Different case

[daytona]

Have been lurking here for awhile and learned alot so I thought I'd share my situation and see what your imput might be. I am well over the income for a chapter 7 but pass the "means test" pretty easily. (Fairly large mortgage, high tax load, and a couple of secured debts) My "net income" is not real high due to a relatively complex situation and clearly it has dropped substantially in the past 18 months. I have ~120k in unsecured debt now, and 1st mortgage of ~520k that I am trying to modify under hamp and a 2nd mtg for ~150k...completely underwater. The 2nd was a 125% "over equity" loan of which about 25k was "secured" via appraisal when it was made. My question is could the "unsecured" portion of the mortgage be included in a chapter 7? (I'm just using the amount from the appraisal when it was taken out vs the funding amount...NOT any market depreciation...which has clearly happened, also I realize that the only true lien stripping is in a 13, this loan was mostly "unsecured" going in though.)

Also I will file myself only...not the wife, who does not work and has great credit. I do NOT live in community property state. Home and all debt is in my name only. We have accumulated things while married and our state has ~11k wildcard exemption + 3500 car, + 1/2 of unused homestead which is another 11k net. How do the exemptions get figured if married but only one spouse filing? Both cars are paid for, one in my name worth ~15k, other in wifes worth ~8k. Thanks in advance for your input.

[AngelinaCat]

Hi Daytona: welcome to the Forum. First things first. In order to help you, it will be necessary to know what state you are living in. Your pen-name suggests Florida, which is a joint-tenancy state. If you are in Florida, there are some Homestead laws that may make it impossible to split your part of this potential BK action, away from the non-filing wife.

But at this point it is a guessing game, so please: what state are we talking about?

[daytona]

Angelina- it's actually Kentucky. To clarify the home LOAN is in my name only, but the title to the home is joint as we were married and it had to be that way I have checked all the loan docs and the wife is not on the note, title only. All unsecured credit is in my name only and always has been. I just don't have a feel for how the wife's exemptions/assets/etc come into play.

[AngelinaCat]

Hi Daytona: I am not familiar with Kentucky law, of course. But I did a quick google search on 'Kentucky homestead bk laws 2009' and got the following list:

http://www.google.com/search?hl=en&q=kentucky+homestead+bk+laws+2009&aq=f&oq=&aqi=

This should be considered a starting point for research, and nothing here is definitive. As always, you need to consult an attorney in your area of the state that is familiar with your local state's laws, AND the district that you will be filing in.

Local court rules make a difference too.

Good luck!

[daytona]

Angelina thank you for your quick responses and insight!!! I will be looking at everything you sent in the link for reference. In the meantime what are other peoples experiences (if any) with one spouse only filing in a non community property state? Thanks for any insight!!!