Bankruptcy questions

[logan]

What is the name of your state? South Carolina

I am 3 months behind in my mortgage and car payments because my wife and I both lost our jobs. We are also 3 or more months behind in several small loans. We have $55k in equity in our house, but our credit is such that we are unable to obtain a second mortgage. We are seriously considering filing for bankruptcy; we haven't decided on Chapter 7 or Chapter 13. Do we need a lawyer to file, or can I do it myself? If we file Chapter 7, what would be the probable outcome?

 

[bigun]

You need a lawyer in the worse way.
First of all, bk will only temporarily halt foreclosue or repossession. If you can't get current {in a Chapter 7} or develop a plan to pay the arreage {in a 13} your creditors will file for relief of stay and proceed with collection.
Also, the equity in your home is above what SC exempts in a Chapter 7.

http://www.thebankruptcysite.com/bankruptcy-exemptions/southcarolina.php