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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16142
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 62 yrs. old, hopelessly in debt, and in foreclosure with

Customer Question

I am 62 yrs. old, hopelessly in debt, and in foreclosure with the home I was awarded in my divorce in 1983. I have tried to work with Wells Fargo, have been denied acceptance for the HARP program according to Wells Fargo, and am not in a position financially to retain a lawyer. I have been employed with the local School District since 1987, but suffered a severe pay cut 5 years ago which contributed to my present situation. I have been advised to let Wells Fargo take my house. This doesn't resolve my debt issue however.
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 1 year 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 :

This is an unfortunate situation,

WALLSTREETESQ :

in terms of a bankruptcy a chapter 7 would be a good option as it would remove the debt you have,

WALLSTREETESQ :

a chapter 13 could also help if you can make your monthly mortgage payments

WALLSTREETESQ :

if all your debts are discharged,

WALLSTREETESQ :

in a chapterXXXXXforces the lender to accept a 5 year payment plan for your mortgage arrears,

WALLSTREETESQ :

and reduces your other unsecured debts to a low amount even 99%

WALLSTREETESQ :

If you cannot afford to pay the monthly mortgage,

WALLSTREETESQ :

a chapter 7 bankruptcy would remove all your debts, including the mortgage,

WALLSTREETESQ :

and eventually you would have to leave the home, but that can take several months, as the lender has to evict you.

Customer:

I was served with a foreclosure document over a year ago. I plan to work full time until I am at least 65. How will a bankruptcy affect my ability to find another home or replace my '98 Jeep?

WALLSTREETESQ :

You may be able to keep your jeep, in terms of another home,

WALLSTREETESQ :

you would be able to find another home but your credit score would be lower,

WALLSTREETESQ :

but not much lower than it would be now,

WALLSTREETESQ :

In terms of finding a rental, it should not hurt you if you can show income from working,

WALLSTREETESQ :

The Florida motor vehicle exemption allows you to protect $1,000 in car equity, $2,000 if you are married and filing jointly.

WALLSTREETESQ :

If the equity in your car is more than $1,000, you may be able to cover the extra equity by using the personal property exemption. Florida’s exemption statute and constitution allow you to protect up to $1,000 worth of any personal property, such as excess equity in your vehicle.


Additionally, if you do not use the homestead exemption to protect your residence, the Florida Constitution allows you to protect up to $4,000 of additional equity in your vehicle (Fla. Const. Art. 10, Section 4).

WALLSTREETESQ :

So the car would be fine,

Customer:

My Jeep is paid for but is probably not worth more than $500. Apparently it is your opinion that I pursue a bankruptcy filing. I live in Okaloosa County in Florida. Do you have someone you can refer me to?

WALLSTREETESQ :

You would be able to exempt the car,

WALLSTREETESQ :

so you can keep it,

WALLSTREETESQ :

in your situation a bankruptcy would be the best way to get rid of your debts,

WALLSTREETESQ :

In terms of an attorney,

WALLSTREETESQ :

You can contact your local bar association,

WALLSTREETESQ :

or go to the link above to find local bankruptcy attorneys,

WALLSTREETESQ :

Good luck, and if you have any further questions please do not hesitate to ask.

WALLSTREETESQ :

If satisfied please provide us with positive feedback, thank you.

Customer:

There is nothing I qualify for in your opinion even though I make less than 4

WALLSTREETESQ :

if you want a mortgage modification, that should be tried

WALLSTREETESQ :

however, in these days it is getting difficult,

WALLSTREETESQ :

If you feel you can pay your mortgage if you did not have any other debts a chapter 13,

WALLSTREETESQ :

will let you do this,

Customer:

To continue...I make less than $40,000/yr. and have tried to work with Wells Fargo regarding this. They simply don't want to work with me.

WALLSTREETESQ :

except for the government program a modification is difficult,

WALLSTREETESQ :

if you have equity,

WALLSTREETESQ :

a reverse mortgage may be helpful,

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16142
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and 2 other Bankruptcy Law Specialists are ready to help you

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