Chapter 7 Question, About To File Soon! Advice From Anybody!!
I need help. I lost my job last Sept due to a professional licensing suspension and in the process of reinstatement. I never expected the whole process to drag this long. All this time, I am living off of my savings, continue paying mortgage, credit card bills, utilities, etc. to avoid bankruptcy. Now, I have no choice, my savings is depleted and my license reinstatement probably won't happen in the next few months. I am considering filing for bankruptcy next month and have already consulted a Bankruptcy lawyer which suggested Chapter 7. A few but very important questions. Both my cars are paid off. Will I loose them? The only loan I have is mortgage. I wont be able to pay it anymore. Will the house be foreclosed? And I continue to use the credit cards from time to time since I lost my job and recently for xmas shopping gifts. When I file for bankruptcy next month, will the credit card companies take the stuff I bought or file charges against me for continuing to use the credit card knowing I am unemployed? Please help, I cant sleep at night.
The answer depends on which state you live in, which exemptions are available to you, and the details of your case. I have written a Bankruptcy FAQ which should answer many of your questions about what is involved--it may be found at http://users.erols.com/lawyer/FAQ/br_faq.htm. I strongly recommend speaking with a local bankruptcy attorney. Most offer free initial consultations and he or she should be able to review your specific situation and let you know what you can and can't do. If you're in Maryland, DC or Virginia, please let me know--we may be able to help.
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