What Will the Trustee Take [if anything]?

[kittn511]

My situation is odd.

Ex spouse awarded house with 2nd mortgage and HELOC, truck & travel trailer. Ex let house go into foreclosure which wiped out 2nd & heloc too. Now he's filed chapt 13.

Bank for travel trailer has already sued me & had automatic stay removed so they can pursue me at any time. I offered $1k to pay off and get them out of my hair & they countered with $10k - um, I have no spare $$ to pay you and not going to pay something my ex got to keep and not have to pay in full for!

____

Debt I have - $100k in fed student loans [yeah, graduate school], $30k private loan and $3k credit card. I'm looking at filing next month ONLY because of ex spouse & fear creditors who will be out money on his chapt 13 come after me. I'm paying all my bills on time - not delinquent. Income is below median for my state - and I'm left with about $50 after all bills, rent, etc. each payperiod. No cash to play with.

This should wipe my private loan, credit card, and all debt remaining from ex's chapt 13 [including the 2nd & heloc he got foreclosed on].

FEAR is that I am trying to save about $2k to move into new apartment by April [need 1st/last rent plus deposits] - seriously have to get out of the situation I"m in, and my car [valued at $9k] is paid off.

I'm afraid trustee will take all the cash? I should be ok with meeting the exemption amts on everything because I have nothing since I can use up to $10125 of the unused homestead exemption on any property?

I'm also assuming I have to name the original mortgage, 2nd & HELOC in the filing even though bank wrote off to prevent them from coming after me years from now?

Help!

[kittn511]

I forgot to add that I'm currently just renting a room in a friend's house now so all utilties & everything are paid for. All the cash I'm saving is to get out & into a new apartment cause I can't stay in this living situation much longer...

[iv65536]

My situation is odd.

Ex spouse awarded house with 2nd mortgage and HELOC, truck & travel trailer. Ex let house go into foreclosure which wiped out 2nd & heloc too. Now he's filed chapt 13.

Bank for travel trailer has already sued me & had automatic stay removed so they can pursue me at any time. I offered $1k to pay off and get them out of my hair & they countered with $10k - um, I have no spare $$ to pay you and not going to pay something my ex got to keep and not have to pay in full for!

____

Debt I have - $100k in fed student loans [yeah, graduate school], $30k private loan and $3k credit card. I'm looking at filing next month ONLY because of ex spouse & fear creditors who will be out money on his chapt 13 come after me. I'm paying all my bills on time - not delinquent. Income is below median for my state - and I'm left with about $50 after all bills, rent, etc. each payperiod. No cash to play with.

This should wipe my private loan, credit card, and all debt remaining from ex's chapt 13 [including the 2nd & heloc he got foreclosed on].

FEAR is that I am trying to save about $2k to move into new apartment by April [need 1st/last rent plus deposits] - seriously have to get out of the situation I"m in, and my car [valued at $9k] is paid off.

I'm afraid trustee will take all the cash? I should be ok with meeting the exemption amts on everything because I have nothing since I can use up to $10125 of the unused homestead exemption on any property?

I'm also assuming I have to name the original mortgage, 2nd & HELOC in the filing even though bank wrote off to prevent them from coming after me years from now?

Help!

First question: in which state(s) have you lived for the last three years?

Second question: when did your ex file Chapter 13? Has your ex's plan been confirmed? Is your ex's plan a 36-month or 60-month plan? What percentage payback on unsecured claims?

Also, please keep in mind that your student loans are not likely to be discharged, unless it's a hardship case.

I'm not sure you are a good candidate for bankruptcy at this point.

[kittn511]

I'm in WA. WA is like most states where just because you're awarded somethign in a divorce doesn't absolve the other party of paying for it. WA courts in a divorce can't force someone to refinance either - so he was awarded all the "stuff" with my name still attached & he refused to refinance.

Ex has a 60mo [5yr plan]. The mortgages/HELOC were already wiped out when the house was foreclosed [he just quit paying rather than refinance to remove my name]. Not sure if they can come after me for a deficiency judgment though years later when I"m not expecting it.

Not sure about his payoff amount percentage. I know the truck in chpt 13 will be paid in full; the travel trailer he's only paying the FMV on - the unsecured portion of about $45k is what I'm on the hook for [well, the bank did have the auto stay removed].

I know my federal loan won't be discharged - but my private one should as well as the credit card. I CAN NOT afford to have my paycheck garnished. I will get fired if that happens. The bankruptcy will get the creditors from his chpt 13 off my back & free up about $500/mo for me so I won't have to get an apt in the crappy neighborhood...

[Dst1]

Is your "private loan" a student loan or not? The context implies it's a student loan but you don't say that specifically. Private student loans cannot be discharged.

[kittn511]

It was a private student loan, then I refinanced it so I believe it's jsut a regular loan now.

I'm just not sure what to do. I'm too paranoid about having my paycheck garnished - I can't afford to get fired. Maybe I should just wait to file until after I move into a new apartment? I'm not sure how easy it will be to rent with a bankruptcy on my credit