Told my wife

[Blackgoose]

So question on the home.

Mortgage is $111,176
Home equity line $27,200
Total $138,376

Our county sent out the appraised value at $147,300

So since I'm renting out my home my exemption is only $5k. In your opinion would they sell my home for the $3,924
They would make if they got $147,300?

A million thanks.

[IamOld]

That may be a very optimistic appraisal - in general - from what the forum's experts have said:

a) no because it's less than the exemption

and

b) even it weren't it isn't worth the Trustee's time - to a) sell, pay commission to broker, etc...

So question on the home.

Mortgage is $111,176
Home equity line $27,200
Total $138,376

Our county sent out the appraised value at $147,300

So since I'm renting out my home my exemption is only $5k. In your opinion would they sell my home for the $3,924
They would make if they got $147,300?

A million thanks.

[IamOld]

My friend call your wife it's time to talk...or frankly it may be time for you to also talk to divorce atty - but it's time to talk - it takes 2 to tango, and she's not 100% innocent of this so to speak. Maybe she needed a bit of time to take a deep breath and process.

:-) Take it from me...don't make any excuses - it is what it is...but CALL HER!!!!!!

BK forum.... What the heck? I had no idea when joining this forum that I would be in the presence of rockstars. Thank you for all of your words and feelings. I made it 24 hours! It's amazing when you have no one to talk to (called crisis line. No joke dude said we don't handle financial crisis only suicide and hung up) what your mind will do. I cried out to my savior for the first time in years. I spent hours on my knees last night. Asking for help and strength.


I realize I'm on day 2 of a huge climb. But, I can and will do it.

My wife asked me to leave last night so for those wondering why I was at a hotel, there ya go. I have not heard from her and I can't control how she chooses to react to this. I'm extremely out of my head sorry for putting her through this.

With that said I CAN CONTROL. What my mind and body does from here. I will choose to not let this define me. I am greater then a bankruptcy. I will get my life back.

Thanks again you guys. Now it's study time.

"Beliefs have the power to create and the power to destroy. Human beings have the awesome ability to take any experience of their lives and create a meaning that disempowers them or one that can literally save their lives."

[IHateChase]

Hey BG! So glad you are still here with us. Not so sure about rockstars, just lots a folks who have been and still are right there where you are. Times like this when the Internet is the greatest blessing ever. Although come to think of it there are a few real rockstars going BK lately!

Do you have positive cash flow from the rental? If so you will need to count it towards your income. Why are you renting it out?
Probably the tt will abandon the asset since it's unlikely he'd get anything from it. Remember, he'd have to carry mortgage, taxes, upkeep while it sits on the market, in addition to the realtor commission. But he could hang you up as an asset case for awhile while he hems and haws. When you get a chance, take a look at recent sales in your area- if there are any- or invite an agent to come give you a free quick-sale appraisal. I hear tell round these parts they need to see an extra 10K before they take the house. So you most likely have no worries, but it's nice to CYA.

What will you do if your tenants stop paying? could be it's time to move back into the house when the lease is up?

[drowning123]

Wow, Blackgoose, thanks for your honesty. We've all been there, but thanks for putting it all in words. The wound needs time to heal. Your wife will come around. Y'all are still young and have time on your side. There are older folks who are in the same state, but at least you have time to correct everything. I only filed last year at 38 years old. What a relief?! Things can only get better. If your wife truly doesn't want to be with you, then so it shall be, but don't beat yourself up over what is already done. Good luck with everything!

[AlmostAmos]

BG - Thanks for checking back in. Take this entire mess a step at a time & don't worry about it so much. Keep this in mind - it is ONLY money. You will look back at this later in life & it will seem so small. Talk to your wife. This is not all your fault. Sure, you had the credit piling up and were not telling her. But, clearly, she was not involved in your finances as much as she should have been. Keep your finances a joint thing and you will both be happier in the long run. You won't have to carry the burden yourself and she won't feel out of the loop. Stay on this board & we'll all guide you through the process. 2 years ago, I thought BK was the worst thing that could ever happen to me. Now, 1 year after my discharge, it was one of the best things that ever happened in my adult life. Talk about getting my ducks in a row.

Talk to your wife. If you don't have her to work with, the marriage had other issues anyway. Chin up, step forward.

[DesdemonaB]

Blackgoose


Unless your wife can not add or subtract; she had a clue, she probably just didn’t know the total amount.

While you did not have open and honest communication during your courtship/engagement/marriage you need to start now and that requires two people.

She’s angry and is allowed to be, but for the better good of the family unit she needs to put that aside and focus on what needs to be done, this is her future too.

In case of divorce Utah is not a community property state but they are an 'equitable distribution of property' state, if the parties can't agree, the property will be distributed in an equitable fashion. The court could include an order specifying which party is responsible for the payment of joint debts, obligations, or liabilities of the parties contracted or incurred during marriage.

