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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17222
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I am a widow and 700K in debt since my husband died in June

Resolved Question:

I am a widow and 700K in debt since my husband died in June and my debt is higher then my income. would I be able to file bankruptcy to save my home? I am 33 days late on Mortgage and car loan, have cancelled land phone and trying to work with creditors to lower payments but the process is taking a long time. In the meantime I am going to be late on all payments soon what can I do to lower the payments.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 5 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 :

was this business debts or consumer debts?

Customer:

consumer debts

Customer:

includes mortgage

WALLSTREETESQ :

do you have any current income?

Customer:

Yes, my annual gross is 72K and I get my husbands pension net $1,125. a month since July of this year

WALLSTREETESQ :

You would have to file a chapter 13 bankruptcy which is a payment plan bankruptcy,

Customer:

would I qualify? and how does that work?

WALLSTREETESQ :

28, USC, 109(e) Only an individual with regular income that owes, on the date of the filing of the petition, noncontingent, liquidated, unsecured debts of less than $360,4752 and noncontingent, liquidated, secured debts of less than $1,081,4002

WALLSTREETESQ :

first, you have to have debts that are not secured under $360,475

WALLSTREETESQ :

if that is true you qualify, and you need to have money left over every month after you pay your normal living expenses,

WALLSTREETESQ :

If you want to keep your home through a chapter 13, you can do that

Customer:

Mortgage is considered secured?

Customer:

Sorry not that smart about finances

WALLSTREETESQ :

yes, the mortgage is consdiered secured

Customer:

understand, do I have to wait til the finance companies lower my bills or just go to see a bankruptcy lawyer?

WALLSTREETESQ :

You can speak to a lawyer first to see how much a chapter 13 would lower your debts,

WALLSTREETESQ :

it may be possible your unsecured debts could be reduced 90%,

Customer:

Wow, that would be great, I will make an appointment to discuss with a lawyer.

Customer:

Thank you I am done

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