Legal Question in Bankruptcy in Massachusetts

not enough to cover expenses,recently re-mortgaged

my wife and i are 68,years old,retired.we got in over our heads with 'credit cards' helping kids.then remortgaged home and payed off about $30,000.00 in cards.also paid off 2nd mortgage.mortgage, is now $128,000.00,,we pay $1080.00,per month,including realestate taxes. our income is $2,160.per month. i took a job as a 'bagger' at stop/shop,but had to quit because of wifes mental condition. she was just released yesterday,from st.lukes hospital(phych. ward),new bedford,not recovered.house is 'appraised at $250,000.have car worth about, $5,000.falling behind each month,dont believe in giving up,,spent 44 years as insurance claims adj./mgr a very worrysome situation,if i file,,will we lose home?,car,etcnever thought things would reach this point. cant discuss matter with wife she doesnt comprehend the magnitue of the problem.any advice you can give would be greatly appreciated,,mainly worried about losing our home of nearly 40,years,,,,thank you for any help you can offer,,,sincerely


Asked on 9/21/01, 11:36 pm

1 Answer from Attorneys
William McLeod McLeod Law Offices, PC

Re: not enough to cover expenses,recently re-mortgaged

Like most problems, admitting you have one is the hardest part. In most cases, you can keep your home and your property provided you have a good attorney who can plan your bankruptcy well, and give you sound counsel. It's not something you can get a clear answer on in a posting on line....because an attorney also needs to look at income, other assets, debt, etc. Speak to an attorney who practices bankruptcy law regularly. Sound counsel can ensure that the light at the end of the tunnel is not an oncoming train. Good luck.

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Answered on 11/05/01, 10:34 pm


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