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Debt Relief – Insolvency – Bankruptcy Information » Bankruptcy Help » Please help me with a bankruptcy question.?

Please help me with a bankruptcy question.?

My mother in law racked up $40K worth of credit card. She lives off social security and has no other income. She owns her home and her land. She was told by a lawyer that because she owns her property she cannot declare bankruptcy. Now what? Is there any other solution. Can the creditors come take her land away from her since she cannot afford to keep paying them.

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2 Responses to "Please help me with a bankruptcy question.?"

  1. Real Estate Guy says:
    I would talk with a 2nd lawyer.

    Maybe she can get a 40k equity loan and pay off the credit cards.

    I would see if the cc companies will “settle” with her for less then 40k

    Problem with BK and owning property (a major asset) is that the courts will not discharge the debt since she has assets. They may require her to sell the property.

    And the CC company can get a judgement/lien on the property.

  2. mpjs4 says:
    She needs a new lawyer you can file chapter 13 and not lose the house It is called reorganization which will give her a low monthly payment to repay the bills But declaring bankruptcy cost’s money also she could do chapter 7 if there is someone else on the deed let’s say you ad your husband are on the deed and it would have to say you own at lest 80 percent of the house. check with a bankruptcy lawyer I did 2 weeks ago she has chioce’s good luck

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