Can I lose my home if I file bankruptcy?I plan on consulting with an a bankruptcy attorney this upcoming week but was hoping to get some information and advice to help prepare myself for what I am facing. Long story short, I grew up with my grandfather who retired from DuPont and was receiving retirement as well as social security, which was the reason... |
How many hours are you working a week? 40?
If you aren't working at least 80, go get another job or two.
The $20,000 debt will be paid of in a year and you will continue to have your integrity.
With your income to debt ratio the likely hood being able to file bankruptcy is slim. Add to the fact your assets of home, and car. Courts would either require you to maintain the debt and pay it off, or liquidate assets to pay the debt. If I were you and I wanted to get rid of the bad debt immediately would take out a small mortgage on your home pay off the debts and pay over a term of the mortgage. Your other option would be to start paying on the notes most creditors will work with payments or may even take a lot less to settle the debt and clear it from their books. In any of the three situations it will take 7 years to clear off your credit report where bankruptcy will take up to 10 years to clear.
You may not qualify for chapter 7 and may have to go chapter 13 which is the repayment plan.
Most states allow exemptions for a house or car, but it really depends on the actual value of the assets. You may not be able to keep a paid off house and walk away from $20K of debt.
You really need to talk to a bankruptcy attorney.
Your work is not enough to file for bankruptcy. try to consult the bankruptcy expert to have an idea in how to save your home, and help you then.
