Hello...my name is XXXXX XXXXX I am a Certified Public Accountant. I look forward to helping you with your question.
I'm sorry to hear about all of the difficulties you are currently facing. I will do my best to help guide you in the right direction.
It sounds like getting these debts into one consolidated monthly payment may be one of the better options to choose.
Have you considered either a Chapter 7 or Chapter 13 bankruptcy filing or are you trying to avoid that route?
Are you considering a bankruptcy option?
i work for NYS 25 years . marrage end 2010 . father died same year . received this house me and my four live in . house caused further travel , now have additional daycare cost . my moms health is failing . cant work overtime to increase funds and care for them all at the same time . i gross 64000 , retired will be half . no i havent consiered bankrupcty how would this benefit me ?
I'm sorry to hear about all of this...bankruptcy is beneficial for people who are unable to repay all of their outstanding debts. There are 2 types of individual bankruptcy filings. There are certain qualifications for each chapter that would need to be met. Chapter 7 bankruptcy generally discharges all of your debts that you list so you are no longer responsible for paying them back. Chapter 13 bankruptcy takes into account how much you can afford to pay back of all outstanding debts and how much of a monthly payment you can afford. The amount of debt above what you can pay back is then discharged in bankruptcy. I would recommend scheduling a FREE Consultation with a bankruptcy attorney in your area to see if this would be the best option for you and whether Chapter 7 or 13 would be most beneficial.
main concern is with back land tax and retirement loan .
Through the bankruptcy process you can exempt certain debts and file only against debts you want to list. So therefore, you could file bankruptcy only on the back land tax and retirement loan if you prefer. For example, some people only file bankruptcy on outstanding medical bills.
is a home equity loan an option ?
Yes...it is an option...however mortgages and equity loans are treated a little different since they are backed by collateral...meaning the house
bankruptcy is more beneficial on debts that are unsecured
thank you for your feed back . agreed , an accountant is the next stop .