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Ask John A. Flynn, Esq. Your Own Question
John A. Flynn, Esq.
John A. Flynn, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 202
Experience:  14 Years Experience in Bankruptcy - Mid-South Super Lawyer
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I just retired and my income has been reduced by 50 percent.I

Customer Question

I just retired and my income has been reduced by 50 percent.I have 40 thousand in credit card debt and im cant make it much longer on what I make. I have to homes and one is a rental.Im sure I cant qualify for bankruptcy because of to much equity.Im thinkng about a credit card settlement program.I' ve used some of the credit cards last month just to make ends meet.Is there a period of so many months I have to stop using credit cards before I can apply for this type of program .Also is there a Minimum amount of money I can have in my savings and checking account to live on.Is there a company you can recommend for debt settlement that can help me with this ?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  John A. Flynn, Esq. replied 4 years ago.
I generally don't advise debt settlement. You will generally owe taxes on the amount you get them to write off. Just because you have equity, even if it is non-exempt, does not mean you can't file bankruptcy. If you qualify for Chapter 13, the Trustee cannot take your property from you. You should contact a local bankruptcy attorney, preferably one who as attended Max Gardner's Bankruptcy Boot Camp, and ask about the viability of a Chapter 13 case. You may end up only having to pay a few cents on the dollar in a chapter 13. Good luck!