should we file 7, 13 or none?

[magihutch]

What is the name of your state? florida
my husband and i owe over $70,000 in credit card debt. he is disabled and get less than $600 per month. i own a small business which is a sole proprietorship. right now the business is barely making it, but it is producing a little income. i am able to pay my car payment, electric, car insurance, and buy food, but there just isn't enough right now to pay the credit cards. help!!! what should we do? file c7, c13 or just try to wait out the bad times and hope no one sues us?

 

[Ladynred]

With that kind of debt, its likely you WILL be sued, so I wouldn't try to wait it out.

FL has an unlimited homestead exemption, so you won't lose your home, and as long as you don't have any non-exempt assets, then CH 7 would work fine for you.

Here are the FL exemptions. Anything NOT on that list is subject to siezure by a Trustee.

http://www.thebankruptcysite.com/exemptions/florida.htm

If you're worried about your personal property, just remember that you value it all at GARAGE SALE prices, so you shouldn't lose a thing.