Question in CA-Which System to Use?
Hello,
Thanks for helping a newbie! I am in California and preparing to file a chapter 7 as an individual even though I'm married. I'm trying to protect my husband's good credit. We own a home jointly but have negative equity in it. He is only on the loan and has perfect payment record. I am only discharging my individual credit card debts and we plan on staying in the home until real estate turns around!
He also has $20,000 in a savings account which is earmarked for our property taxes. Should I use System 2 to protect our cash since we have no equity in our home. Am I right in that the Homestead Exemption is only for the equity in the home not for the current market value?
Also is the same for vehicles-we owe more on the vehicle than it is worth?
Help
Heather
Thanks for helping a newbie! I am in California and preparing to file a chapter 7 as an individual even though I'm married. I'm trying to protect my husband's good credit. We own a home jointly but have negative equity in it. He is only on the loan and has perfect payment record. I am only discharging my individual credit card debts and we plan on staying in the home until real estate turns around!
He also has $20,000 in a savings account which is earmarked for our property taxes. Should I use System 2 to protect our cash since we have no equity in our home. Am I right in that the Homestead Exemption is only for the equity in the home not for the current market value?
Also is the same for vehicles-we owe more on the vehicle than it is worth?
Help
Heather
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