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Consumer Bankruptcy : Chapter 7, Chapter 13, Protection From Claims of Creditors
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Old 08-09-2002, 10:10 PM
tommy7
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credit card debt

What is the name of your state? Illinois -- married couple has $30,000 credit card debt on $45,000 gross income. What are options to bankruptcy to get rid of this debt, and will bankruptcy cause loss of home?
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Old 08-09-2002, 10:46 PM
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Join Date: May 2001
Location: NY
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No you will not necessarily lose your house if you file for chapter 7 relief from your debts. If you are current on your mortgage payments you may reaffirm the mortgage debt and continue paying for your house as normal. If you are behind in your payments, you may need to file for chapter 13 and schedule payments to catch up on the amount you are behind and make the monthly payments through the trustee.



Jeter
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