Legal Question in Bankruptcy in New York

Can I qualify for BK and Ditch my house?

My husband and I are at the point wherethe minimum payments on all of our credit cards is just too much for us to make. He lost overtime at work and I have had my hours cut back and we can not keep up with everything. We've sold of any and all ''goodies'' or ''toys'' and have scaled back any extra spending and still can't make ends meet.

Also, our house is starting to have a lot of MAJOR problems. We owe about $70,000 more on our home than it is worth between three mortgages.

Combined, we earn just under $100k a year and have 4 children.

Q#1 Can we still qualify for CH. 7 bankruptcy or do we make too much money?

Q#2. Can we somehow just leave our home and let the bank have it? The payments are killing us and we can barely make the mortgages each month let alone do the repair work we need to do to the home. I don't think we can ride it out til the home goes back up in value.

Also, we do want to keep our cars. We owe probably more than they are each worth.

Any advice is sincerely appreciated!


Asked on 1/31/09, 4:12 pm

1 Answer from Attorneys
Stephen Starr Starr & Starr, PLLC

Re: Can I qualify for BK and Ditch my house?

The situation you describe is a little too complicated to deal with in a short posting on this board. You should consult with a bankruptcy attorney who handles cases in the county where you live and who will review with you your non-bankruptcy and bankruptcy options, and cover both your chapter 13 and chapter 7 options.

Among other districts, my firm handles cases in all of the Divisions of the Southern District of New York Bankruptcy Court, including Poughkeepsie.

Please feel free to contact me at 8888678165 for free initial consultation.

You may also find the Frequently Asked Questions (FAQs) regarding personal bankruptcy pf interest on our website at www.starrandstarr.com, as well as the postings on our Blog that you can link to from that website.

Best regards,

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Answered on 1/31/09, 4:31 pm


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