Posted on: 27th Jun, 2010 08:51 am
I am 65 and retired my husband is 64 and would like to retire. We live in a mobile home that we paid 30K for and is paid off. We owe about 60k in credit card debt and car payments. Should we declare Chapter 7 and will we be able to stay in our home?
Hi kanehi,
Rather than declaring bankruptcy for the credit card debts and car payments, you can contact the creditors and ask for a payment plan which will help you in paying off the dues in an affordable manner. If you get a payment plan, then you would be able to pay off the dues as well as save the car and the property. As the mobile home is free and clear, the bankruptcy trustee may sell it off to pay your creditors.
Thanks
Rather than declaring bankruptcy for the credit card debts and car payments, you can contact the creditors and ask for a payment plan which will help you in paying off the dues in an affordable manner. If you get a payment plan, then you would be able to pay off the dues as well as save the car and the property. As the mobile home is free and clear, the bankruptcy trustee may sell it off to pay your creditors.
Thanks
Please speak with a BK attorney. I would think that if you filed BK, you would be able to keep your home since it is your primary residence.
We would love to be able to pay off our creditors but we are living on less than 2K a month and barely cover our living expenses. How could we possibly get a payment plan especially given our ages, 65 and 64? Our big concern is not having a place to live.
Please call a BK attorney today and discuss a Chapter 7. It is my understanding that you can keep your home since it is your primary residence.