My husband and I are way over extended. We are upside down on both car loans, so we can't sell them. we have a 1st and 2nd mort. that we can't keep up with. We have another 10,000 in credit card debt, and 2 secured loans. We have equity in our home, but have a lien on it. because the debt is our fault from making bad decisions, can we still file bankruptcy? and what kind can we file?
1 Answer from Attorneys
Re: bankruptcy requirements
U need to meet with a bankruptcy attorney to review the specific numbers relevant to your post. ie the amount of equity in your home, the nature of the secured loans, the debt load of the 1 & 2nd mtg.
The answer to these questions will determine your chapter.
The type of bk chapter you file will also be determined by your income during the last 6 months.
contact a reputable bankrputcy attorney to discuss these issues.
Related Questions & Answers
Bankruptcy what happens if you default on bankruptcy payments? Asked 7/14/07, 3:08 pm in United States Louisiana Bankruptcy Law
Bankruptcy & lawsuit against me I currently have a lawsuit pending in court... Asked 7/12/07, 7:42 pm in United States Louisiana Bankruptcy Law
Bankrupt & Your Physian After a Chapter 7 bankrupt can your physian/doctor... Asked 6/12/07, 7:44 pm in United States Louisiana Bankruptcy Law