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We are retired military ,need advice on whether to file

Customer Question
We are retired military...

We are retired military ,need advice on whether to file bankcruptsy

Lawyer's Assistant: What state are you in? And has anything been officially filed?

Florida no

Lawyer's Assistant: Have you talked to anyone in the chain of command about this?

We are retired was told to talk to lawyer here .havent seen military one here yet

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Did you get the message about credit card debt and my two children died This started the whole thing really 14 yrs ago

Submitted: 7 months ago.Category: Bankruptcy Law
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Answered in 4 days by:
11/13/2017
Bankruptcy Lawyer: Terry L., Attorney replied 7 months ago
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,956
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Verified

Good afternoon, thanks for your question.

Consumer Bankruptcy cases are filed usually under Chapter 7 and Chapter 13.

Chapter 7 eliminates consumer debts, such as credit cards, medical bills, repossessions and personal loans. Secured debts, such as mortgages, car notes etc. can be reaffirmed (kept) or discharged (surrender asset) depending on the debtor's choice. Generally, the debtor does not have any assets with value (depending on your available exemptions) and keeps their personal belongings that are owned free and clear.

Conversely, chapter 13 is a debt repayment plan. protects unexempt assets, and is used to consolidate and pay back debts. (usually from 10-100% of the amounts) based on income/expenses and the assets owned by the debtor. It can stop foreclosure, it will pay off mortgage arrears, pay off car notes and other financed items too so the debtor can keep them. It also helps with most non-dischargeable debts (there are some exceptions).

Do you have any questions? Otherwise, you would be best to meet with your local bankruptcy attorney to review your assets and exemptions, and the debts you have to help get you into the proper chapter to file. Let me know if you have any further questions.

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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