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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16111
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 friend has been divorced for 4 years. Per the divorce agreement,

Resolved Question:

My friend has been divorced for 4 years. Per the divorce agreement, her ex-husband was supposed to sell the house 4 years ago but did not. She and her ex-husband are both on the 1st mortgage (still owe 60K), she alone is on the 2nd mortgage (still owe 20k). She finally stopped paying any of the mortgages. The ex-husband still lives in the house and has managed to not get foreclosed on yet, but he constantly lets it get 2 -3 months in arears before he catches up. My friend also has several thousand dollars of credit card debt incurred by both parties, but all in her name. She has been paying her credit card debt off via Consumer Credit Counseling Services for the last 3 years and still has about 2 years to go with them. Her husband has never paid child support and my friend is sick of scraping by. She would like to get out from under this mountain of debt. She makes about $40K. Her rent is $750/mo, her CCCS payment is about $700/month, by the time she pays car insurance, health insurance, gas, and groceries, there is no money left at the of the month. Is there a bankruptcy that can help her get out of the 2 mortgages and her credit card debt?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 3 years ago.

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 :

Does she want to keep the home?

Customer:

great - thanks!

Customer:

no - she has no interest in the home. Apparently he wants to keep the home. He has atrocious credit so refinacning for him is not an option.

Customer:

she wanted him to sell it before the bottom dropped out of the market, but now they'd be lucky to get what they owe on it if they sold it.

WALLSTREETESQ :

Than with her income levels and debt, a bankruptcy should be filed, a chapter 7, which would relieve her of all her debts and obligations to the mortgages,

WALLSTREETESQ :

She can then go after her ex for child support arears, later, but a chapter 7 would be fine for her

Customer:

in chapter 7 would hse have to repay any of the unsecured creditors?

Customer:

sorry - would she have to repay unsecured creditors

Customer:

I have the impression that several years ago the bankruptcy rules changed, making it harder to default on credit card companies

WALLSTREETESQ :

No, in a chapter 7, she does not have to pay any of her debts, if her income was higher, than she may have to be in a chapter 13,

WALLSTREETESQ :

how many children does she have living with her

WALLSTREETESQ :

If any?

WALLSTREETESQ :

In Georgia,

WALLSTREETESQ :

if she has no family members living with her, as long as she makes $39,384

WALLSTREETESQ :

or less, she qualifies for a chapter 7, if she makes 40,-41,000 she would still qualify in most circumstances,

WALLSTREETESQ :

If she has children living her the income is higher to qualify,

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:

she has 2 children ages 15 & 10. Both live with her in GA.

WALLSTREETESQ :

Than she can qualify for a chapter 7 bankruptcy

WALLSTREETESQ :

She would be able to discharge and wipe out all her debts,

Customer:

thank you very much for your assistance!

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16111
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and 2 other Bankruptcy Law Specialists are ready to help you

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