Severely Upside Down on Home and Planning Possible BK, living with non-filing SO?

[Submerged]

Just here looking for camaraderie during this difficult time.

My home is worth $100,000 or so, and the mortgage is $250,000 (purchased the home when I moved to South Florida in 2007). I live in Florida, a recourse state (the lender could sue me for the deficiency between the mortgage balance and the sale amount if I walk away or short sale). I'm in my early 30s, in a serious relationship with a SO who is not a homeowner and we would like to move forward and get married. The neighborhood my home is in is deteriorating rapidly with increasing crime, and the house is also in need of repairs and updates. Finally, we never had any intention of remaining in Florida and had been planning to move for some time. If we rented the house, I would have to cover about $600.00 in difference monthly.

My income is good and well above the means test right now. My attorney has advised me to choose a lesser paying job, and to plan for Ch 7 so that I can get out from under the upside down house and can clear up the house-related debt prior to marriage. SO has excellent credit so would be able to qualify for a new home or rental.

One thing my attorney mentioned is making sure that, because my SO and I will be living together when I file, that his income not be imputed to me. She explained that I should "rent" from him and keep finances separate so I intend to take care with this. Has anyone been through a similar situation? Thanks

[NoMoreCards]

I would suggest talking to another attorney before you do anything.

It just don't seem right to take a less paying job, in this terrible economy. Perhaps that is the right thing to do, but I would certainly get other opinions on this before you let go of a good paying job intentionally.

Maybe the other attorneys will have another idea about the rental from SO and such as well.

I wish you the best.

[backtoschool]

If you are living with your SO, his income will be factored into your mean's test and schedules to the extent that he contributes to living expenses. To try to avoid this when you are already over the median is to raise a large red flag in front of the US Trustee's face.

I would definitely talk to a few other attorneys.

[OhioFiler]

Phrases such as "well above the means test" are not specific enough for us to help you. What you should provide us is actual income and actual expenses detailed. Have you completed schedules I and J to see what you really have available to fund a Chapter 13?

Providing more data will really help us help you.