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I am 67 years old and on social security but also work 30

Customer Question
"I am 67 years old...
"I am 67 years old and on social security but also work 30 hours per week. In 2008 I had to close my business because I lost 3 good customers because of the economy. I was left with about $29,000 in debt from a cash flow line that was unsecured. I lost my house to a short sale and now rent. I do own some lakeshore property (land) that I owe about $96,000 on and I really would like to keep it On the cash flow line the bank just raised my payment from $740 to $950 I really can't pay that much. It was tough doing the $740. What are my options. I use one credit card that I pay off each month.
I live in Minnesota in Wright county.
Submitted: 7 years ago.Category: Bankruptcy Law
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6/1/2010
Bankruptcy Lawyer: Ellen, Attorney replied 7 years ago
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
Experience: Bankruptcy Lawyer. Experienced.
Verified
Hello,

I am the JustAnswer expert that will be helping you today. I am a lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information.

Can you tell me how much equity is in the lake property
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Customer reply replied 7 years ago

I'm not sure anymore. It was worth about $200, 000 but nothing seems to be selling right now so I don't know how to judge it. Taxes were based on $127,500/

 

Bankruptcy Lawyer: Ellen, Attorney replied 7 years ago
Hello,

You may want to consider a chapter 13 bankruptcy as it would permit you to keep the lake property and make payments over a five-year period on your outstanding debt.

I will explain

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 Minnesota:
http://www.bankruptcyinformation.com/MN_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
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Customer reply replied 7 years ago
I don't understand the exeptions part. I don't see how I can dig out from this.... The cash flow line is my only unsecured debt. My car is paid for. The main thing is keeping the lake land.
Bankruptcy Lawyer: Ellen, Attorney replied 7 years ago
A chapter 13 bankruptcy would allow you to keep the land and make payments over a five-year period on the unsecured debt. That portion of the debt that was not paid for at the end of the five-year period would be discharged/erased
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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Ellen
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
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