Here it is in a nutshell. Last two years have been filled with periods of unemployment. All CC debt is in my name only and around $30,000 with late fees & interest. Hubby started working last month for less money. We have substantial equity in our home and both names are on the 2005 Escape we own outright. We live in PA. GE money account is in hand of Law firm in our state. I have two weeks to respond to their intial letter. I know Chapter 7 is out because of assets and Chapter 13 would include buying back by car and not sure about equity in home. I have started getting local bankruptcy lawyers numbers together and calling. Any input from you guys would be greatly appreciated. P.S. Our combined income this year is projected to be around $40,000 after last couple of years of making less then $35,000.
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Depending upon the amount of "substantial" equity you have and the amount you can exempt in PA you may have a tough decision to make. There are too many things that you didn't state for any of us to give you much input. (Equity in your home, do you want to keep it?, value of your car, do you want to keep it?, etc.)Originally posted by Steelerbabe View PostFiled Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions. -
Sorry to sound vague. Here in PA there is no homestead exemptions so you have to take federal which is $20,000. We owe less then $45,000 on mortgage and last county assessment five years ago was $115,000. The car is essential for work since we only have one and is realiable.Comment
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Do NOT use a county assessment that is 5 years old as current value. Call a real estate agent and ask for a market analysis. They will do one for free. Only then will you be able to ascertain how much equity in your home you do have.Originally posted by Steelerbabe View PostFiled Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.Comment
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Take a look at this link: http://www.legalconsumer.com/bankrup...law.php?&ST=PA for more detail on exemptions and also Federal Exemptions
Do contact an experienced Realtor to give you a realistic value for your property. The CMA is free. The sold values to be used in the CMA should be within 90 days rather than going back as far as six months. This will give you a more accurate value. Look only at sold properties that are similar to your home to determine value.Filed CH 7 9/30/2008
Discharged Jan 5, 2009! Closed Jan 18, 2009
I am not an attorney. None of my advice is legal advice in any way..Comment
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