Legal Question in Bankruptcy in Virginia

Bankrupcy Phobia

I'm in a very precarious position, out on workers compensation,my airline is bankrupt, I've applied for ssd, and am waiting.... I've always lived right at my pay, owing about $400000 in cc debt, I have around $300000 equity in my home, bought a 270000 car with no money down, so very little equity. My house has had numerous major repairs needed (hence the cc debt) i'm drawing workers comp pay, but my salary is less than half. I decided 3 months ago to really fix my house and try to sel it, so I added about $12000 to my already horrible debt. Please tell me how i can come out of this with the least damage, I would like to try to pay off,and keep my car, house and furniture.

PLEASE help...all advice needed.

Bette


Asked on 12/09/02, 11:58 pm

2 Answers from Attorneys
John Sawyer Sawyer & Azarcon, P.C.

Re: Bankrupcy Phobia

You cannot resolve a complicated situation like yours on the Internet. If your credit card debt is actually $400,000 (?), then you do not qualify for a Chapter 13 individual wage earner's plan. However, you do qualify for a Chapter 11 bankruptcy. You need to consult a local bankruptcy attorney, ASAP.

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Answered on 12/10/02, 9:50 am
Edward Gonzalez Edward Gonzalez, PC

Re: Bankrupcy Phobia

There are ways to keep your house in bankruptcy, but we would need to interview to get all the relevants facts. For example are there non-exempt assets that can be used to "buy" the equity? Is the valuation correct? Are there other encumbrances or priority liens? Is a titled as a joint tenancy? Would a Chapter 13 be workable? If you are in the area, call to arrange an appointment, 703/883-0016,and I will work out options for you.

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Answered on 12/10/02, 11:55 am


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