Legal Question in Bankruptcy in Arizona

Over the last 7 years I have been laid off twice and 2 of the companies I have worked for no longer exists. After 4 years with my last company I was laid off again. I have gone from making 85,K+ down to a new job offer I just got for 35K a year. being out of work the past 6 months I am behind in everything. My husband has been on disability for the last 25+ years for a brain tumor and has not worked since. The financial obligations of the family have always been mine. I have contacted my mortgage company to see if they could modify my mortgage loans a first and HELOC and they are pretty much telling me the same thing they did when I requested this a couple years ago. We currently owe 125,000 on our home with comps in the area selling for 40,000. this is another problem. To top it all off my husband and I have been discussing a divorce. I have no idea what to do to eliminate this debt and a divorce at the same time. I know if we let the house go I will still be responsible for the 50,000 line of credit since they tell me it can not be part of a foreclosure? Not sure from what I have read if this is accurate. don't know what avenue to take to make this easy on both of us to be able to start over. Your reply is appreciated.

Asked on 8/19/11, 1:46 pm

1 Answer from Attorneys

Scott Hyder Law Office of Scott W. Hyder, PLC

Yes, you will be responsible. It sounds to me that a bankruptcy may be a possible solution. Feel free to call me.

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Answered on 8/22/11, 10:47 am

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