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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I have a balloon payment due in May, my credit is very poor

Resolved Question:

I have a balloon payment due in May, my credit is very poor and I am drowning in debt. Will a chapter 13 bankruptcy help me pay off my debt and refinance my house?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.

You may want to consider a chapter 7 bankruptcy to eliminate your unsecured debt. A chapter 13 bankruptcy cannot be used to extend the balloon payment. After your chapter 7 bankruptcy is discharged, you may be in a position better able to negotiate a modification of your current balloon loan
Ellen and other Bankruptcy Law Specialists are ready to help you