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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17248
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Im Merrick. I have a wife, three kids, home and two cars,

Resolved Question:

I'm Merrick. I have a wife, three kids, home and two cars, one paid off. Unemployed for almost a year, CC debt of $140,000 (more than half is medical), personal loan of $30K, house is upsidedown by $50-75K. My wife's income has been slashed to $1500-2000 per month. Haven't yet nogotiated with credit cards companies for debt settlement. I am expecting an offer to come any day now for a new position (knock on wood). We've looked into Chapter 7, 13. We don't know what to do, but know we can't live like this anymore. Suggestions?

Thanks,
Merrick (and Marcy)
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 7 years ago.
You are a good person for a chapter 7, the only problem with a chapter 7 is your home will be sold, if you want to live in the home, consider a chapter 13, you will keep the home, and most of your debts would be reduced by 50-90% which you could pay in 60 months.
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