thinking of filing 7- here is our info

[seekininfo]

we really need to file I think at this point
2 layoffs over the years and we are drowning.

we have 1 income- around $2900 a month -his

family of 5 in Ohio

our debt-
credit card debt in my name is around $55,000

credit card debt in is is $15,000
truck payment in his name-$3000.00 left

both- house loan $27,500

monthly payments-
house $406
elec $300
water $30
phone $65
truck $230
credit cards mine- $1100
his $400
house ins. $80
car ins. $100
house taxes- $55

vehicles- ALL in his name
03 truck- his- owe $3000 nada- $4700
01 car- pd- mine nada- $2000
97 car- 17 yr sons nada $1700
96 car- 15.5 yr sons nada $1300

house value is $51,310
owe- $27,500.00

NOW here are my questions.
we obviously are SUNK

1- if we file together we lose the house and all but 1 vehicle, is that correct? house because of equity? and too many vehicles?

2- is there any way I can file seperate even though I dont work? on the credit cards in my name?
We need the cars, and obviously the house.

I posted this somewhere else and it was suggested I post here.
Thanks for any help, advice.

I know i need to contact a lawyer but wanted to get things figured out some before. We are in a small area and not many to just ask questions.

[StartingOver08]

Check this link for your exemptions in Ohio:

http://www.legalconsumer.com/bankruptcy/state_bankruptcy_info.php?st_fullName=Ohio

Are you sure about the value of your home? The exemption is for the equity only - not the entire value of your home. To find out your current value, get a market analysis of comparable sales in your neighborhood within the last 90 days (CMA) - most realtors will do this for free. Do not use the taxable value as that is not a realiable indicator, neither are the automated values on line as they typically show a higher than actual value.

If you are current in your payments to your home, there is no reason you would not be able to keep it, depending upon your exemptions.

You may have an issue with the vehicles - especially one for a 15 yr old. That is a good attorney question.

Interview at least 3 to 4 attorney's to find out which is better for you, filing alone or with your husband. It looks like a new bill is being considered to increase the exemptions for you - that is why you need an attorney to help (among other reasons!). The new bill will allow a substantial increase to the vehicle exemption. One of the questions you will want to clarify is if you and your husband file, does that double your exemptions or not?

This is the link to the new bill: http://www.legislature.state.oh.us/b...?ID=127_SB_281

[seekininfo]

thanks for the links, I'll check them out

we traded our 2000 van to mom, in sept I think it was, for the 2 vehicles for the boys. Even trade.
the 15 yr old will be 16 in June.

the house, I got the $51,000 value from the tax bill.

[keepmine]

SB281 was passed last year.

http://www.bkforum.com/showthread.php?t=33431

[StartingOver08]

Thank you keepmine.

[seekininfo]

so it looks like we have $3500 too much in equity in the house. The $20,000 is whether we file together or seperate? doesnt double for together, correct?

is the vehicle exemption for ONE vehicle, or can he use it for multiple up to the amount?
Also, what about the wildcard, can that be added to vehicle or housing exemption?

[krielly]

I would never base your home value on your tax bill! I bet you will find your property to be worth much less that what your tax bill states. Particularly in this economy.........

[keepmine]

so it looks like we have $3500 too much in equity in the house. The $20,000 is whether we file together or seperate? doesnt double for together, correct?

is the vehicle exemption for ONE vehicle, or can he use it for multiple up to the amount?
Also, what about the wildcard, can that be added to vehicle or housing exemption?

You're so close, the trustee will likely abandon any interest in the excess equity. Most trustees factor in an additional 7 to 10% as an expense to get the property sold, keep it insured and maintained,etc.
The other questions, you just need to see a local lawyer and get your options explained.

[seekininfo]

I appreciate the help

contacting a lawyer, is it legal to discuss whether its better to file single or together?
I didnt want to go in and have it look like we are trying to do something bad, just trying to do what will help us the most.

Of course filing together would be best, to get rid of his CC debt also, but not at the expense of losing the vehicles we need.

[keepmine]

I appreciate the help

contacting a lawyer, is it legal to discuss whether its better to file single or together?
I didnt want to go in and have it look like we are trying to do something bad, just trying to do what will help us the most.

Of course filing together would be best, to get rid of his CC debt also, but not at the expense of losing the vehicles we need.

It's not illegal to discuss the most advantegous way to file bk. It's not illegal for one spouse to file and it's not illegal for both spouses to file. It's a nonissue.

[seekininfo]

thanks, the whole thing just seems so scary

[brokenbuthealed]

You can use the wildcard for vehicles if you want. Is the car for your older child registered in their name? If so, you wouldn't have to list it as your asset since it doesn't belong to you. If it isn't, don't transfer it now without talking to a lawyer first. As far as filing seperate vs. joint, if you file seperately you will each be charged seperate filing fees, which would cost more.

[mintz]

you are allowed to have a vehicle per driver in your household is the way I understand it

[seekininfo]

if we dont file together, my husband wont be filing.
the only reason to have him NOT file with me is to keep the cars.

ALL 4 vehicles are in my husbands name. Had we planned on filing we would have thought ahead, he was just the one transferring and we didnt think about it.

and the biggie, since my mom traded us the vehicles, she will know something is up when we all of a sudden get rid of her cars!
plus the fact the boys are attached to their cars

is it possible for us to BUY the cars back?
we maybe could even wait til june to file when our 15 yr old turns 16 if that would matter?

and the home equity, is it $20,000 whether filing alone or together?

[JRScott]

You would need to ask the lawyer however generally you are allowed 1 vehicle per valid driver so long as the value is under the exemption amount. You are also generally offered a redemption amount to keep property. (Say you can't exempt 1000 dollars, the trustee might say pay me x and I'll release my hold on it, where x is not always the same as its value).

Same with the home.

Keep in mind you'll need to list the trade with your mother listing the van for the two cars. So long as it is a fair market swap it shouldn't cause problems. Otherwise the Trustee could reverse the trade and seize the van. (Get NADA car values for all the cars, including the Van your mother now has just in case.) I don't want you to overly worry about this but you need to understand it is possible. It is something you'll want to bring up to the lawyer in your initial consult.

Also don't go by tax listing. Get a realtor to come out and give you an appraisal if you were going to sell it say in the next three months and see what you could expect to receive. Make sure to point out any defects......(as they lower actual value).