My question involves collection proceedings in the State of: Indiana
Hello,
I’m trying to determine whether to file bankruptcy (and if so 7 or 13), or should I just sit tight for a while. I’ll do my best to consolidate my circumstances. Before I get into the numbers let me say that
My occupation was in *sales and that health and medical related issues were the root cause of my financial meltdown.
>2003 Dia. w/stage T4a Colon Cancer (16 month ordeal)
>2006 Dia. w/acute (Decompensated) liver failure due to infection, option-transplant
>2009 (Damn the torpedoes I had returned to work) But five separate week long stays in the ICU and 15 endoscopic surgeries ultimately left me 1 option – Social Security Disability
So I have been on Social Security Disability for the past 3 years (which is our only source of income)
Now for the numbers: BTW – State is Indiana – Est Home value $70,000
I have 2 judgements on public record, #1 - $4,200 & #2 - $320 They are both nearing 7 yr age so will drop from credit report but still have a 10-20 yr life for creditor to attach to my home equity. Or, more accurately the remainder of {Assessed Value – (exemption(s) + amount remaining on note)}. I am at the point on my mortgage where each payment increases the “remaining” equity and thus increases the likelihood that a collection outfit would or could sue to have my home put up for sale in order to satisfy their judgement.
This is my interpretation of the situation I face based on the homework I’ve done. Any corrections, suggestions, etc. etc. would be most welcomed and appreciated.
Thank you,
CH
* Doesn’t pay very much when you’re not selling

