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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 117370
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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My wife and I were discharged in chapter 7 bankruptcy 3

Customer Question

My wife and I were discharged in chapter 7 bankruptcy 3 years and 2months ago
Soon after the bankruptcy we were offered credit cards and took them
This soon escalated to a total of 6 cards which we owe about 14000.00 on plus we now have a 518.00 fee for and end of a lease contract with hynduia finance which they said had to be paid by October 5 to keep it from going in to collections.Our only income is social security and a small pension.we are virtually penniless but do have a home worth about 190k with a mortgage on it of 125k. We can't get anyone to give us a conviental mortgage so we can get a cash out of 20 k we are not Qualified for the harp.I am 81 and my wife is 76We live in N C and I feel that we may be judgment proof We have a trust but do not know if it is irrevocable are revocibale My wife's credit score is 698 mine is 645 .can you advise
Submitted: 1 year ago.
Category: Legal
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
If you do not own your own house and have no assets except for your social security payments, then there is nothing s creditor could get from you even if then sue you. They cannot garnish social security or any retirement income and you need to cash those checks to keep them from levying your bank account and there would be nothing for them to seize from you if they did sue, They could place a lien on your home, that is all they could do as you do not have enough equity in if for them to seize it as the bank mortgage primes any other lien and has to be paid first. So if you ever sell, any credit card liens have to be paid or you would not be able to sell the house