Legal Question in Bankruptcy in California
Filing Bankruptcy decision
I have excellent credit. I want to save money for retirement and college tuition for my 13 & 16 year olds.
But I owe approx $55K in debt. $45K on an equity loan & $10K in credit cards. Should I file bankruptcy? What would you suggest?
1 Answer from Attorneys
Filing Bankruptcy Decision
A far more comprehensive analysis is needed before making a decision on bankruptcy. Since your equity loan is likely secured by your home, a bankruptcy is not going to get rid of that. $10K in credit card debt is, relatively speaking, not very high. A lot of what you should do depends on your income, both current and projected and what the value of all your assets are. If you live in the greater Los Angeles area and would like a more comprehensive consultation, please visit my web page and give me a call.
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