My question involves bankruptcy in the state of: nj
Hi there,
I really appreciate if you can provide me response for the following situation.
I have credit card debt of $45,000 (6 credit cards). I have enrolled Debt settlement program with Law firm. I am paying $500 every month. They said it will take 5 years to settle with all credit cards.
And also i have two rental properties (Arizona) which went on foreclosure (not sure whether sold or not), out of which on one house i have second mortgage of $95,000.
First house Loan 1 # $150, 000
First house Loan 2 # $95, 000
(First house worth - $85,000)
Second house Loan 1 # $195, 000
(Second house worth - $150,000)
And also i have primary house (currently living) has two loans, First loan ($350, 000) i got modification (thru Obama MHAP) because of hardship. where as second loan of $49,000 which i am not paying since January.
House worth of $350, 000
I am barely meeting my payments for mortgage and all expenses every month.
Can you please let me know,
1. If any of the above banks (credit cards or Mortgage) file suit against me, what is the best approach to go for Bankruptancy (Chapter 7 or 13)?
2. OR i can file Bankruptancy before any of the banks file suit?
Please let me know, if i confuse you or any clarifications to the following email address.
Thank you in advance,

