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I have 21,000.00 in credit card bills and loans. I cannot…

Customer Question
I have 21,000.00 in credit...
I have 21,000.00 in credit card bills and loans.
I cannot get an equity loan because the house has been valued 3,000.00 lower than the amount I owe on the mortgage. Although all my bills are current, my credit score is poor. Is bankruptcy my only option?
Submitted: 1 month ago.Category: Bankruptcy Law
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Answered in 1 minute by:
3/17/2018
Bankruptcy Lawyer: Damien Bosco, Attorney replied 1 month ago
Damien Bosco
Damien Bosco, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4,216
Experience: Helping you with your legal questions.
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Hello: My name is ***** ***** I am an attorney. Please give me a moment to review your question. I may ask some questions to clarify issues.

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Bankruptcy Lawyer: Damien Bosco, Attorney replied 1 month ago

Are you saying that you are not able to make payments on your credit cards and the mortgage?

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Customer reply replied 1 month ago
I am borrowing to keep up payments
Bankruptcy Lawyer: Damien Bosco, Attorney replied 1 month ago

I see. Hold, please while I develop a response.

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Bankruptcy Lawyer: Damien Bosco, Attorney replied 1 month ago

The two bankruptcy options are:

Chapter 7 bankruptcy: you could discharge your debts but you may have to liquidate some of your personal property.

Chapter 13 bankruptcy: you will be required to make a repayment plan based off of your income, showing how you will pay off your debts in the next three to five years.

Usually, a trustee would require a person with a job and income to use Chapter 13 because you would be able to develop a payment plan.

The other alternative is to work the loans and debts out with the creditors to see if you can get lower monthly payments.

We can discuss this more if you want to do so.

If you have further questions or you need further assistance, just let me know.

If not, please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

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Bankruptcy Lawyer: Damien Bosco, Attorney replied 1 month ago

Hello again:

I am checking in with you to see if you need further help. If you need more, just let me know.

If not, please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

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Damien Bosco
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