Sackets Harbor, NY Bankruptcy Law Firms & Lawyers

Yes to all. You need to deal with this. The agreement is likely with an American company. They can sue you. You cannot just walk away from a timeshare.

My first question would be whether the house has $91,000 in equity or that is simply the value and you have a mortgage on it? That would make a huge difference in your case. In bankruptcy you have to "exempt" or "protect" your assets. The job of a Bankruptcy Trustee is to try to liquidate unprotected assets to pay off your creditors. Plus they take commission on what they collect. In bankruptcy you can either use 704 exemptions which allows you to protect the equity in your residence and limits what other things can be protected (in your case the stocks/investment accounts will most likely not be protected)... OR you can use 703 exemptions which provides you with a $23,000 Wildcard you can use to protect your stocks/investment accounts/etc. but you cannot protect $91,000 in equity. So it's a give and take. I would highly recommend sitting down with an attorney to go over the facts of your case to let you know if you should file or not. If equity in your home is not a problem I would definitely recommend you filing bankruptcy to stop the lawsuit and get rid of the $35,000 unsecured debt.

Having not reaffirmed your mortgage will not affect your ability to sell your property. Not having a record on your credit report may not prevent you from being able to show that you have made your mortgage payments on time - just ask the creditor to provide you with an accounting of your payments to show any potential new lender of your payment history.