New here and not happy about it:)

[kcode]

My wife and I are really struggling right now. We have two houses and tons of dept that is killing us. We invested in some property and lost our butts. We have about $90,000 in unsecured dept on cards and loans, not counting one car loan and two timeshares.

Is there a way to keep the house if we fill and can afford to keep it? I don't mind losing everything else but if possible we would like to keep it.

Another question is what type to file, 7 or 13?

Do you have to sell everything when you file?

I'm new to this so any help would be appreciated.

Thanks

[PoorGrammyinBK7]

Hi and welcome! Just search around the site and you will find a lot of good, helpful information here - from personal experiences mostly. Most of us are not lawyers (although I think there may be a couple in the bunch, as well as some paralegals).

None of us is happy to be filing bankruptcy. But it can be a big relief, believe it or not.

It is very doubtful you would have to sell everything - depends on your state's laws regarding exemptions. Many people keep their houses, but, again - depends on how much equity your state allows to be exempted, and whether or not you can afford it.

We would have to have more facts to really answer much more. But, good luck - and know that you are not alone..

[kcode]

[QUOTE
We would have to have more facts to really answer much more. But, good luck - and know that you are not alone..[/QUOTE]

What more information would you need to help figure this thing out? I would like to pay off the unsecured dept and not file if possible? I don't know when money will come in, but I can try to sell stuff to settle with them if possible.

Our credit is not good right now and she is the only one working. I have been looking and haven't found anything yet. This is the first time I have ever been out of work in twenty years.

[catleg]

Chances are you want to shoot for a chapter 7; if you can show low enough income for a 6 month period and your assets fit into the exemptions (either federal or state) then you're golden.
Otherwise you have to do a chapter 13 which is more expensive and ties you up for 5 years. Generally that would be if you have more assets and/or too much income.
In either case take your time and plan it out for your maximum advantage, many people rush in too fast because they can't handle the phone calls.
Probably a "best practice" is to stop paying all your cards and wait 90 days to file.

[kcode]

Chances are you want to shoot for a chapter 7; if you can show low enough income for a 6 month period and your assets fit into the exemptions (either federal or state) then you're golden.
Otherwise you have to do a chapter 13 which is more expensive and ties you up for 5 years. Generally that would be if you have more assets and/or too much income.
In either case take your time and plan it out for your maximum advantage, many people rush in too fast because they can't handle the phone calls.
Probably a "best practice" is to stop paying all your cards and wait 90 days to file.

We can handle the phone calls. I stopped paying them last month. I tried to work with them on a lesser amount to pay, but they didn't seem to want that yet, I guess we were to current to quality?

[keepmine]

How much equity is n your home and, what state are you in? That'll help determine if you can file a 7 and keep the home.

[kcode]

How much equity is n your home and, what state are you in? That'll help determine if you can file a 7 and keep the home.

Well before the drop in the market we had about $120,000 in equity, but I don't think we could even sell it for what we owe right now. We are living in Hawaii right now, but only for another six months, then moving back to Oregon where the houses are. I don't care about keeping the rental house, only the house we live in. We are living off my inlaws in Hawaii, so we are poor don't worry. We are renting the house in Oregon till we get back.

[keepmine]

No equity, then you should be able to keep the house as long as the mortgage is current.