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Bankruptcy Question...Chapter 13?
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Posted by rob on February 27, 2002 at 01:53:45:
My mother is thinking about bankruptcy. She is about $70,000 in debt with various credit cards and business leases that she guaranteed. (Business failed and is no more) Anyways, she owns a home and the value is around $270,000. What kind of bankruptcy does someone do when they own a home? She has been told that she would work with a trustee and make payments each month to him and eventually when she sells the house, all of the creditors included in the bankruptcy get paid out of the price she sold the house for. My question I guess is, is this the only way to do it? I thought when you file bankruptcy you dont have to bay the creditors...they just "write it off". I'm sure her owning the house has something to do with it. Is there some way she can put the house in someone else's name like me and then she wouldnt own anything, I could charge her rent? Maybe I'm fantasizing, but I just hate seeing her go through this. I myself have wonderful credit despite a listing from GulfState which should be off soon hopefully, but thats another story. I'm glad I am seeing her go through this though, so I know what mistakes not to make in my life. Please let me know what options she has here. Thanks in advance for your time.
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