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Over my head in unsecured debt!!Is bankruptcy a possibility? Will I lose my house? How long before losing house?

Norwalk, OH |

Have been making payments on all my unsecured debts, but am out of savings, and unemployed. I also have a secured home equity loan that I've been paying on..everything on time. I have prpbably 80-90,000.00 in equity in my home that I can't get at because of debt and lack of employment. I have no family, and would have no place to go if I had to leave. I am at the end of my rope...feel like letting go and jumping off the cliff. What options would I have? Some websites said just don't pay the unsecured debt....that it can take a long time and a lot of effort my my creditors. My unsecured debt is substantial. I have NO where to go or turn. Please advise!!??

Attorney Answers 2


Bankruptcy is an option. While you look for a new job, I would allocate any income in the following order: utilities, car payments, mortgage payments, and then unsecured debt. If you have $80-90k in equity in your home, you may want to consider selling so you'll have some cash to get by until you can secure employment. I need more info to give you a proper opinion about filing for bankruptcy.

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I agree with the previous answer that more information is needed to be able to properly advise you. I highly recommend you make an appointment to discuss the particular facts of your situation with a local bankruptcy attorney - many offer free consultations. Best of luck!

Beth A. Blackmore
Blackmore Law Office, LLC

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