I was injured and unable to work. My wife and I fell further and further behind on our bills until we started recieveing notices and calls from collection agency’s. We can make our mortgage payment just fine however there is $35,000 in credit card debt (mainly 2 home improvement cards) We owe $126,000 on our home which is currently valued at $300.000 plus. Will we loose our home in a Bankrupcy filing? Thanks in advance for your advice/expertese conserning this matter.
We owe $126,000 on our home which is currently valued at $300.000 plus. Will we loose our home in a Bankrupcy filing? Thanks in advance for your advice/expertese conserning this matter.
Unfortunately, I cannot give you a solid answer. I don’t know where you live. Florida has an unlimited homestead exemption (where I practice). So your home would be safe in here. But other states have a limit to how much equity you can protect in bankruptcy.
Also, you mention nothing about other potential assets, or how much money you make. These are other considerations for qualifying for chapter 7, or whether you would be “forced” to file chapter 13.
You need to seek bankruptcy advice from an attorney in your state.
My name is Lewis Roberts and I’m an attorney licensed in Florida and Georgia. My practice focus is consumer bankruptcy, real estate issues/closings, and mortgages. I also have Florida real estate broker and mortgage broker licenses. I am a proud member of the National Association of Consumer Bankruptcy Attorneys (NACBA), National Association of Consumer Attorneys (NACA), and a graduate of Max Gardner’s Bankruptcy Boot Camp. I enjoy helping people with decisions that impact their financial well-being.
Legal Disclaimer: This is for educational purposes only. It is not to be relied upon as legal advice. It also does not create an attorney-client relationship. No such relationship is formed with attorney without a written agreement.
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