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I've got approx. $30,000 credit card debt. i live on $749 a…

i've got approx. $30,000 credit...
i've got approx. $30,000 credit card debt. i live on $749 a month social security disability. i've got a home morgage of like $69,000. i've been using the credit cards to make ends meet. the credit card companies have recently cut my credit limits. now all my cards a just about maxed out. some will be several thousand over limit if some disputes don't go my way. i am curently current on everything. i want to keep my house and re-afirm on that.
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Answered in 2 minutes by:
12/26/2009
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
Experience: Bankruptcy Lawyer. Experienced.
Verified
Hello,.

A chapter 7 bankruptcy would likely assist you

As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.

A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets, if any, that exceed your exemption.

A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured credit card debt over a 3 -5 year period. However, you may retain assets that exceed your exemption.

Here are the exemptions for Wisconsin:
http://www.bankruptcyinformation.com/wi_exemp.htm

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

Thank you,
FLAandNYLAWYER
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
Experience: Bankruptcy Lawyer. Experienced.
Verified
Ellen and 87 other Bankruptcy Law Specialists are ready to help you
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Customer reply replied 8 years ago

i would want to do a chapter 7. what would my exemption be as far as assets go?

Here are the exemptions for Wisconsin:
http://www.bankruptcyinformation.com/wi_exemp.htm
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Customer reply replied 8 years ago
the website you gave me for wisconsin exemptions ..........comes up website could not be found.
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Customer reply replied 8 years ago

my home was appraised at $96,000 two years ago, today it is worth at least probably the $69,000 i owe on it. i looked at the wisconsin exeptions list you gave me........under asset for homestead, law section 815.20 it says under exeption discription "property you occuppy to $40,000, sale proceeds exempt for 2 years from sale if you plan to obtain another home". i want to remain living in my home after the chapter 7 bankrupsy. maintain my house payments ,which are current. does this exemption mean that i won't be able to stay there because my house is valved over $40,000.

'

You would be able to keep your house if you continue the mortgage payments Century house is about equal to the amount that you owe
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