Husband’s employer closed. He is now receiving Social Security and unemployment. I work a full-time and part-time job and have a little pension check. Our credit card debit is no longer manageable. My husband wants to file chapter 7. He thinks I should file chapter 13. I co-own some property and have $20,000 left in my 401K.
If my husband files chapter 7, the credit cards that I am on with him will come after me. I really do not want to sell my share of the property that I have with my mother, brother and sister. How can I get out from under this debt. We want to keep our house. We have filed for a upside down mortgage with CitiBank.
Wow, thank you so much for sending the numbers along.
That is certainly a substantial amount of debt.
I have some additional questions for you on the debt.
- Is the Bank of America line of credit secured by the house?
- How much is your house currently worth and how much is due on the first mortgage? It’s a bit confusing since you list two amounts due Citi Mortgage.
- Does you want to keep the car in his name?
- Tell me a bit more about that other property.
With a little clarity we can get to the bottom of this.
Please post your responses and follow-up messages to me on this in the comments section below.