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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Hi My wife makes $44,000 per year, age 50, teacher and I

Resolved Question:

My wife makes $44,000 per year, age 50, teacher and I make 68,000 per year, age 54, teacher. Our biggest expense is a monthly mortgage payment of seventeen hundred dollars (1,700). We have two kids, one in college and one going to high school. In september, after 18 yrs of service I will leave the teaching industry under a disability retierment package. My pay will be cut in half, and at my age the probability of finding a income equal to what I was making now is slim, considering the unemployment picture.
I want to do right for my family and want to know if chapter 7 is the route to go.
I live in Ma.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.

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 what debts you are hoping to discharge in the bankruptcy
Customer: replied 7 years ago.
The only bills that I presently have are my mortgage $1740 per month and two monthly car payment totaling $500.00 per month.
Customer: replied 7 years ago.
do you need more information or time?
Expert:  Ellen replied 7 years ago.
I do not see how a chapter 7 bankruptcy can assist you. A chapter 7 bankruptcy to eliminate your personal liability however in order to retain the house and car you would need to continue to pay the loans

If you would like additional details concerning my answer, please click REPLY and I will be happy to respond. Do not click relist as it will delay my response.
Customer: replied 7 years ago.
I thought after using the homstead act declaring chapter 7 would eliminate my debt to the bank I live in Ma..
Expert:  Ellen replied 7 years ago.
I knew that you were in Massachusetts when I responded. A bankruptcy would eliminate your personal liability on the mortgage. This means that if your house were to be foreclosed, you would not be responsible for any unpaid monies. However even with the bankruptcy, if you stop paying your mortgage, the lender will foreclose
Ellen and 2 other Bankruptcy Law Specialists are ready to help you