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i lost my job a week ago. unemployment will just cover my mortage

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but leaves me nothing left...
i lost my job a week ago. unemployment will just cover my mortage but leaves me nothing left to live on. my credit is already bad.what are my chances of getting creditors to work with me or should i just file for bankruptcy?
Submitted: 6 years ago.Category: Bankruptcy Law
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8/4/2011
Bankruptcy Lawyer: WALLSTREETESQ, Attorney replied 6 years ago
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,252
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
Verified

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

If you fail to pay your credit card bills, they would try to settle with you for 50% of the remaining debt in almost all cases,

WALLSTREETESQ :

You would have to miss three to four months of bills,

WALLSTREETESQ :

The problem with any type of settlement, is that you have to pay taxes for the canceled debt,

WALLSTREETESQ :

I would suggest a bankruptcy as you would not have any more credit card debt, and you can even discharge your mortgage if you wish, and continue to pay your mortgage and live in your home,

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask.

Customer:

what does that mean 'discharge my mortgage and stay in my home? ideally i would like to keep my home and my car. is it still possible to do that with today's laws?

WALLSTREETESQ :

Do you have any equity in your home or car?

WALLSTREETESQ :

U.S.C. Section 522:
Married couples double the amount of the following federal exemptions:



  • Homestead • Real property, including co-op or mobile home, to $18,450; unused portion of homestead to $9,250 may be applied to any property;

WALLSTREETESQ :

Motor vehicle to $2,950;

Customer:

what does that mean? also i'm single

WALLSTREETESQ :

In NJ you can keep up to $18,450 in equity in your home,

WALLSTREETESQ :

and $2950 in your vehicle,

WALLSTREETESQ :

Is your home under water?

WALLSTREETESQ :

Or if you sell your home now, would you make a profit after paying the mortrgage?

Customer:

im sorry i'm a little dopey when it comes to this stuff. so if i have paid that much on my mortgage i can keep thehouse? i owe more on the house than it's worth in the current market

WALLSTREETESQ :

Since you owe more than it is worth,

WALLSTREETESQ :

you can keep your home, by paying the mortgage,

WALLSTREETESQ :

You can also put the mortgage in your bankruptcy and wipe it out, so you do not owe them anymore,

WALLSTREETESQ :

and make an agreement with them to pay them anyway, if you wish

WALLSTREETESQ :

Your car if it is worth less than $2950 after paying off the loan, you can then keep it

Customer:

that sounds strange with the mortgage but i could see how they would not want the house in their lap as they would loose money on it anyway. i will have to check the book value on the car. i don't think it's worth anything but i hate it so that probably doesn't matter. i only need to keep it so i can get around and find a job

WALLSTREETESQ :

You can keep the car, if it is worth close to that amount eve up to $3000 or little more,

Customer:

should i call the mortgage company myself and see what they're willing to do or should i figure all of this out with an attorney first?

WALLSTREETESQ :

The mortgage issue is good for you, as if you list it,

WALLSTREETESQ :

I would have an attorney do it for you, at this point the bank will not do anything until you file a bankruptcy

WALLSTREETESQ :

Sometimes, they will contact you and lower your payment if you agree to pay them and keep the property out of bankruptcy

Customer:

ok thank you this has been very helpful

WALLSTREETESQ :

If satisfied with our service please press the accept button so we can receive credit.

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask

Customer:

i will thank you again

WALLSTREETESQ :

good luck

WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,252
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
Verified
WALLSTREETESQ and 87 other Bankruptcy Law Specialists are ready to help you
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WALLSTREETESQ
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,252
17,252 Satisfied Customers
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS

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