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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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My 60+ year old, disabled, living on a fixed income mother

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My 60+ year old, disabled, living on a fixed income mother has been a victim of identity fraud, unfortunately it was at the hands of an ex-family friend so my mother is adamant about not calling the police or pressing charges. Three credit cards with a total balance of about 32K are now wreaking havoc on her life with calls from collection agencies and threats of taking her home.

We live in Texas, she is on federal disability and receives a pittance each month of about $800.00. Once her mortgage of $419.00 is paid my husband and I take care of all remaining bills (electric, insurance, home owner’s fees, cable) to allow her some funds for personal expenditures. With some additional assistance from my brother she manages to live surprisingly comfortable.

She would like to file for bankruptcy. But I’m afraid of what may happen to her home, car (which is paid off), pitiful savings account less than 5K, and existing credit cards that are in good standing and are used to help when either my brother or I are tapped out. She really doesn’t have any wiggle room in her budget to pay off the debt, and no member of our family is able to pick-up additional expenses even with payment plans. The scoundrels who perpetrated this fraud are of no use and will not return my calls.

Should we file for bankruptcy? Will she lose her home? How much would it cost to file? What would she be able to keep of her credit if any?

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

Is the home in her name?

WALLSTREETESQ :

How much equity is in the property?

Customer:

Yes, the home is in her name. We bought it during the "boom" and now she is underwater. So no equity in that regard. But she would like to stay in the home if possible.

WALLSTREETESQ :

Texas bankruptcy exemption scheme allow the debtor to exempt such real estate and personal property as:



  • The debtor's equity in one motor vehicle per driver in the household, including persons who do not drive but who rely on the availability of a car

  • Up to $60,000 in fair market value in personal property for a family, $30,000 for a single individual

  • Most pensions and retirement benefits, including 401(k) accounts

  • Equity in up to 100 acres of rural real property

  • Alimony payments

  • Two firearms per household

WALLSTREETESQ :

She can keep the home, as long as the mortgage is paid,

WALLSTREETESQ :

A bankruptcy would be her best bet,

WALLSTREETESQ :

a bankruptcy would wipe out her debts, and she would be able to keep most if not all her personal items.

Customer:

How much would it cost to start that process & how long would the process take?

WALLSTREETESQ :

In TX expect $600-$1200 for an attorney,

WALLSTREETESQ :

If she uses a petition preparer they may charge $200 or less

WALLSTREETESQ :

the Court fees are $350 with the certificates required,

WALLSTREETESQ :

It will take a few weeks to file, but once she files, all creditors have to stop calling her.

Customer:

Could you point me in the right direction. I plan on paying for all fees, but my husband and I are limited in our funds with two small children both under three years of age.

WALLSTREETESQ :

She can also list the mortgage, and wipe that out as well,

WALLSTREETESQ :

Where in TX does she live?

Customer:

Fort Bend /Houston. I don't understand. How do you list the mortgage, but keep the house?

WALLSTREETESQ :

It is risky, but in this market if she lists the mortgage, she can live in the home by keep on paying the mortgage, the lender many times may renegotiate the payments as well,

WALLSTREETESQ :

but many times she discharges the debt, and lives their by keep on paying the mortgage payments,

WALLSTREETESQ :

NO Filing over $100. Same day Service Available.

We are a Debt Relief Agency providing services under the Federal Bankruptcy Code.

We assist with Chapters 7 & 13.

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  • Location: Houston

Customer:

So she still owns the home? Or is it like she will pay rent to stay in the house? Or will they renegotiate the payments adjusted to the actual cost of the condo?

WALLSTREETESQ :

The link above is a list of attorneys and petition preparers who will charge a low rate

Customer:

So you are in Houston, and You can do the filing for me?

WALLSTREETESQ :

The home issue is complicated:

WALLSTREETESQ :

1. Her name will still be on the deed

WALLSTREETESQ :

2. the mortgage would be discharged

WALLSTREETESQ :

3. Most often if she pays the mortgage payment she would be able to stay

WALLSTREETESQ :

4. If she does not pay the payment in the future, the bank can foreclose, but cannot sue her

WALLSTREETESQ :

5. The bank may even renegotiate the mortgage payment to a lower amount,

WALLSTREETESQ :

I am not allowed to represent customers here,

WALLSTREETESQ :

A good attorney may be able to negotiate a lower payment with the bank, as the bank would face the threat of being discharged in a bankruptcy

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask

WALLSTREETESQ :

If satisfied please press the accept button so we can receive credit.

Customer:

It sounds risky! Can we still file for bankrutcy without listing the house, and keep the home in place? Is that the best course to take?

WALLSTREETESQ :

Yes,

WALLSTREETESQ :

You can leave the mortgage out of it,

Customer:

If there is nothing more you can think of regarding this I'll sign off now! You have been most helpful. I will rate your assistance very high up! Thank you!

WALLSTREETESQ :

In terms of her situation, I would look at the lawyers I linked above for your area, and discuss her options,

WALLSTREETESQ and 2 other Bankruptcy Law Specialists are ready to help you

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