Please help...need advice

[debtfull]

I have just found out that my mother who is about to retire next year is in a financial pickle. She is over limit on all cc's and has over $20,000 in cc debt. Here is the issue- She is the owner of the condo that I am living in and we cant make the payments anymore and have been unable to sell. She is also leasing her car right now and financed mine 2 years ago. There is 3 years left on each car note. She makes a bit over the means for a chp 7 but im wondering what she would be on the line for with a 13 if we let the condo foreclose. I filed a bk a year ago for medical reasons and she was a great help. Seems she has been battling her own issues though over the last year. We are seeing a lawyer but I would like any feedback I can get beforehand...

[JRScott]

Well it sounds like a rough spot.

She could certainly file bankruptcy.

Some considerations would be savings and the like she may possess. Retirement funds would be exempt but a savings account would not be.

You'll need of course a new place to live. Are you planning on living together or seeking your own place?

[CH33 Paralegal]

The lease is going to at least cause your mom headaches in the CH13. Plus there is nowhere in the budget for usage charges if she goes over miles and it's a long process to get permission to buy the car after lease if she's trying to go that way too.

I'm not sure how many mortgages there are on the condo, but you should discuss walking away, inside and outside of bankruptcy, with at least a couple different attorneys. Also make sure they do a comlete means test. She may actually qualify some way. The best thing to do is to try to get as complete documentation as possible of all sources of income and expenses in the last 6 months for the household.

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