the real estate be exempt from the filing???

Customer: replied 3 years ago.

In a Chapter 11 or 13 will the real estate be exempt from the filing or will they take the real estate????

Expert:  Phillips Esq. replied 3 years ago.

Then, in a Chapter 11 or 13 will the real estate be exempt from the filing???

 

Response: No matter what Chapter that you file under, you must list all your assets. If you want to keep the assets, you must continue to make payments on them.

Customer: replied 3 years ago.

The mortgages are current and payments are being made on them. They may run 15 days behind on a few but are not past due. The credit cards to this point are current but cannot continue to keep them current.

 

 

Customer: replied 3 years ago.
Will you be answering the above questions. Thanks.
Expert:  Phillips Esq. replied 3 years ago.

If you are current on your mortgages, then Chapter 7 would be the way to go assuming that you meet the means test. With a Chapter 7, your credit card debts would be wiped out-- there is no payment to make.

 

I am answering your questions as fast as I could... I have to read the questions first.

 

Thank you/

Customer: replied 3 years ago.

I think I confused you. By telling you the mortgages are current, I am asking if that will

keep them out of the filings of 11 or 13??? Is there any way to restructure credit card debt without them taking the properties????

 

 

Expert:  Phillips Esq. replied 3 years ago.

I think I confused you. By telling you the mortgages are current, I am asking if that will

keep them out of the filings of 11 or 13???

 

Response 1: No. Whether they are current or not current, the mortgages must be listed on your bankruptcy petition.

 

Is there any way to restructure credit card debt without them taking the properties????

 

Response 2: The only way your properties can ever be taken in a bankruptcy case is if you cannot exempt the property or if you are behind on your mortgages and the lenders foreclose on the properties. Again, when you file for bankruptcy protection, you have to list ALL your debts.

 

Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 12955
Experience: B.A.; M.B.A.; J.D.
Phillips Esq. and other Bankruptcy Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.