Is bankruptcy the best way to eliminate credit card debts and keep your home?

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Is bankruptcy the best way to eliminate credit card debts and keep your home?

My mother-in-law was forced to retire last December because she went blind. She is now on a fixed Social Security income, and by the time she gets her monthly payments made, she has no money left for groceries. She recently received a letter from one of her creditors stating that the payment arrangements that were previously verbally agreed to over the phone are not an acceptable amount, and they are going to research her assets to foreclose on her to get their money. If this is done, she will lose her home. Should she file bankruptcy in order to keep her home?

Asked on July 18, 2011 under Bankruptcy Law, Colorado

Answers:

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 10 years ago | Contributor

It's certainly an option.  Whether she'd be able to protect her home depends on the amount of equity in it, the value of her other assets, what chapter she files, and which state's exemption laws apply to her case.  Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.

She needs to consult with a bankruptcy attorney in her area.

 

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

Follow Me on Twitter:  @bklawr

 

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 10 years ago | Contributor

It's certainly an option.  Whether she'd be able to protect her home depends on the amount of equity in it, the value of her other assets, what chapter she files, and which state's exemption laws apply to her case.  Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.

She needs to consult with a bankruptcy attorney in her area.

 

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

Follow Me on Twitter:  @bklawr

 


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