Legal Question in Bankruptcy in Illinois
Bankrupt and keep my house?
My mother mortgaged her home to pay off $95,000 in credit card bills. Now she is having a hard time paying off the high rate mortgage (10%). Can she go bankrupt and still keep her home? We don't care about her credit rating as she is better off without any credit cards anyway. Thank you
Asked on 10/08/99, 6:39 pm
1 Answer from Attorneys
Charles Dobra
Charles Wm. Dobra, Ltd.
Re: Bankrupt and keep my house?
Let's see; we converted $95K in unsecured debt to $95K of secured debt. Is this a trick question?? Nevertheless, if your mother has an income (could even be Social Security) she might qualify for a Chapter 13 bankruptcy.
Answered on 10/11/99, 3:22 pm
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