Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification
If you fail to pay your credit card bills, they would try to settle with you for 50% of the remaining debt in almost all cases,
You would have to miss three to four months of bills,
The problem with any type of settlement, is that you have to pay taxes for the canceled debt,
I would suggest a bankruptcy as you would not have any more credit card debt, and you can even discharge your mortgage if you wish, and continue to pay your mortgage and live in your home,
If you have any further questions please do not hesitate to ask.
what does that mean 'discharge my mortgage and stay in my home? ideally i would like to keep my home and my car. is it still possible to do that with today's laws?
Do you have any equity in your home or car?
U.S.C. Section 522: Married couples double the amount of the following federal exemptions:
Motor vehicle to $2,950;
what does that mean? also i'm single
In NJ you can keep up to $18,450 in equity in your home,
and $2950 in your vehicle,
Is your home under water?
Or if you sell your home now, would you make a profit after paying the mortrgage?
im sorry i'm a little dopey when it comes to this stuff. so if i have paid that much on my mortgage i can keep thehouse? i owe more on the house than it's worth in the current market
Since you owe more than it is worth,
you can keep your home, by paying the mortgage,
You can also put the mortgage in your bankruptcy and wipe it out, so you do not owe them anymore,
and make an agreement with them to pay them anyway, if you wish
Your car if it is worth less than $2950 after paying off the loan, you can then keep it
that sounds strange with the mortgage but i could see how they would not want the house in their lap as they would loose money on it anyway. i will have to check the book value on the car. i don't think it's worth anything but i hate it so that probably doesn't matter. i only need to keep it so i can get around and find a job
You can keep the car, if it is worth close to that amount eve up to $3000 or little more,
should i call the mortgage company myself and see what they're willing to do or should i figure all of this out with an attorney first?
The mortgage issue is good for you, as if you list it,
I would have an attorney do it for you, at this point the bank will not do anything until you file a bankruptcy
Sometimes, they will contact you and lower your payment if you agree to pay them and keep the property out of bankruptcy
ok thank you this has been very helpful
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i will thank you again
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