What type of bankruptcy would best suit us? 4 Answers as of August 27, 2010

My wife and I are both laid off from work. I had worked at the same job for over 25 years but was laid of because of the economy. We have about $30,000 in credit card debt. We did not qualify for loan modification. We are current on our house payments but will probably fall behind soon. Would chapter 13 most likely be our best bet?

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The Doan Law Firm
The Doan Law Firm | Shawn Doan
Unless you have monthly income beyond your living expenses to pay into a chapter 13 payment plan, you would best be suited by filing chapter 7 bankruptcy and discharging all your credit card debt. Feel free to contact one of our San Marcos bankruptcy lawyers today to receive a free consultation.
Answer Applies to: California
Replied: 8/25/2010
Ariano & Reppucci
Ariano & Reppucci | Chris Ariano
Chapter 7 would most likely work best if you are current on your home. If you are behind on your mortgage, Chapter 13 is the only way to get caught up. However, you need to have a steady income to qualify for a Chapter 13. To discuss further, please contact us.
Answer Applies to: Arizona
Replied: 8/25/2010
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