I am a 62 year old widow on SSD with a daughter who is disabled, can I file for bankruptcy? 10 Answers as of May 20, 2015

I am 62 yrs old on SSD. My husband passed away in 2010. I have a daughter who is got disabilities too. So when he passed I was able to collect SS because of having a daughter w/ disabilities living with me. Then soon after I became disabled in 2011 so I am collecting SS checks now and my daughter's check comes to me too. But I am supporting her and myself. I own my home, I do have a home equity loan on it, and credit cards. I am sinking and never have enough left over. So I was wondering if I could file bankruptcy?

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Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
You can file a bankruptcy: the disability payments will not stand in the way. Do check to be certain the equity in your home is exempt. If you live in Wisconsin you can exempt up to $75,000 in equity (if you choose the Wisconsin list of exemptions), or about $22,000 if you choose the federal list. Good Luck.
Answer Applies to: Wisconsin
Replied: 5/20/2015
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
You can, but I would see a lawyer. The equity loan might be subject to a "lien strip" which would in effect make it go away. That would help your budget. If you have equity, that could be a different problem.
Answer Applies to: California
Replied: 5/20/2015
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Yes, you qualify to file a Chapter 7 BK. In Colorado you are entitled to $90,000 equity in your home. I presume you have that or less in your home.
Answer Applies to: Colorado
Replied: 5/19/2015
Ronald K. Nims LLC | Ronald K. Nims
Yes, you can file bankruptcy. It will erase all your credit card debt but probably not your home equity loan. After you file, the best thing you could do would be to get a job that you can work with your disabilities. If you can't do that, you'll need to reduce your spending so you can live within the SSDI, which is probably a much simpler lifestyle than you would prefer.
Answer Applies to: Ohio
Replied: 5/19/2015
Stephens Gourley & Bywater | David A. Stephens
You can file bankruptcy.
Answer Applies to: Nevada
Replied: 5/19/2015
    Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
    If you have a home with equity in it, you really need to consult a bankruptcy lawyer before taking any action. The amount of equity you can protect varies significantly from one state to the next. With what is at stake, it makes sense to seek personalized legal advice. Many bankruptcy lawyers offer at least a brief, no-cost initial consultation.
    Answer Applies to: Colorado
    Replied: 5/19/2015
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    I don't know if you can or should file bankruptcy, but none of information you provided suggests that you would not be able to file bankruptcy. When helping a client make this important decision, I want to know two things. 1st, how much do you owe aside from your home equity loan? And 2nd, after paying just necessary living expenses, how much do you have left in your budget to use towards paying debt?
    Answer Applies to: Nevada
    Replied: 5/19/2015
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    Sounds like you would have no issue filing bankruptcy.
    Answer Applies to: New York
    Replied: 5/19/2015
    Cohen & Kendziorra, P.A.
    Cohen & Kendziorra, P.A. | Robert S. Cohen
    Yes, you can file bankruptcy.
    Answer Applies to: Florida
    Replied: 5/19/2015
    Wink & Wink
    Wink & Wink | Gigi Wink
    You can file bankruptcy but first need to find out if you have equity in your home above your State's exemption limit. Call an attorney who offers free consultations.
    Answer Applies to: Colorado
    Replied: 5/19/2015
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