If I file bankruptcy for $15k in credit card debt and $7k of it is on a business card, will they put a lien on or make me sell my only residence?

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If I file bankruptcy for $15k in credit card debt and $7k of it is on a business card, will they put a lien on or make me sell my only residence?

I am seasonal between 2 states. I have only home which is ipaid off. I paid $30k for it about 2 years ago after selling my home in the other state that I live in. I owe $15k in credit card bills, have made all my payments and have good credit, but I don’t think I’m going to be able to continue making payments. I was considering bankruptcy.

Asked on April 9, 2012 under Bankruptcy Law, Ohio

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Bankruptcy is an extreme decision. Consider it wisely and how it will impact your future credit for the next 10 years or more. You need to consider whether you can negotiate with your credit card companies to pay down the debt and while it may hit your credit, it won't be as harsh as a bankruptcy. Consider talking to credit counselors in your area that are truly non profit (no cost). They are usually the credit counselors of (add a particular state or county), They can probably help you reform what you need and go from there. Also consider whether you would (if bankruptcy is your only option) a Chapter 7 (full discharge) or a Chapter 13 (reorganization) or Chapter 11 (reorganization).


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