Which could spell bad news for your wife, the CC debt might be in your name but your lawyer can argue she benefited from the use and she could be stuck with ½ the 30K (in Utah any debt accrued prior to marriage is the sole responsible of the single debtor). If you remain married and file for bankruptcy she would not be responsible for anything, unless she is a co-signer on any of the debt.

Because BK doesn’t happen overnight, you can use this time to regroup both emotionally and financially.




Of course please consult with both a BK and divorce lawyer as I am not a lawyer I just really like Google.

[oregonpilot]

Thanks JB and AC for pointing us to the new thread. I totally missed the new thread.
I woke up last night thinking about Blackg and was worried about him.

Hang in here with us Bg ....

[AngelinaCatHub]

BK forum.... What the heck? I had no idea when joining this forum that I would be in the presence of rockstars. No just those who have more or less been where you are now. Thank you for all of your words and feelings. I made it 24 hours! It's amazing when you have no one to talk to (called crisis line. No joke dude said we don't handle financial crisis only suicide and hung up) what your mind will do. I cried out to my savior for the first time in years. Better late than never. Perhaps he is helping now? I spent hours on my knees last night. Asking for help and strength. Here we are. You are now demonstrating strength.


I realize I'm on day 2 of a huge climb. But, I can and will do it. And you are.

My wife asked me to leave last night so for those wondering why I was at a hotel, there ya go. I have not heard from her and I can't control how she chooses to react to this. I'm extremely out of my head sorry for putting her through this. Your only fault was letting it get away from you and not communicating. You and she have a communication problem, not a financial problem. You will cure the financial part. You both must fix the rest.

With that said I CAN CONTROL. What my mind and body does from here. I will choose to not let this define me. I am greater then a bankruptcy. I will get my life back. Yes you will, and your wife.

Thanks again you guys. Now it's study time.

"Beliefs have the power to create and the power to destroy. Human beings have the awesome ability to take any experience of their lives and create a meaning that disempowers them or one that can literally save their lives."

My friend call your wife it's time to talk...or frankly it may be time for you to also talk to divorce atty At 27, this is not the most disastrous time they both will face. Look at the times we are living in. - but it's time to talk - it takes 2 to tango, and she's not 100% innocent of this so to speak. Maybe she needed a bit of time to take a deep breath and process. If she cannot, there was more to this marriage that went wrong than a financial calamity.

:-) Take it from me...don't make any excuses - it is what it is...but CALL HER!!!!!! Yes, and take control as you promised.

Son, your case is not atypical. We have read this before. This is why those of us who are here, some still in the struggle, some who have gone past it, but stay, stay to help people such as you.

Not only that, consider, by your own posts, how many read and do not post? How many people are you helping by your own story and those who contribute to aiding yourself. Realize, your posts may be helping those going through the same turmoil.
'Hub

Hebrews 13:2

[justbroke]

We will need to start calling 'Hub... The Godfather. Great words of wisdom my friend. As of right now -- this post -- over 1,230 reads for this thread! People are moved by the human spirit and its desire to move forward.

Blackgoose, you are amongst friends. On this Forum, we truly care not only about how your bankruptcy case is progressing, but the human-side of bankruptcy and the impact on children. People come here everyday asking how to deal with life and family issues, relocating, disrupting routine, and even divorce. I'm really happy that you found the courage and the strength to dig deep and reach out.

[AZNoName]

Blackgoose, my heart goes out to you and your family. I truely hope you can begin rebuilding your family very soon. We're all thinking about you

[Blackgoose]

Thanks you guys! I'm trying to stay positive. I still have not been back home. She said she needs some time.

So this morning I was crazy upbeat. Right now you guys... I feel like I'm back to not breathing and wanting out. I'm sure this will be a roller coaster feeling for a long time.

[IamOld]

Old chap

Did you call home yet???

[daylate]

Just a point about your house-the county appraisal may very well be too high. The fair market value of your house is what is used to determine how much equity you have. Unless your state is different than most, the tax appraisal is probably too high so you may not have as much equity as you thought.

As to the other matter-hang in there-it will get better. Good luck.

[ValleYum]

Thanks you guys! I'm trying to stay positive. I still have not been back home. She said she needs some time.

So this morning I was crazy upbeat. Right now you guys... I feel like I'm back to not breathing and wanting out. I'm sure this will be a roller coaster feeling for a long time.

Honestly? She is probably a little embarrassed and mad at herself for not seeing the problem. What did you tell her when you moved out of your home in order to rent it? I, personally, would have been crazy curious about that one.

Anyhoo... lots of us are on here - post if you need to and vent!! You are doing all the right things. Have you spoken with your spiritual leader (if you have one)? Sometimes they offer pastoral counseling.

Research Dave Ramsey's - Financial Peace University - *some* of his teachings are helpful; particularly with couples learning to manage money together, IMO. Do bear in mind that even though Mr Ramsey speaks against bankruptcy - he himself filed one. Did you know that there would be no Disneyland without bankruptcy? Walt Disney filed bankruptcy!!

Hang in there, it will be a long and winding road but you have lots of support on the way with all of us who are rooting for you on here.