Legal Question in Bankruptcy in Maine

credit card debt

can you file for backruptcy for credit cards only without it affecting your home. if you have alot of equity in your home can you apply for backruptcy. i have never been late on a payment but have 20,000 in credit card debt that is not going down even though i have cut them up. because of this debt i will never have any retirement because i can not save. any suggestions. thank you.


Asked on 8/14/03, 2:30 pm

1 Answer from Attorneys
Jerome Gamache Ainsworth Thelin & Raftice, P.A.

Re: credit card debt

There are 2 types of personal bankruptcies. Chapter 13 and Chapter 7. You would need to consult with a local Bankruptcy atty to determine which, if either, is appropriate, or if another method of debt management should be followed.

In any event, the Bankruptcy code allows each debtor to exempt from the trustee a certain amount of equity in a primary residence.

The amount of equity varies depending upon the situation. It can be up to $25,000 for each owner, and up to $60,000 if there are disabilities or specific situations.

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Answered on 8/18/03, 9:17 am


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