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dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5156
Experience:  37 plus years of experience specializing in bankruptcy law
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17 yr old flower business. gross 325,000.00 yr. sole proprietor

Customer Question

17 yr old flower business. gross 325,000.00 yr. sole proprietor owner. in a very tight financial situation. Have used up all my savings. had my son put my house in my name so i could borrow on it to clean up my dept. now iam concerned about borrowing my credit score is about 625, i am waiting to hear from 2 banks about a 35,000. equity the house has no mortage or leans on it. my problem is that iam not sure that i may be forced to file bankruptcy at some point now the house is an issue would my creditors be able to put leans on the house or could i loose it.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  dylatess replied 5 years ago.
Over 33 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions. for clarification, are you saying that the house has no morgage on it? What is the value of the house? What state are you in?
Customer: replied 5 years ago.
Iam in massachusetts. my house is valued at 165,000
Expert:  dylatess replied 5 years ago.
is there any existing mortgage on the house now?
Customer: replied 5 years ago.
no mortgage
Expert:  dylatess replied 5 years ago.
You CANNOT file BK as there is too much equity in your home and the BK court would sell the home to pay your creditors. Likewise, your home is subject to having liens recorded against it by any creditors that you owe. And these liens, if you were able to file BK, would not be removed as a result of a BK filing. My recommendation is to contact Consumer Credit Counselors, a no profit organization that will work with you and your creditors to repay your debts or a portion of your debts. That way, you avoid filing BK and save your home.'

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