Minimum payments take a lifetime to pay-off. The reason that I am looking at options is due to a $9K pay cut that I was forced to suffer recently.
-
-
Whether or not the equity in your home comes into play really depends on your Exemptions. Some States allow for all equity in a home to be Exempt from debts by one spouse when the property is held "Joint, by tenants in entirety" or some similar statement.
Ohio's BK Exemptions, for example,..............
"Property held as tenancy by the entirety may be exempt against debts owed by only one spouse"
http://www.bankruptcyinformation.com/OH_exemp.htm
You might check your State's BK Exemptions to see if you have a similar statement.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...Comment
-
This exemption is not available in New JerseyComment
Comment