Question by Csi Fan 33: In Oklahoma if you file Chapter 7 bancruptcy do you get to write off all of your unsecured & credit card debt?
In Oklahoma if you file Chapter 7 bancruptcy do you get to write off all of your unsecured & credit card debt? How does it work; I lost my job and cannot make those payments the only thing i can pay is my house payment; any help would be appreciated i know every state is different; thanks
Lets say I have 15k in equity in my house what does the judge do with that; do they put a lien on it; how does all of that work
Best answer:
Answer by PooPooLaTrash
Yes, your unsecured debt will be written off (credit card debt is considered unsecured), however your home may be in jeopardy if you have equity in it. Most states offer some amount of exemption but it’s never the full value of your home. This is something you need to discuss with your attorney.
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Laws vary from state to state. For example, in my state, If there is no equity in your house (today’s value less costs of sale less payoff balances on all liens and mortgages), the trustee in a Chapter 7 bankruptcy will abandon the house to you. That is, you keep it, as long as you keep the mortgages current. If there is less than $ 5,000 in equity in your house, you can claim a “homestead exemption” and keep the house, as long as you pay the mortgages. If there is more than $ 5,000 in equity, it is possible you could lose your home.
However, your state may have more liberal laws. It usually costs nothing for a consult with an attorney regarding filing bankruptcy and he or she should be able to reliably answer your questions about your home.
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“unsecured credit card debt”
Do you live in a debt hotspot? UK regional debt
Image by MoneyAware
In 2010 our clients reported that they had an average debt of £19,338 on credit cards, personal loans and other unsecured credit.
This is down on 2009 levels but it’s still dangerously high, especially during the unsettled economic climate.
From Shetland in the north – with the lowest average debt in the UK – to Slough in the south – with an average debt twice Shetland’s amount – this data reveals vast differences between UK towns and cities and across regions.
We analysed the infographic with the article Debt’s top 10 towns and cities. A larger version of the infographic is available on the CCCS website – Regional debt hotspots.
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