I am waist deep in credit card debt and foreclosure on two homes. I have reached normal retirement from my current employer and will be leaving after 28 years of service. My retirement is all mutual funds. I will draw from those funds monthly and seek new employment. My current income will not permit a chap 7 because of the means test but my retirement income certainly will. i'd like to retire debt free. I'd like to also retire with a home of my own rather then rent and this is where my question comes in. My final paycheck cashes out my unused sick and vacation time and will be big. Could be close to 50K. if i use that entire check as down payment on a home would i be in jeopardy of losing the home in a BK? i would file BK approx 8 months after living in the home. we live in florida, and are in our early 50's. Do i need to live in the home for a certain time period ? Any experience with this ? thankyou
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I recall your previous posts and I'd second numerous suggestions that you seek legal advice on this one.
My personal opinion is, since your equity protection is capped at $125K if you owned it for under 1215 days you should be OK. You might be advised to wait more than 8 months to file. -
You will need to play the exemption game. However, with heavy credit card debt and 2 prior foreclosure, you "might" be overestimating your chances of getting a mortgage, even with a hefty down payment.Comment
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