Possible Bankruptcy

by Helen
(Largo, Fl)

I developed bipolar disorder and before i knew i even had it, i was over $80,000 in unsecured debt. My credit cards are only in my name - my husband is not even an authorized user. The only thing we own jointly is our home and it is my understanding that in Florida they could not take your home, only put a lien on it. My mother will be leaving her home to us upon her death so at that time her home will be our homestead home but we owe still $78,000 on our home so I doubt the debtors would be able to recoupe - I used to work in collections when the economy was better and usually if anything was at $20,000 or less, we considered it not worth taking a person to court for after doing an asset check.

I stopped paying my $20,000 Chase debt in November - I am in the middle of applying for ssd - I just stopped paying a smaller credit card of about 1300 last month - I have tried to keep up a couple of them with what i have left in savings but within two more months, I will not be able to do that either as I need money for my prescriptions and do not know if i will even be able to insurance with a pre-existing condition. How much money am I allowed to have in the bank for medical??

Should I file for personal bankruptcy and let them put lien on the house (to be honest, I cannot afford a bankruptcy lawyer) -- some of my old collector friends told me to just stop paying, send a cease and desist letter and that as the debt gets sold off, they will prob still be trying to collect after 4 yrs and then I do not have to pay it in state of Fl - will remain on my credit report but after 4 yrs, they are telling me they can no longer "legally collect" in Florida........is this true? I did look up state laws and under Fl it does say 4 yrs......