[Betsy2007]

I am $40,000.00 in dept on my credit cards. I got laid off from my job and cannot find another job. I have been looking but it is really hard to find another job. For a while I was collecting unemployment and it was helping to pay the bills,but now that has run out and my bank account it empty. I will not have anymore money soon to pay my bills. I own my home will I loose it to the people I owe money to? I have cancelled all but one of my credit cards. Could someone please tell me if I am going to loose my home and become homeless I am really getting worried.

[MarkRealEstateConsultant]

I am $40,000.00 in dept on my credit cards. I got laid off from my job and cannot find another job. I have been looking but it is really hard to find another job. For a while I was collecting unemployment and it was helping to pay the bills,but now that has run out and my bank account it empty. I will not have anymore money soon to pay my bills. I own my home will I loose it to the people I owe money to? I have cancelled all but one of my credit cards. Could someone please tell me if I am going to loose my home and become homeless I am really getting worried.

You won't lose your based on what you told us here. The credit card company will file a lien on your assets (house) and try to collect what's due if you sell your home. You may want to consider 1) looking at a debt consolidation company to help you work out payments, or 2) declaring bankruptcy via chapter 13. Under chapter 13 - An individual with a regular income who is overcome by debts, but believes such debt can be repaid in full or part within a reasonable period, may file under chapter 13 of the Bankruptcy Code. Chapter 13 permits the debtor (you) to file a plan in which the debtor agrees to pay a certain percentage of future income to the Bankruptcy Court for payment to creditors. If the Court approves the plan, the debtor will be under the Court's protection while repaying such debts.

In any case doing nothing is the wrong action to take.

[excon]

Hello betsy:

A credit card is UNSECURED debt. The credit card company can't all of a sudden put a lien on your house as though that's their security. It isn't. Your signature is all the security they have.

Even if the credit card companies sue you, and they will, you can't lose your house.

excon

[ScottGem]

In some states,they might be allowed to put a lien on your home for unsecured debt, but most states won't even allow that. Even if you need to declare bankruptcy, you can usually exclude your home.