Posted on September 15, 2009 at 10:19 pm I have 60,000 in unsecured debt that I haven't paid on in a year.  Needless to say, they have all gone to collection agencies with one threat of a lawsuit for $11,000 and another that took it to arbitration and now I am awaiting Judgement on $24,000.  I own a home with $100,000 equity (all owed to my Mom) in it so I know I can't claim Chapter 7 bankruptcy.  My problem is, I receive spousal support right now, but I only have 1 year left.  If I claim Chapter 13, what will they base my monthly payments on if my income in a year will be cut by 70%?  Or, what if I sell my home next April?  Can I still claim bankruptcy without them taking all the equity (since I owe it to my mom)?

Posted on September 29, 2009 at 5:40 am I have 60,000 in unsecured debt that I haven't paid on in a year.That amount is good for debt settlement. and now I am awaiting Judgement on $24,000.Have you spoken with your creditor/collectors yet with regards to repayment options? I own a home with $100,000 equityIt is not recommended for you to touch that to pay for unsecured debts.Can I still claim bankruptcy without them taking all the equity (since I owe it to my mom)? Technically, you can file Chapter 13 bankruptcy because it is a reorganization bankruptcy. Meaning you submit a repayment plan to the trustee and creditors in exchange for you not losing your home (if it is in your name).

Posted on September 29, 2009 at 5:41 am Hey if you need to know more about your other debt relief options, please feel free to fill out a form here at destroydebt.com and speak with a debt expert for free.I really think that you shouldn't file bankruptcy just yet.