Jump to content

$275,000 IN CREDIT CARD DEBT !!!!


Tino717
 Share

Recommended Posts

I owe $275,000 in credit card debt, $105,000 Mortgage Balance. Home appraised at $350,000. About 4 accts in collections, none charged off yet, been transfering balances to make my pmts, now I am Maxxed out on my credit cards. I am out of work, my income for 2004 YTD is $5,000. Other than my home, have no other assets.. I am current on my MTG. I live in NY. What should I do, sell home & pay the creditors at a reduced amount, try to refinance.. File Bankruptcy, is that even possible with the equity that I have in the home ?? Thanks

Link to comment
Share on other sites

Well homestead exemption in NY is only $10,000 (double that if you're married) so it looks like one way or the other, you'll lose the house.

$275K is a LOT of credit cards. Is that all personal, or is some of it business related?

Without a job, your options are limited. A refi on the house would be really difficult. With that much equity a BK 7 trustee is going to be interested in your house. Chances are the trustee will sell the house and pay your creditors. Problem is (like me) then you'll have to try to find a place to live. You might be able to sell the house on your own, use the proceeds to negotiate with the CCs and walk away with a little of the money, but that sounds like a long shot.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.