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Getting ready for the big BK !

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    Getting ready for the big BK !

    Long story short husband lost a very good job in August of 2011. Took a couple of months but he found another job at about half of what he got paid before. Decided to go to school as well as work and took a student loan out for it. Still have so money for school in a separate account for it. We do have a 401 from his past job but have not touched it. We pay both medical dental and life insurance. We would like to stay in our home and have never missed a payment . Have only be paying for the secure loans which we have. 1 how dose his school money affect us in filing,as well as the other issues (medical ,life ) we have been putting money up for emerency (not in a bank ) Someone said if we file 7 we can not keep our home. Our cars are all paid off . So any help or advise would be great. Our debt in credit cards may equal to 150,000 have not used them in months.

    Thank you rjk

    #2
    If you don't know the answers to something basic like, the amount of equity in a home your state allows you to exempt-you're not ready to file. Cash on hand must be disclosed even if it's not in a bank.
    Have you consulted with any bk lawyers? Do you know the basic exemptions for your state?

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      #3
      Whoever said you can't keep a home in a Chap 7 doesn't know what they are talking about. It depends on how much equity you have and whether you can exempt it. Even if you can't exempt it, it may be possible to buy back your equity.

      Is the money set aside for school just in a regular savings or checking account? If so, it is treated as any other cash. If you can't exempt it, the trustee can take it and distribute it to creditors. What you plan to use it for is irrelevant.

      keepmine is right, your questions show you are not ready to file BK. Do some more reading and consult with some attorneys so you understand the basics of BK. Here's a good source, the bankruptcy court itself: http://www.uscourts.gov/FederalCourt...tcyBasics.aspx
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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