Can you voluntarily withdraw your petition?

[lalap123]

Just curious. If so do you have to give a valid reason or is it acceptable to just say you changed your mind???

[StartingOver08]

No. With a ch 7 once filed you either are discharged, dismissed or converted to a 13.

If you have doubt - don't file.

[lalap123]

I'm not unsure, but my husband is, and he is also adamant that we not lose the house. He is not filing, only me (obviously). I'm the one who has been posting about home equity and how the trustee will handle it in a ch. 7. My husband is fine with paying out the equity to the trustee in a lump sum or over time, but he is terrified that the trustee will decide to just seize the house and sell it himself without giving us any other option.

Do you know whether or not we could make a case in front of the judge to allow us to keep the home and pay the trustee off if this did in fact happen?

[lrprn]

I'm not unsure, but my husband is, and he is also adamant that we not lose the house.

What is driving your husband to not see your dire financial situation? Why is he so adamant about keeping your house, even if it does not make financial sense to do so?

Do you know whether or not we could make a case in front of the judge to allow us to keep the home and pay the trustee off if this did in fact happen?

If your trustee would decide to take your house, it's only because your state exemptions couldn't protect it from seizure. Looking at its current market value, how much equity do you two have in the house? What state do you live in? Are both your names on the mortgage? Are both your names on the deed?

Have you had your free initial consutations with 3-4 local, experienced bk lawyers yet? Whether your house is at risk if you file alone is something you can ask about during those consultations. The lawyers can also open your eyes to other potential issues that you may not be aware of at this point. It's well worth your time and effort to set these up and go to them. And if you can convince hubby to take his head out the hole in ground he's chosen to stubbornly insert it in and go with you to the visits "just to take notes for me" , so much the better!

[lalap123]

Yes, I have met with three attorneys, two were very nonchalant about the house and didn't seem to think it would be a problem, but as you all know after you sign your paperwork it's in the trustee's hands and it's his decision as to what he wants to do.

Our house payment is not really the issue - we can afford it and we don't want to give it up (I don't either, but I realize that it's more important for me to get out from under the debt and am just more optimistic that we'll be able to keep it). We absolutely know we'll have some equity, but it could be anywhere between $30K and $50K. I can exempt $10K in GA, and one atty I met with said they would have to give my husband a share of the equity if they sold it. That combined with the selling costs made the atty think they would probably not do it b/c there would either be nothing left or the amount left would be so little that they would just let us pay it directly to them.

Again, the issue is dealing with the unknown and having the decision entirely out of our hands. I'm willing to take the risk but right now he's not. I'm going to talk to the attorneys again and hopefully come away with some more info that will convince him. Since I'm not really looking to file until Aug/Sept I've got a little time.

Thanks to everyone for lending an ear

[lalap123]

BTW, only my husband is on the mortgage but we are both on the deed...if that makes a difference.

[AngelinaCatHub]

BTW, only my husband is on the mortgage but we are both on the deed...if that makes a difference.

[TEW]

Is there a chance that chapter 7 isn't the best fit for you?

[lalap123]

I'm in Georgia...I don't think we are a homestead state b/c the attorneys surely would have mentioned it. I'll google it to make sure. What exactly does being in a homestead state mean? I seriously doubt we'll have negative equity in the house, but of course we aren't getting an appraisal done until closer to the time to file, which will be end of summer. At least we'll be heading into the less active part of the year for selling a house, so we do have that going for us I guess.

The problem with Chapter 13 is that we have absolutely no way to fund it. Although I've heard of cases where a person's chapter 13 repayment plan consists of the trustee and attorney fees only...

[StartingOver08]

lalap123 - get a CMA done - they are free and no obligation. At least you and your husband will have facts to work with as far as determining actual equity. Make sure the sales are no more than 90 days old and are similar to your home in your specific neighborhood not more than a mile from your house maximum. You want a quick sale value (houses that have been on the market 60 days or less). Of course, when it gets much closer to the filing date, you will either want an appraisal or another CMA because that is several months away.

[lalap123]

Yes, I think I'll go ahead and get some kind of (free) appraisal now to see what it comes out as. In the meantime I'm going to just meet with several more attorneys to get a feel for what trustees do in my district (i.e., do they generally allow the debtor to make payments on excess equity and will they take into consideration that I'm filing individually but the house is not just in my name alone?).

Thanks to all for your help!