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jbrlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 269
Experience:  Creditors' rights lawyer involving collections, foreclosures and bankruptcies for almost 19 years.
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chapter 13 or 7 will either help

Customer Question

I am considering a bankruptcy to help liquidate the $90,000 in unsecured debt and the put my forclosure on my house on hold until I can figure out how to keep it. I am a single mom working from home as a graphic designer and lost the majority of my clients due to the real estate market decline(my clients were title and realestate companies) I am working on rebuilding my business but it is taking some time because of the economy. I was living on my credit and things were fine until the banks got under pressure from the ecomomy and took away all of my credit lines(maxing me out) and then started to raise interest rates to numbers like 30% up from 7%. I have always paid on time I NEVER had a past due payment until my mortgage just recently. So my creidt is shot anyway so I thought I would liquidate but would like to keep my house and my car. What do you recommend? Can I enter a chapter 13 and then decide to do a 7 if I can''t find a way to keep the house?
Submitted: 9 years ago.
Category: Bankruptcy Law
Expert:  jbrlaw replied 9 years ago.
Yes. That is a very sound plan. I am sorry that you have to go through this. Be sure to exhaust any credit counseling and sate or federal programs to assist with keep your home. However, with so much unsecured debt, I believe that you'll have to file a bankruptcy to deal with it.

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Customer: replied 9 years ago.
Reply to jbrlaw's Post: can i file a 13 and then dismiss it if I decide to do a 7? I don't want to start with th the 7 because i know that can't be dissmissed once it's started

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