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I am $160,000 in debt. I am 62, retired, married but considering

Customer Question
a legal separation. My...
I am $160,000 in debt. I am 62, retired, married but considering a legal separation. My husband is retiring this month and will also be receiving a pension. We have two old fixer upper homes. ONe mortgage is 325,000 worth about 425,000. Payment is 2800. The other morgage is 60,000 worth about 150,000. My married daughter lives there. Payment is 1400. Would it be wise to place the second home on a care taker agreement with a Chicago,Ill.attorney? Would I be making the wrong choice to enroll in Mr. Lanettes debt elimination program called, Debt Counsel for Seniors and the Disabled, Chicago Illinois. I was referred by Debt Advisors from CA as they work nationwide and they are reputable. All the credit card debt is in my name. I am not sure how much my husband will clear. I clear 4,900 a month. I am afraid to be sued by creditors or loose a home. My kids need it. Please advice. Depressed mind. I need to make a quick decision. I can't continue to make payments to credit cards
Submitted: 9 years ago.Category: Bankruptcy Law
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Answered in 41 minutes by:
10/8/2008
Bankruptcy Lawyer: Ellen, Attorney replied 9 years ago
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
Experience: Bankruptcy Lawyer. Experienced.
Verified

Hello,


Thank you for your question. I am happy to assist you.


You can consider filing a Chapter 13 bankruptcy.


A Chapter 13 bankruptcy could eliminate the high interest rate of your credit cards and restructure your unsecured credit card debt over a 3-5 year period.


I hope that the information which I provided was helpful to you.


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,
FLAandNYLAWYER


Please hit ACCEPT so that I can get credit for my work

Bonuses and Positive Feedback gratefully accepted!


THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE

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Customer reply replied 9 years ago
I wanted to know if it was wise to go with Debt Counsel for Seniors and Disabled. This program eliminates your debt completely and declared your account debt uncollectible. This company is in the internet. I already knew about the Chapter 13 INformation. I also wanted to find out if a caretaker agreement for my second home is a good way to shelter an asset.
Bankruptcy Lawyer: Ellen, Attorney replied 9 years ago
Hello,

I placed your questions in blue for clarity.

I wanted to know if it was wise to go with Debt Counsel for Seniors and Disabled. This program eliminates your debt completely and declared your account debt uncollectible.
There are no guarantees that your debt will be eliminated with such a program. Furthermore, because you debt is declared "uncollectible" does not mean that a creditor will not attempt to collect it anyway by filing suit. Typically a Chapter 13 is very much preferable.


This company is in the internet. I already knew about the Chapter 13 INformation. I also wanted to find out if a caretaker agreement for my second home is a good way to shelter an asset.

A caretaker agreement would not shelter your asset from creditors.

I hope that this information has helped you.

If I can be of assistance in the future, please ask for FLAandNYLawyer.


Please CLICK ACCEPT so I can receive credit

Bonus and Positive Feedback = job well done.


THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE


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Customer reply replied 9 years ago
I need clarification on the caretaker agreement. A lien would be place on the house by the atorney which could not be touched by creditors, Mr. Lamet said. We lived in the house from 1975-1990 so does that not make it a homestead of 100,000.
Customer reply replied 9 years ago
The attorney, Mr. Lamet said that by placing a lien on the house with a caretakers agreement that that would keep creditors from touching it. Also we lived in the house from 1975-1990 making it a homestead eventhough we moved to a second home in 1990. Both my son and daughter have lived in it for a number of years. Doesn't that protect it too.
Bankruptcy Lawyer: Ellen, Attorney replied 9 years ago
I am going to opt out so that another expert can assist you.
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Ellen
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
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