05/27/12, 9:09 pm
My husband and I seperated in 2006. We had purchased a home in 2003, when we seperated the home was forclosed on. When purchasing the home we had two lenders the one lender we had the highest morgage from took the home. The lender from the smallest loan amount is now sueing me for the amount owed to them. My ex-husband passed away in 2010. The loan that was $18,900. is now $30,621. Some people have told me that I should pled bankruptcy. I really don't want to do that because I have just started trying to rebuild my credit. I really don't know what my options are at this point.
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United States   |   Michigan  |  Credit Debt and Collections Law
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Kevin Bessant Says:

Jun 03,2012 10:32 AM

Bankruptcy is an option if a person plans to liquify all of there debts (chapter 7) or wish to maintain certain assets, such as a home, and enter into a repayment plan with there creditors to pay off their undischarged debts over a period of up to five years. Concerning the home, I would advise you to consider a Chapter 13 if you planned on keeping the home or were still living in the home. However, since the home was already foreclosed on and sold off, you may want to consider a Chapter 7 which would discharge the $30,621 debt (subject to the Bankruptcy Trustee authorization) completely. If you are in the process of rebuilding your credit, be mindful that a bankruptcy will have a negative impact on your credit score, and can remain on your credit report for up to 10 years.

Any legal advice given or legal questions answered via this medium does not constitute an Attorney-Client relationship and or Attorney-Client Privileges.

Kevin Bessant
Law Office of Kevin Bessant & Associates PLLC
1274 Library St. Suite 304,Detroit, MI 48226

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