QUESTION
I am going through a divorce and have primary custody of my kids. I am about a year behind on half my credit cards and a few months behind on other credit cards now. I make payments on my car and have not missed a mortgage or equity line payment. I know in June I will start to fall behind on my equity line as my savings is all but gone. In total the equity line is about 122k, I have about 110k in unsecured debt and owe about 365k on my primary mortgage.The town of Bridgewater in MA values my house at 340k. My average income is 100k for this year and was about 10k lower the previous years. Could I file for bankruptcy and include my equity line? I would like to keep the house due to having kids and dogs and not wanting to upset my kids any further.
Asked on Mar 07th, 2011 on Bankruptcy - Massachusetts
More details to this question:
I am going through a divorce and have primary custody of my kids. I am about a year behind on half my credit cards and a few months behind on other credit cards now. I make payments on my car and have not missed a mortgage or equity line payment. I know in June I will start to fall behind on my equity line as my savings is all but gone. In total the equity line is about 122k, I have about 110k in unsecured debt and owe about 365k on my primary mortgage.The town of Bridgewater in MA values my house at 340k. My average income is 100k for this year and was about 10k lower the previous years. Could I file for bankruptcy and include my equity line? I would like to keep the house due to having kids and dogs and not wanting to upset my kids any further.
1 ANSWER
Personal Injury Attorney serving Fall River, MA
at
Botelho & Associates, LLC
Update Your Profile
More information is required to answer this question, such as how many children you have, your monthly bills, your income (which you gave) and a few things to determine if you are eligible for Ch. 7 Bankruptcy. If your income is steady, then Ch. 13 Bankruptcy will be no problem for you to file. I suggest you contact a bankruptcy attorney and arrange a consultation, as your situation is not cut and dry.
Thank You.
Joseph F. Botelho, Esq.
BOTELHO & ASSOCIATES, LLCAttorneys At Law (Specializing in Bankruptcy and Personal Injury Law)http://massachusettslawyeronline.com/
126 Shove Street Unit 202 Fall River, MA 02724
Office: 888-269-0688Cell: 508-801-6747FAX: 877-475-8147
Answered on Nov 23rd, 2011 at 11:17 AM