We stopped making our mortgage payment as of April 1st. We have decided to let the mortgage company take the house. It would be nice to stay in it as long as possible and save money but at the same time we are considering chapter 7 bankruptcy. I have a couple questions...
First, if we accumulated a couple thousand in a savings account for the purpose of using for moving expenses i.e securing a place to rent would that be okay, considering it will show up on our banking statement?
Second, if we stayed in the home , saved money and filed chapter 7 while still in the house we intend surrendering, how does that play out on the means test? Normally our house payment is $2730 but since we are not going to be making the payment but do not yet have another place to rent, would they just give us the IRS allowance or can we claim the full $2730 on the means test? I don't get it. I'm confused.
First, if we accumulated a couple thousand in a savings account for the purpose of using for moving expenses i.e securing a place to rent would that be okay, considering it will show up on our banking statement?
Second, if we stayed in the home , saved money and filed chapter 7 while still in the house we intend surrendering, how does that play out on the means test? Normally our house payment is $2730 but since we are not going to be making the payment but do not yet have another place to rent, would they just give us the IRS allowance or can we claim the full $2730 on the means test? I don't get it. I'm confused.