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Category: Bankruptcy Law
Satisfied Customers: 17228
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 havent worked full time because of health problems in over

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I haven't worked full time because of health problems in over a year. I am fully recovered now and expect to be back at work within a month. However, due to my loss of income, I was forced to stop monthly payments on 2 credit cards. In the meantime, one credit company has taken to a collection agent and has offered to settle for about $8500 on a nearly 30 k debt. The other company sued me without my knowledge and obtained a default judgment for nearl 7,000 on what was originally about a 4,000 debt. The company that sued me has threatened to initiate a sherrif's sale. While I do not have any cash, I do have property i want to protect. I also own my home and probably have about 60,000 in equity. I live in the stae of Pa and want to know what my best move would be to protect my house and belongings. Is filing for bankruptcy my best option? If not, what is?
how much is your household income
Customer: replied 7 years ago.
My household income for the last year has consisted entirely of unemployment which right now is at a pre tax rate of $476 a week. If the job I anticipate being offered comes through, my income will probably go up to 45-50,000 a year.
settling the debts is the best option if possible, a chapter 13, would allow you to keep your equity in the house and allow you to pay your creditors a fraction of what you owe them over 60 months, and lift any legal action they take. The only consideration you have is your credit damage. But since it has already been damaged I would consider a chapter 13.
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