I have not worked for over a year, live in NY state and I am on Unemployment. I have a large mortgage and credit card debit. as of today all my bills are paid and I have good credit. I am thinking of declaring bankruptcy. what should I do
State/Country relating to question: New York
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 do not have any income as of now a chapter 7 may be a good idea, however, if you want to keep your home then you must advise the Court you will be paying the monthly mortgage, if you miss a payment they will be able to foreclose on you.
If you want to get rid of the property and mortgage as well, a chapter 7 would do both.
If you have missed payments on your mortgage, then a chapter 13 may be needed, however since you do not have income, you would not qualify, as a chapter 13 is a wage earners bankruptcy and creates a payment plan for your debt.
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