What Would U Do....Help

[cag]

[monkatom]

One thing to consider is if you pay off teh Heloc will you have more equity in you're home than you can exempt? If so you could lose you're home. Others will chime in as well.

[cag]

Damn, forgot that angle... Thanks monk

House worth about $325,000...gotta 1st at $206,000....if the HELOC was pd off then $119,000 in equity would be an issue for sure

[kl030505]

If you pay off the cc, would you still need to file? What is your income right now vs. expenses and is it going to change soon?

If I could get my hands on $70K I would pay my CC, and not file for bk, but that's my situation. Bk, while not the end of the world, is not preferable I would think to being able to comfortably avoid it.

If you can't avoid it all together, why not file as an asset case and hand the land over to the trustee for him to divide up?

[cag]

[QUOTE=kl030505;136637]If you pay off the cc, would you still need to file? What is your income right now vs. expenses and is it going to change soon?

If I pay the cc's I think I can make it...close, but workable...and if I go that direction, then I'll still be short about a grand each month....but in another year i'll have a per loan and a car loan done...so just gotta rob peter and screw paul till then.

If I could get my hands on $70K I would pay my CC, and not file for bk, but that's my situation. Bk, while not the end of the world, is not preferable I would think to being able to comfortably avoid it.

I hear ya and agree!!!!!!

If you can't avoid it all together, why not file as an asset case and hand the land over to the trustee for him to divide up?

That is another option to consider and I don't have a problem with that.... A issue that might mess that up is I bought a car for my daughter two yrs ago but, its still in my name (pd in full)and afraid they may that that 2....also $12K in the bank

[kl030505]

Ok, if even paying off the cc leaves you $1K short every month for a year than DON'T DO IT. Robbing peter to pay paul is a dance that inevitably leaves you with tons more that is nearly impossible to pay back. I did that for a while - never again.

So, as I see it, your options are: leave the land as is, file as an asset case and let the trustee have it and hope you can somehow exempt your daughter's car. Gotta see a qualified attorney for this. Some of them can do amazing things. And, it's probably not worth anywhere near $12K now. I gotta say, if they take her car, well, so be it... I'm sure together you can scrape together a way to get her a junker till something more reasonable opens up. One car is not worth throwing away the possibility at a fresh financial future, KWIM?

Or, you can sell it, and then evenly disburse the money, paying some to each creditor and the heloc. If it gets declared a preferential payment, that's the business of the trustee and the creditor, nothing for you to worry about.

I don't know what else you can do... but I think it's time to talk to an attorney and get his/her thoughts on the matter. It's way out of my league, but those are just some thoughts.

[cag]

Thanks for the comeback...appreciate it

Just to clarify something ...the 12K was not for my daughters car, that was 14K....that 12K is in my savings..

But ur right...to deep and to many issues for me to put together...gotta find me a good lawyer here in CT....

Oh did I mention a personal guarantee for 100K ?? ya, just add that to the mix for good measure....lol

Am I having fun yet???

Wife always telling me that when I do something, its always balls to the wall!!....but 30 yrs later she's still with me .....And what a ride it's been...lol

[kl030505]

where in CT are you? I'm near there and I believe my attorney is licensed to practice in CT too.

With that many assets, it may be that a 13 is more up your alley. I'm sending you a PM in a second.

[CindyLou]

sell the land, sell the house, use the savings and start over at a close to even.... You should be able to work out some "deals" with the cc co. to pay in lump sums for reduced rates.