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cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
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hello I lost about half my workmen comp and wont be able to

Customer Question

hello I lost about half my workmen comp and wont be able to pay my debts I have been living pay check to pay check ,I have been told to stop paying my charge cards but continue to my my house payment which my wife and I have a 345,00 fail business loan and a 45,000 home equity loan ,we paid 259,000 11 years ago but because of housing market it probably worth 150-200,000 now ,our cabin up north which my wife inherited in 2007 has a 130,000 home equity loan on it . we owe about 50,000 in credit cards ,our plan is to live in the up north property because were both retired ,i worked at GM for 42 yrs and retired on disability so I get my GM pension of 1400 a mth and total socerity of 2200 a month and now 516 a week for workmen comp down from 739 a week and I understand it going down next birthday too ,I was 65 on my last birthday in April my wife is 59 ,i have about 100,00 in my 401 .
My question is what should I really stop paying and should I stop using my charge cards friends have said they bought things on their before going bankrupt and my question is what do you think ill end up with house wise could they take both ?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cortrightlaw replied 4 years ago.

cortrightlaw : Honestly your situation is more complicated then can be handled on this forum. You have a lot of serious decisions that need to be considered before you decide what to stop paying. Decisions such as are you going to keep your house since you are so upside down. If you goest with a bankruptcy lawyer like myself I would spend about an hour with you looking at our complete financial situation am together we would develop a comprehensive plan. So the best advice I can give you it to seek a bankruptcy attorney in your area and go have a free consultation. You have a fair amount of assets and income issues that will need to be addressed to even see if bankruptcy is a viable option for you to consider.