Need advise on my debt situation


A

Anthony

I might have to file for chapter 7. I have a house worth about 90,000
owe bank 70,0000. I have 22,000 in credit card debt and also a secure
loan of $35,000. I'm in a deep hole right now. My secured loans were
using my house as a collateral. Will i still have to pay my secured
loans after filing for chapter 7r and returning the house to the bank?


Thanks for all your help......this is the worst chapter of my life.
 
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A

Amethyst

Anthony said:
I might have to file for chapter 7. I have a house worth about 90,000
owe bank 70,0000. I have 22,000 in credit card debt and also a secure
loan of $35,000. I'm in a deep hole right now. My secured loans were
using my house as a collateral. Will i still have to pay my secured
loans after filing for chapter 7r and returning the house to the bank?


Thanks for all your help......this is the worst chapter of my life.
You might consider talking to a good bankruptcy lawyer NOW. If you file
too late, and your current income is ABOVE the median, and if by the
IRS standards you can pay back at least $100 month for FIVE years...you
will be forced to choose between a Chapter 13 or just forget bankruptcy
relief. You will also need credit counseling acceptable to the
bankruptcy court.

So I suggest that you talk to a lawyer, just as I would suggest the use
of a parachute if you decide to jump out of a plane.
 

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