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Home > Reader Questions > Mortgages, Students Loans, CCs. – Ellen

Mortgages, Students Loans, CCs. – Ellen

We own a condo (A) w/ $100k debt that we’ve been unsuccessfully trying to short sell for $40k. A house with $165k debt (B) that had a tenant in it, but now it is vacant and worth $125k maybe. $115k consumer debt. $120k student loans. Three vehicles no loans, worth $13k total. My husband was a small businessman but hasn’t earned anything in over 2 yrs. No unemployment payments. Student loans of $128k start kicking in in December. A house we own without a loan (C) is on the market for $70k but no takers.

I started a new job $50k yr, but I can’t see how we can pay our way out of this, even if we could sell house C. I want to file BK, but we met a BK atty who told my husband that he will lose his equipment and then never be able to conduct his consulting business again. Is it possible to keep trade equipment when you file for BK? Will they make us share one car? Can they force us into substandard housing (current rent $1200/mo)

Ellen

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  • Doyle Brueckner

    You actually can keep a certain value of euiptment needed for running a business. However, the amount varies widely from state to state. I would recommend that you go in for a free consultation with a local attorney.

  • Doyle Brueckner

    You actually can keep a certain value of euiptment needed for running a business. However, the amount varies widely from state to state. I would recommend that you go in for a free consultation with a local attorney.

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