Thank you for the information. Your Question: my problem is 53k credit card debt. My wife who is suffering from cancer and dementia has been the primary cause of this financial dilemma. My question is: Can I sell the only valuable asset I own (2 acres undeveloped land) outside of my home, and use the money to pay for the 3k bankruptcy attorney fee and apply all the rest to pay down my home mortgage debt? I will also soon need money for cremation and it is tough to deal with it all. Due to recent loss of income, I have insufficient money to pay on the unsecured loans; nor, can I make the payments wanted towards a debt settlement offer.
Response: You can. However, you must wait for at least 90 days before filing for bankruptcy. Otherwise, you would have big problems with the Bankruptcy Trustee appointed in your case. The payment to the mortgage holder would be considered a preference transfer if you file for bankruptcy right after paying down your mortgage. The Bankruptcy Trustee can avoid transfers made within 90 days before the bankruptcy filing to pay down on past due debts. The Bankruptcy Trustee can file a lawsuit against the lender for return of the payment. See 11 U.S.C Section 547(b).
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