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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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after getting our sons under control would it be advised to

Customer Question

after getting our sons under control would it be advised to rent an apartment and then claim bankruptcy we plan to sell our home but we are not sure of the value of the property since we still own on the home and also have a second mortgage
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.
Hi JACustomer,
1) What did you mean by "getting your sons under control"?
2) Is your house worth more than the total of both mortgage? If yes, how much more?
Customer: replied 5 years ago.
I mean going ahead with getting the one son 40 years old out of our home with the suggestion of getting him to leave after 30 days notice and to stop paying rent for the 42 years old. We gave notice to our second son today that we would no longer pay his rent and this is not the first time we have told him this and he becomes very abusive and irrate mentally and states he will never talk to us again and asked to wait another few months but we financially can't do this any more. The son that lives with us we have asked on various occasions to move out but it becomes a battle and he cusses and swears and ends up not leaving and in addition brings his two girls 8 and 10 yrs old over on the weekends and eats up most of our food but we are giving him notice as of tonight to move out in 30 days to find his onw place or else he will be evicted. So we will see how that goes, we have thought about getting our own lawyer here locally or ccontacting social services here in town. Whatever it takes to stop our sons from financially draining us. I also have four daughters all outside the home who are living in their own homes and struggling but doing well enough to get by and have all suggested to get the sons out on their own as they see us advancing in age. Fortunately we are both well and I am still able to have a career working as a nurse on a PRN basis. But as to how long I can keep this up I don't know. My husband is retired. But due to the expenses of our credit cards and debts I don't know how we are going to make it. I will give you the amounts of our mortgages as soon as possible. So far I have been responsible for most of the bills including both mortgages and my credit expenses. But if we don't stop supporting the boys who have been taking us for what we have financially I can't see and end in view. Date of purchase of house sept 1, 2001 1st mortgage $ 86,743 payments $832/ month with insurance and taxes included;n 2nd mortgage $33,370 payment $267/month please answer soon thanks
Customer: replied 5 years ago.
If Ican keep working I can pay my bills but at age 73 I am worried that I can't keep this up and all my credit card bills everything is up to date and payments are now made in time but It is difficult to keep this all up I am worried about the future We need to have the house revalued we are thinking perhaps about $140,000 due to the increase of housing in our area but we need to have this verified
Expert:  cfortunato replied 5 years ago.
Filing Bankruptcy is an excellent option for anyone - including yourself - who is struggling to pay their bills.

I think this is what you wanted to know. If not, please let me know.
Thank you.
cfortunato and other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.
I sent the information of our home 1st and 2nd mortgage as requested but
no real answers as to what to do next do you advise to sell the home first
or get an apartment and then file bankruptcy if that is what we choose to
do. We have now advise both sons to go on there own and have given 30 days
notice to both sons which has again caused disruption in our famly but they
have both taken us seriously so I think that is a plus. The written word
has done some good. We are acceptive to any advise at this time.
Expert:  cfortunato replied 5 years ago.

You did not answer the question about your home's equity. What is the current market value of your home?